Grayscale Investments Sponsors, LLC, the sponsor of the Grayscale Hyperliquid Staking ETF, has entered into a material definitive agreement to add BitGo Bank & Trust, National Association as an additional custodian for the Trust. The agreement, known as the BitGo Amendment, was executed on September 30, 2026, and amends the existing Amended and Restated BitGo Custodial Services Agreement. Under this arrangement, BitGo Trust will provide services related to the custody and safekeeping of a portion of the Trust’s HYPE holdings.
The filing states that the Sponsor expects to utilize BitGo Trust’s services to custody a portion of the Trust’s HYPE. However, the Sponsor has not yet determined the specific amount of HYPE to be moved to BitGo Trust. The Trust’s existing custody arrangement with Anchorage Digital Bank N.A. remains unaffected, and Anchorage Digital continues to serve as the Trust’s primary custodian. The Sponsor retains discretion to determine the amounts of HYPE held at either custodian as permitted by the Trust Agreement.
The addition of BitGo Trust is described as reflecting the Sponsor’s ongoing risk management approach as part of the Trust’s growing size. The filing outlines that the HYPE held by BitGo Trust will be held in a segregated Custodial Account, separate from assets held for other clients or BitGo Trust’s own assets. The keys for this account will be held by BitGo Trust. The filing also notes that fees paid to the Additional Custodian are considered a Sponsor-paid Expense.
Regarding operational procedures, the filing explains that upon Sponsor instruction, BitGo Trust will withdraw the necessary amount of HYPE from the Trust’s account to pay the Trust’s Sponsor's Fee and any Additional Trust Expenses. The filing also includes details regarding indemnification and insurance policies required under the BitGo Trust Custodian Agreement. The full text of the Amended and Restated BitGo Custodial Services Agreement and the BitGo Amendment are attached as Exhibits 10.1 and 10.2 to the report.
