Grayscale shifts Coinbase ETF custody: Custody landscape reconfigures.
Institutional crypto custody evolves as major players re-evaluate established frameworks for asset security. Institutional Bitcoin’s Single Point of Failure: The Great Custody Re-Mapping of 2025 Bitcoin promised a decentralized future, yet the multi-billion dollar institutional industry built around it has inadvertently created the most concentrated choke point in financial history. While retail investors focus on price discovery, the structural integrity of the market is currently pivoting on a single operational axis. Grayscale’s recent move to appoint Anchorage Digital Bank as the custodian for its Hyperliquid ETF, displacing the industry incumbent, marks the first crack in what has been a near-monopoly on institutional digital asset storage. Market mechanics shift, challenging established dominance and fostering a dive...