Grayscale taps Anchorage over Coinbase for new ETF — custody map may be shifting

Grayscale's April 20 amendment to its Hyperliquid ETF filing swapped Coinbase out for Anchorage Digital Bank as custodian — a single change, but one that lands against a striking backdrop: funds naming Coinbase hold roughly $74–77 billion of the $91.71 billion US spot Bitcoin ETF market, or between 80–84% of total AUM depending on how multi-custodian arrangements are counted.

That concentration built logically. When spot BTC ETFs cleared approval in January 2024, issuers needed a provider with an established compliance profile and infrastructure that auditors and regulators already recognised. Coinbase fit, and each subsequent entrant — including Morgan Stanley's Bitcoin Trust, filed in March — reinforced the same template. The OCC's conditional approval of Coinbase National Trust Company in April only deepened the structural case for staying put.

One filing amendment isn't a…