Grayscale Hyperliquid ETF Adds BitGo As Second Custodian

Grayscale filed an 8-K on October 5, 2026 adding BitGo as a second custodian for the Grayscale Hyperliquid ETF. The fund trades on Nasdaq as HYPG. Cointelegraph flagged the filing on X as news about a Hyperliquid staking ETF. Read in full, the document covers custody only. It announces no new product and no approval.

Inside The Grayscale Hyperliquid ETF Filing

An amendment dated September 30, 2026 brought the trust into BitGo's existing custody contract. Grayscale Investments Sponsors signed for the Grayscale Hyperliquid ETF. The counterparty is BitGo Bank & Trust, a national bank under an OCC charter. It will hold a portion of the fund's HYPE.

Anchorage Digital Bank stays the primary custodian, and the filing says that arrangement is unaffected. The sponsor alone decides how much HYPE sits at each custodian. It has not yet picked an amount to move to BitGo. Grayscale ties the step to risk management as the trust grows.

SEC EDGAR: The custody section of the 8-K, filed by Grayscale on October 5, 2026.

Several terms sit in the fine print. HYPE at BitGo goes into a segregated account that is not mixed with other clients' assets or BitGo's own, and BitGo holds the keys. Fees paid to BitGo count as a sponsor-paid expense. If Hyperliquid forks, BitGo may pause operations and decide on its own whether to support either branch. The trust must indemnify BitGo for losses tied to the trust's own material breach, and BitGo must carry insurance.

Not A Launch: HYPG Has Traded Since June

The Grayscale Hyperliquid trust began operating on June 3, 2026, according to its quarterly report. The prospectus, dated June 2, sets a sponsor fee of 0.29% a year. It also says the trust stakes its HYPE through its custodian and a staking provider. The sponsor's staking fee, the custodian's fee and the provider's share together take 25% of gross staking rewards, and the trust keeps the rest.

The June 30 balance sheet shows net assets of $127.1 million, 5.49 million shares and a net asset value of $23.15 a share. Roughly $121.9 million of the HYPE was staked. Those figures date from the end of June, so current size may differ.

HYPG 10-Q: Balance sheet from the fund's 10-Q, in thousands of dollars.

The Same Batch Of Grayscale Filings

The Grayscale Hyperliquid filing was one of several Grayscale 8-Ks submitted on October 5. The Sui, Avalanche, Chainlink, Zcash and CoinDesk Crypto 5 funds each added Anchorage Digital as an extra custodian beside Coinbase Custody, which stays primary. HYPG runs the other way, with BitGo added next to Anchorage. The Bittensor trust moved onto the same BitGo agreement and ended its older contract with BitGo.

Grayscale's Dogecoin and XRP funds filed 8-Ks the same day about in-kind creations and redemptions. None of the filings announces a new fund or an approval. Anchorage also appears in an earlier TOCE report on Bitcoin staking support for Stacks. Exhibit 10.2 is the amendment that adds HYPG and the Bittensor trust to the BitGo agreement. The two sides signed it on September 29 and 30.

HYPE Price And What Comes Next

CoinGecko puts HYPE at $93.10 on October 6, 2026, down 0.3% over the past 24 hours. Market value sits near $20.7 billion. A custody change alters where tokens are kept, not what a fund owns.

Two items are left to track for the Grayscale Hyperliquid ETF. One is the sponsor's split between Anchorage and BitGo. The other is the fund's next quarterly report. For another staking fund, see 21shares and its five staking ETFs.

This article is for information only and is not investment advice. Crypto prices move fast, so check the figures yourself.