Grayscale, a major investment firm, has changed the company holding its digital assets for the HYPE ETF (GHYP). They’ve switched from Coinbase to Anchorage Digital and updated their filing with the SEC to reflect this change.
HYPE ETF: Why Grayscale has replaced Coinbase with Anchorage Digital
From my analysis, Grayscale is switching custody providers from Coinbase to Anchorage Digital. This decision appears to be driven by concerns around competition, avoiding over-reliance on a single provider, and navigating the evolving regulatory landscape.
Hyperliquid, the platform behind the HYPE token, has emerged as a major competitor to Coinbase. In 2025 and early 2026, Hyperliquid processed approximately $2.6 trillion in derivatives trading, while Coinbase reported $1.4 trillion. Because these two are direct competitors, a conflict of interest exists within the contract.
Regulators and companies issuing these funds are working to avoid having just one company control the market and the risks that would create. Currently, Coinbase holds custody of around 80% of the assets in US spot crypto ETFs.
Anchorage Digital is unique because it’s the only crypto bank in the US operating under a federal charter. Coinbase, on the other hand, is regulated at the state level.
BlackRock also selected Anchorage as a backup custodian for its Bitcoin and Ethereum trusts to minimize risk, contributing to this overall change.
Anchorage also provides strong services for staking digital assets. This supports Grayscale’s goal of offering staking rewards through its ETF, if regulators approve it.
Competitor’s action and HYPE price
Grayscale competitors like 21Shares and Bitwise have made the same change for the same reasons.
As of the latest update, the price of HYPE token had dipped slightly by 0.23% to $41.03, likely due to increased selling.
Growing interest from institutions and the regular burning of tokens are both positive signs for the overall health of the ecosystem. The community is also excited about the upcoming HIP-4 upgrade for prediction markets, which is expected to drive the price of HYPE up.
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2026-04-21 01:36