Grayscale moves away from Coinbase for new ETF product – Is Wall Street building a post-Coinbase custody map?

Dijital varlık piyasalarında kritik bir gelişme söz konusu. The Bitcoin ETF trade sold investors a simple promise: crypto exposure inside a wrapper that looked and felt like mainstream finance. Advisors could buy it, compliance teams could understand it, and institutions could route capital into digital assets through a product that fits the rest of their strategy. That promise worked, and the US spot Bitcoin ETF complex had reached $91.

71 billion in assets under management by April 8, according to data . Given the size of the spot Bitcoin ETF market, we can clearly see that there's no lack of demand. The main problem the industry is faced with now is infrastructure.

Piyasa Dinamikleri

On April 20, Grayscale amended its proposed Hyperliquid ETF filing and named Anchorage Digital Bank as custodian in place of Coinbase . On its own, that looks like a modest filing change tied to a newer crypto product, but in context, it's a sign that issuers are starting to think harder about how much of the regulated crypto ETF market still runs through one back-office gatekeeper. As reported on April 12, funds whose launch documents name Coinbase as custodian or primary custodian account for about $77.

10 billion of the market, or 84. 1% of total US spot Bitcoin ETF AUM. A stricter method that excludes multi-custodian arrangements or unclear split allocations still leaves roughly $74.

8%, tied to Coinbase in some custody role. Those numbers make custody concentration part of the institutional appetite for Bitcoin, not a side detail buried in the documents. A single filing doesn't establish a migration trend, and the market shouldn't turn one amendment into a sweeping break.

Piyasalara Etkisi

Even so, custody choices inside ETFs carry real informational value because issuers, lawyers, and boards tend to repeat the safest available template. When a market that has spent years making the same custody decision starts to show variation, it's worth paying attention. The ETF boom built a custody market around one default choice: Coinbase Coinbase became dominant in crypto ETF custody for practical reasons that made sense from the start.

When spot Bitcoin ETFs won approval in January 2024, issuers needed a provider with a recognizable compliance profile, institutional operating history, and an infrastructure stack that already looked credible to boards, auditors, market makers, and regulators. Coinbase had that advantage. Once the largest issuers chose it, the rest of the market inherited a strong template effect.

That pattern kept extending into 2026. Morgan Stanley’s updated filing in March named Coinbase Custody and BNY as custodians for its proposed Bitcoin exchange-traded product, which later launched as the Morgan Stanley Bitcoin Trust. Another blue-chip institution entered the market and plugged into the same custody backbone already supporting much of the ETF complex.

Blockchain ekosistemindeki bu gelişme, dijital varlık piyasalarını şekillendirmeye devam ediyor. Uzmanlar, konunun yakın vadeli etkilerini mercek altına alıyor.