Anchorage Digital Bank was founded in 2017 and became the first federally chartered crypto bank in the United States. In recent months the firm has broadened its services to include stablecoin issuance support, wealth management, and token lifecycle management. Last month it became the first U.S.-based institution to onboard Tron following a regulatory inquiry into the network's founder, and it plans to launch Tron-staking products.
The proposed fund would hold
HYPE, the native token of Hyperliquid, which operates the largest on-chain perpetuals decentralized exchange by trading volume. Hyperliquid's derivatives platform is currently unavailable to U.S. users. The team behind the protocol recently established the Hyperliquid Policy Center, a Washington, D.C.-based lobbying group. Coinbase listed
HYPE in February, following strong growth for the protocol through 2025.
The Bank of New York Mellon remains listed as transfer agent in the updated filing. Pricing would use CoinDesk Hyperliquid Benchmark Extended Rate data. Staking within the fund remains contingent on regulatory approval. If the SEC greenlights the product, it would trade on Nasdaq under the ticker GHYP.
Grayscale originally
filed for the fund on March 20, following earlier submissions from 21Shares and Bitwise. Under a more open regulatory environment, Grayscale has expanded its product pipeline to cover additional crypto assets and was the first firm to bring a Chainlink ETF to market.
Tether made a $100 million equity investment in Anchorage in February, valuing the firm at $4.2 billion. That compares with a $3 billion valuation set during Anchorage's $350 million Series D round in 2021. Bloomberg has reported the firm is preparing for a public listing.
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