Grayscale amended the S-1 filing for its Hyperliquid ETF on April 20, changing the custodian from Coinbase to Anchorage Digital Bank. This change goes beyond routine operational adjustments, as Coinbase Custody Trust Company is currently the primary custodian for almost all U.S. spot Bitcoin ETFs. Its replacement is a clear strategic signal.
Anchorage is the first federally chartered crypto-native bank in the United States, holding qualified custodian status granted by the Office of the Comptroller of the Currency, which Coinbase does not possess. Choosing Anchorage indicates that Grayscale is prioritizing regulatory structure over convenience by reusing its existing ETF custody infrastructure. As a pure custody bank with no retail trading platform, Anchorage can completely avoid conflicts of interest.
The core of this custodian change lies in whether introducing a federally chartered bank custodian improves Grayscale's regulatory standing with the SEC, especially since the underlying perpetual contract platform to which the fund is linked currently restricts U.S. users. Other HYPE ETF applicants, including 21Shares, have also designated Anchorage as the custodian, showing that issuers generally believe OCC charter status carries weight in SEC reviews.
The fund's staking feature remains the biggest pending regulatory variable, with the filing explicitly stating that it requires separate SEC approval. Additionally, whether this amendment will be considered a significant update by the SEC, thereby resetting the review clock, will directly impact the final approval timeline.