Grayscale Amends Hyperliquid ETF Custodianship Strategy

Key Takeaways:

• Grayscale shifts its Hyperliquid ETF custodian from Coinbase to Anchorage Digital Bank.
• Anchorage is the only federally chartered crypto-native bank in the U.S.
• The change emphasizes Grayscale’s focus on regulatory alignment rather than logistical ease.
• The move reflects a broader market trend valuing OCC-chartered custodians.

WEEX Crypto News, 2026-04-21 15:33:41

Grayscale’s New Custodial Choice: Anchorage Over Coinbase

Grayscale has adjusted its strategy by switching the custodian for its Hyperliquid ETF from Coinbase Custody Trust Company to Anchorage Digital Bank. This shift is more than operational; it signifies a tactical pivot to enhance Grayscale’s compliance framework. The change aligns with the increasing scrutiny by the SEC on qualified custodians in digital asset management. Anchorage, the only federally chartered crypto-native bank, grants Grayscale a favorable regulatory stature, distinguishing itself from Coinbase’s model, which has faced regulatory concerns around conflict of interest.

Regulatory Implications: Anchorage’s Strategic Edge

Anchorage Digital Bank holds a pivotal national trust charter, a credential under federal banking law that the SEC closely inspects. Grayscale’s choice of Anchorage highlights a preference for robustness in regulatory conformity over the convenience of existing systems. Unlike Coinbase, Anchorage operates solely as a custodian bank, mitigating conflicts of interest by not engaging in retail trading activities. This decision also builds on Grayscale’s existing relationship with Anchorage, which had already been a secondary custodian for their Bitcoin and Ethereum trusts since August 2025.

Broader Market Context: Embracing Federally Chartered Custodians

The preference for Anchorage is not exclusive to Grayscale. In April 2026, 21Shares included Anchorage and BitGo Bank as joint custodians for its Nasdaq-listed THYP fund. The trend of selecting federally chartered entities underscores a shared industry strategy toward addressing SEC custody concerns. This collective approach reinforces the perceived regulatory weight that an OCC charter carries, setting a precedent for custodial reliability in the crypto ETF landscape.

Next Steps for Grayscale’s Hyperliquid ETF Approval

Grayscale’s journey with the Hyperliquid ETF began with the filing on March 20, 2026, trailing similar submissions from competitors like Bitwise and 21Shares. A key question is whether Grayscale’s recent amendment acts as a significant procedural reset, which could prolong the SEC’s review period. Staking remains a pivotal aspect awaiting separate SEC approval, distinguishing this as another critical juncture for the fund’s progression.

FAQ

Why did Grayscale switch from Coinbase to Anchorage for custody?

Grayscale’s shift to Anchorage aligns with a strategy to fortify its regulatory stance with the SEC by leveraging Anchorage’s status as a federally chartered bank.

What makes Anchorage a preferable custodian?

Anchorage’s national trust charter offers a unique regulatory alignment under federal law, which is increasingly important in SEC assessments of digital asset custodians.

How does the SEC view federally chartered custodians?

The SEC places significant importance on federally chartered custodians, viewing them as reliable entities for digital asset management due to their compliance with banking laws.

Will the amendment delay Grayscale’s ETF approval?

If the amendment is seen as a material update, it could reset the SEC review clock, potentially extending the time to approval.

What is the role of staking in the ETF?

Staking is a crucial feature requiring separate SEC authorization, impacting how the overall ETF will be structured and offered.