Grayscale has amended its filing for a proposed Hyperliquid exchange-traded fund in the U.S., naming Anchorage Digital Bank as custodian instead of Coinbase.
The revised filing marks a change in a part of the fund structure as Grayscale pushes to expand its lineup of crypto investment products.
The proposed fund would track Hyperliquid’s native token, HYPE, and would trade on Nasdaq under the ticker GHYP if regulators approve it.
The updated filing, submitted on Monday, still names Bank of New York Mellon as transfer agent and keeps staking as an option pending regulatory approval.
Grayscale changes custody setup in revised filing
The latest amendment shows that Grayscale replaced Coinbase with Anchorage Digital Bank in the custody role for the proposed HYPE ETF.
Earlier versions had listed Coinbase as the fund’s prime broker and custodian. The new filing now places Anchorage in that position as Grayscale adjusts the structure before any approval decision.
The shift is significant as Coinbase enjoys a significant presence in the existing crypto ETF market in the U.S. The largest spot Bitcoin ETFs trading in the U.S are custodians of Coinbase Custody Trust Company. The principal exception is fidelity since Fidelity Digital Assets is the custodian of Bitcoin on behalf of its own fund.
Grayscale already has a working relationship with Anchorage. In August, the asset manager named Anchorage as a secondary custodian for part of the holdings in its Bitcoin and Ethereum trusts.
Coinbase remained the main custodian for those products. That earlier move showed that Grayscale had already started to widen its custody relationships before this new HYPE filing update.
The filing did not change every service provider tied to the fund. Bank of New York Mellon remains listed as transfer agent. The benchmark data source also stays in place, with the filing stating that the fund would use CoinDesk Hyperliquid Benchmark Extended Rate pricing data.
Anchorage expands its role in crypto infrastructure
Anchorage has built a larger role in digital asset custody and related services over the last several months. The firm, founded in 2017, became the first federally chartered crypto bank in the U.S. It has since broadened its services across custody, token management, stablecoin support, and wealth-focused offerings for institutions.
Its profile has also grown through new business moves and outside investment. Tether made a $100 million strategic equity investment in Anchorage in February, valuing the firm at $4.2 billion.
That compared with a $3 billion valuation from Anchorage’s $350 million Series D round in 2021. Bloomberg has also reported that the company is preparing for a public listing.
Anchorage has also expanded into new blockchain networks. Last month, it became the first U.S.-based firm to onboard Tron after the Securities and Exchange Commission’s investigation into businesses linked to Tron founder Justin Sun. The company said it plans to offer Tron staking as part of that expansion.
Additionally, this wider growth helps explain why Grayscale may have chosen Anchorage for the revised HYPE ETF structure. The bank already has experience serving institutional clients and handling regulated crypto custody.
That makes it a practical option for a fund proposal tied to a token that comes from a fast-growing onchain derivatives platform.
Hyperliquid ETF joins a growing line of token fund proposals
Grayscale first filed for the Hyperliquid ETF on March 20. The proposed product joined a growing list of single-asset crypto ETF filings in the U.S. market.
Other issuers, including 21Shares and Bitwise, had already moved on Hyperliquid-related products late last year.
The filing says the ETF would offer exposure to HYPE through a regulated structure. That would allow investors to gain access without directly buying, storing, or managing the token. The document also states that any staking component would still need regulatory approval before the fund could use it.
Hyperliquid has grown into the largest onchain perpetuals decentralized exchange by trading activity, according to market data cited in the report.
Its native token, HYPE, traded at $41 at the time of reporting, with a 24-hour trading volume of about $356.7 million. The token was down 0.36 percent over 24 hours and down 5 percent over the past seven days (per CoinGecko’s data).
The platform still faces a U.S. access issue. Hyperliquid’s perpetuals exchange remains ring-fenced in the U.S. Even so, interest around the token has increased. Coinbase listed HYPE in February after Hyperliquid posted strong growth in 2025.
Grayscale broadens crypto ETF push
The revised HYPE filing fits into a wider expansion by Grayscale across crypto funds and trusts. Under a more open regulatory setting, the company has filed proposals tied to several digital assets, including BNB, Zcash, and Chainlink. It has continued to test demand for newer products beyond Bitcoin and Ethereum.
Earlier this month, Grayscale also moved forward with a spot Bittensor ETF plan. The firm filed an amended Form S-1 for the Grayscale Bittensor Trust and sought to list it on NYSE Arca under the ticker GTAO. Grayscale first filed on December 30 to convert that trust into an ETF.
That filing would give investors regulated access to Bittensor’s TAO token without direct ownership.
The move shows that Grayscale is not limiting its ETF efforts to the largest digital assets. Instead, it is building a broader group of products linked to newer crypto networks and tokens.