<div id="readability-page-1"><div>Crypto asset manager Grayscale has amended its Hyperliquid-linked exchange-traded fund proposal to name Anchorage Digital Bank as a custodian, seemingly replacing the previously-named Coinbase as the fund’s prime broker and custodian.The move is significant given Coinbase’s outsized role as a custody services provider for the crypto ETF landscape. Notably, Coinbase Custody Trust Company is the primary custodian for nearly all U.S.-traded spot bitcoin ETFs, with Fidelity being a notable exception, as Fidelity Digital Assets holds its fund’s underlying bitcoins.In August, Grayscale tapped Anchorage — the first federally chartered crypto bank in the United States — as a secondary custodian for a portion of the firm’s Bitcoin and Ethereum trusts’ holdings. The Grayscale Bitcoin and Ethereum trusts use Coinbase as a primary custodian.The Bank of New York Mellon is still listed as the HYPE ETF's transfer agent in Monday's updated filing.Anchorage is one of the most established crypto custodians, having been founded in 2017. In recent months, the firm has rapidly scaled its offerings, including expanding further into the stablecoin sector as an institutional service provider and into wealth management and token lifecycle management.Last month, Anchorage also became the first U.S.-based firm to onboard Tron following the Securities and Exchange Commission’s investigation into Tron founder Justin Sun’s multiple businesses. It plans to introduce Tron-staking offerings.Hyperliquid’s perps DEX platform is currently ring-fenced in the United States. Coinbase listed Hyperliquid’s native HYPE token in February, following the protocol's massive growth in 2025. While Binance dominates the crypto derivatives sector, Coinbase has moved to expand its offering and gain market share, particularly through its Deribit acquisition, as it looks to become the &#34;everything exchange.&#34;Grayscale's updated HYPE ETF amendment continues to note that the fund’s staking optionality is subject to regulatory approval and that it will use CoinDesk Hyperliquid Benchmark Extended Rate pricing data. The firm filed its initial proposal on March 20, following previous filings from 21Shares, Bitwise, and 21Shares late last year.If approved, the fund would trade on Nasdaq under the ticker GHYP.Under a more favorable regulatory environment, Grayscale has moved to expand its crypto fund and trust product offerings, including for Binance’s BNB token and Zcash, among other proposals. It was also the first to offer a Chainlink ETF.Hyperliquid is the largest onchain perps DEX, according to The Block’s data. Although barred from use in the U.S., the team behind the protocol recently funded the Hyperliquid Policy Center lobbying group based in Washington, D.C.&lt;span data-mce-type=&#34;bookmark&#34; style=&#34;display: inline-block; width: 0px; overflow: hidden; line-height: 0;&#34; class=&#34;mce_SELRES_end&#34;&gt; &lt;/span&gt;Tether made a $100 million strategic equity investment in Anchorage in February, valuing the firm at $4.2 billion. The firm was previously valued at $3 billion in a $350 million Series D round in 2021. Bloomberg has reported that Anchorage is gearing up to go public.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</div></div>

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Grayscale has amended its Hyperliquid ETF proposal, replacing Coinbase with Anchorage Digital Bank as the custodian. This change is significant as Coinbase is a major player in crypto custody services. Anchorage, established in 2017, has expanded its offerings and recently became the first U.S. firm to onboard Tron. The updated ETF proposal, which includes staking options pending regulatory approval, aims to trade on Nasdaq under the ticker GHYP. Grayscale is also looking to expand its crypto fund offerings amid a favorable regulatory environment.

- Grayscale has updated its Hyperliquid-linked ETF proposal, naming Anchorage Digital Bank as the custodian instead of Coinbase, which was previously the prime broker and custodian.  
- This change is significant as Coinbase Custody Trust Company is a key player for U.S.-traded spot bitcoin ETFs, with Anchorage recently expanding its custody services.  
- The amendment emphasizes that the ETF's staking optionality requires regulatory approval, and if approved, it will trade on Nasdaq under the ticker GHYP.

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Grayscale’s amended Hyperliquid ETF filing drops Coinbase as custodian, names Anchorage