Leading asset manager Grayscale has now updated its HYPE ETF (ticker: GHYP) Deposit With the US Securities and Exchange Commission (SEC) appointing Anchorage Digital as its custodian, replacing Coinbase.
HYPE ETF: Why Grayscale replaced Coinbase with Anchorage Digital
It is worth noting that Grayscale decided so replace Coinbase with Anchorage Digital, mainly for competition, focus, and regulatory reasons.
In terms of competition, Hyperliquid (the protocol behind the HYPE token) has become a notable competitor to Coinbase. The decentralized exchange recorded around $2.6 trillion in nominal derivatives volume for 2025/early 2026. Meanwhile, Coinbase recorded $1.4 trillion during the same period. These two people, being opponents, create a conflict of interest in the contract.
Second, regulators and issuers are constantly seeking to diversify custodians to prevent market monopolization and the associated financial risks. Coinbase is already the custodian of about 80% of the US cryptocurrency ETF market.
Third, Anchorage Digital stands out for its compliance, as it is the only federally chartered cryptocurrency bank in the United States. In contrast, Coinbase remains subject to state regulation.
Another reason for the shift is to reduce risk, which also prompted BlackRock to choose Anchorage as the secondary custodian of its Bitcoin and Ethereum funds.
Furthermore, Anchorage offers robust institutional signing services. This is in line with Grayscale’s plans to offer staking rewards for an ETF product, pending regulatory approval.
Competitor action and hype price
Grayscale competitors like 21Shares and Bitwise They made the same change for the same reasons.
At press time, the HYPE token suffered a slight decline of 0.23% to $41.03 amid increasing selling pressure.
source: CoinMarketCap
However, institutional interest and token burning are seen as major fundamental positives of the ecosystem. The community is also highly anticipating the upcoming HIP-4 upgrade for prediction markets, which is expected to catalyze the price of HYPE to higher levels.
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