Grayscale Adds BitGo To Hyperliquid Staking ETF Custody Setup

TL;DR: Grayscale has added BitGo Bank & Trust as an additional custodian for a portion of the HYPE held by its Hyperliquid Staking ETF. The SEC filing shows how increasingly complex altcoin and staking products are building institutional custody structures around assets that once traded almost entirely inside crypto-native venues.

Hyperliquid’s move into regulated investment products is gaining another piece of institutional infrastructure.

Grayscale has added BitGo Bank & Trust as an additional custodian for the Grayscale Hyperliquid Staking ETF, according to a filing with the Securities and Exchange Commission.

Under the arrangement, BitGo will provide custody and safekeeping services for a portion of the trust’s HYPE holdings.

At first glance, adding another custodian may look like a relatively technical fund update.

It is more interesting when viewed in the context of where HYPE came from.

Hyperliquid grew as a crypto-native trading ecosystem, with its token closely tied to a decentralized perpetual futures platform rather than a conventional financial company.

The existence of a publicly accessible staking ETF built around HYPE represents a very different stage of market development.