Grayscale Drops Coinbase From Amended Hyperliquid Etf Filing, Joins Bitwise And 21shares In Picking Anchorage

@Grayscale has amended its proposed Hyperliquid ETF filing, swapping out Coinbase Custody in favour of Anchorage Digital as custodian. The change brings Grayscale into line with @Bitwise and @21Shares, which made the same switch in their own respective filings — for $BHYP and $THYP — earlier this month. All three pending Hyperliquid ETF proposals now list @Anchorage as custodian.

The uniform departure from Coinbase is notable. The exchange has served as the default custodian for virtually every US spot crypto ETF approved to date, including the $BTC and $ETH product lineups. Its absence across all three Hyperliquid filings is difficult to overlook, given that Hyperliquid operates a perpetual futures exchange that competes directly with Coinbase Derivatives.

Anchorage Digital, the only federally chartered crypto bank in the United States, is the clear institutional custody beneficiary of the emerging $HYPE ETF race. $HYPE is currently trading around $41, up roughly 200% over the past year, a run supported by record perpetual futures volumes on the Hyperliquid platform and an ongoing buyback-and-burn programme funded by trading fees.