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04/21/2026

Grayscale Swaps Coinbase for Anchorage in Hyperliquid ETF Filing

Grayscale amended its Hyperliquid ETF application, removing Coinbase as the primary custodian and naming Anchorage Digital as the sole custody provider.

Grayscale Swaps Coinbase for Anchorage in Hyperliquid ETF Filing

What happened: Grayscale amended its Hyperliquid ETF application, removing Coinbase as the primary custodian and naming Anchorage Digital as the sole custody provider. The change mirrors Grayscale's existing relationship with Anchorage for portions of its Bitcoin and Ethereum trust holdings.

Why it matters: This custodian switch signals institutional preferences shifting toward specialized crypto custody providers over exchange-based solutions. Anchorage's regulatory compliance and insurance coverage may offer better risk management for ETF structures, potentially setting a precedent for future crypto ETF filings.

Source: The Block