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Grayscale has changed its operations to launch its Hyperliquid ETF on April 20, replacing Coinbase and the bank. Anchorage Digital Bank as a target fund manager, a step beyond simple operational arrangements.
It’s a company Opinion of the company Coinbase Custody Trust Company Chief financial officer Bitcoin exchange rate At least in the US, removing it from the system is a deliberate act rather than a routine change.
The most important question is: Does the appointment of a federally regulated bank as a supervisor allow Grayscale to be supervised by the SEC to access the funds associated with the assets that the basis of the regular agreement has restrictions that prevent users in the United States from accessing?
Key requirements:
- Change administrator: Anchorage Digital Bank will replace Coinbase in the revised HYPE ETF’s S-1 filing, filed on April 20, 2026.
- Anchorage Regulatory Status: The first crypto bank licensed in the United States, it has a “qualified supervisor” from the Office of the Comptroller of the Currency (OCC) – an advantage that Coinbase does not have.
- Notes on Coinbase dominance: Coinbase serves as the largest custodian of most Bitcoin spot currencies in America; His absence here is evident in the system.
- Recent ratings for Anchorage: A successful transaction from Tether of $ 100 million in February 2026 brought the value of the bank to $ 4.2 billion.
- Question pending approval: The contents of the fund remain valid and valid separately; The fund will trade on the Nasdaq stock exchange under the symbol GHYP if approved.
Anchorage’s interpretation of the Grayscale concept for the controller
He has a bank Anchorage Digital A national trust charter issued by the Office of the Comptroller of the Currency (OCC), making it the only digitally licensed bank in the United States.
The charter qualifies the bank as a “qualified custodian” under the Federal Banking Act, a standard that the SEC has begun to focus on when it comes to maintaining digital assets. Anchorage’s decision on Coinbase shows that Grayscale is considering a management plan for the operational challenges of using its existing infrastructure to store ETFs.
Coinbase’s example of tying the exchange, while controlling the transactions of the Bitcoin fund, raises questions about the conflicts related to the security system, a concern that the authorities have raised in many discussions about the system of the crypto market. In contrast, the Bank of Anchorage acts as a custodian and bank only, with no real estate, eliminating the possibility of a full interest dispute.
Grayscale had already added Anchorage as the second custodian of its Bitcoin and Ethereum funds in August 2025, so the move represents an escalation of an existing relationship rather than a new partnership. Competitors’ interests also encourage this. 21Shares has appointed Anchorage Digital and BitGo as joint trustees for the latest THYP Fund reform, which reflects the mutual trust among OCC licensees that it is important to the regulatory review.
Regulatory Expectations: What Does the FRA Think About Hyperliquid ETFs?
Grayscale’s first proposal for the HYPE ETF was posted on March 20, 2026, following Bitwise’s previous offering (which confirmed a fee of 0.67%) and 21Shares. The most important procedural question remains whether Monday’s change will reset the clock to review the group as a radical change; When this happens, the validity period will be extended accordingly.
The benefits of… staking (Storage) pocket is a very different organization that is not decided; The use requires separate approval from the Authority, which means that the decision to start the listing and the permit for the storage area are two separate events.
A note Grayscale selects Anchorage Bank to own Hyperliquid ETF appeared for the first time Cryptonews Arabic.
