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

Grayscale has amended its Hyperliquid ETF filing to replace Coinbase with Anchorage Digital as the primary custodian. This custody shift reflects evolving institutional infrastructure preferences for digital asset management and comes after Anchorage already served as a secondary custodian for Grayscale's Bitcoin and Ethereum trusts.

Grayscale's decision to elevate Anchorage from secondary to primary custodian status for its Hyperliquid ETF signals important shifts in institutional cryptocurrency custody arrangements. Custody selections directly impact investor confidence, regulatory compliance, and operational resilience, making this change strategically significant for the asset manager's product offerings.

The cryptocurrency industry has experienced meaningful consolidation and specialization in custody services over recent years. Major players like Coinbase, Kraken, and specialized firms like Anchorage have competed aggressively for institutional mandates. Anchorage's established track record with Grayscale's existing Bitcoin and Ethereum trusts created an operational foundation and trust relationship that likely influenced this custodian transition. The move demonstrates how institutional relationships, operational efficiency, and specialized expertise now compete as decision factors alongside brand recognition.

For investors in Grayscale's products, custodian changes carry tangible implications. Anchorage operates as a independent, specialized digital asset custodian rather than a broader crypto exchange platform, potentially offering different operational strengths and risk profiles than Coinbase. This structural difference could affect settlement speeds, fee structures, and emergency procedures. The amendment also reflects Hyperliquid's specific operational requirements, suggesting Anchorage's infrastructure aligns particularly well with the protocol's custody needs.

Looking ahead, custodian selections will remain crucial markers of institutional crypto infrastructure maturation. As more specialized ETF products launch, custodian choices may increasingly indicate which protocols and asset classes attract serious institutional capital. Market participants should monitor whether this Anchorage preference spreads across other major asset managers' filings.

• →Grayscale replaced Coinbase with Anchorage Digital as primary custodian for its Hyperliquid ETF in an amended filing.
• →Anchorage previously served as secondary custodian for Grayscale's Bitcoin and Ethereum trusts, establishing an existing operational relationship.
• →Specialized custodians like Anchorage increasingly compete with exchange-based custody solutions for institutional mandates.
• →Custodian selection impacts investor protections, operational efficiency, and regulatory compliance for cryptocurrency ETFs.
• →This change may signal Anchorage's operational fit for managing emerging protocol assets like Hyperliquid.