Grayscale Takes Early Step Toward BNB, HYPE ETFs

Grayscale forms Delaware trusts for BNB and HYPE ETFs, signaling expansion plans, regulatory preparation, and a shift from conservative product strategy.

Grayscale has taken an early administrative step toward expanding its crypto investment lineup. According to Delaware records, the asset manager created new statutory trusts that were linked to BNB and HYPE. In addition, these registrations point to potential exchange-traded fund launches.

Grayscale Forms Delaware Trusts for BNB and HYPE

State records indicate that the trusts were registered on Thursday. They named the registered agent as The CSC Delaware Trust Company. Typically, such structures are made before making any formal applications with the US Securities and Exchange Commission. Therefore, the move is groundwork rather than confirmation of upcoming ETFs.

Grayscale has officially registered for HYPE ETF

If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF/trust for.

Historically, Grayscale has been extremely conservative..
All previously listings were 3–10+ years old before Grayscale touched… pic.twitter.com/yVWwcXvPoP

— kirbycrypto (@kirbyongeo) January 9, 2026

Historically, Grayscale has used this approach in the past before the launch of crypto investment products. For instance, comparable trust formations preceded filings for Bitcoin and Ethereum vehicles. Still, the firm has not confirmed any submission to regulators.

Related Reading: Crypto ETF News: Grayscale Moves to Convert Bittensor Trust Into Spot ETF | Live Bitcoin News

Notably, Grayscale has officially registered a trust associated with the HYPE token of Hyperliquid. If approved, HYPE would be the youngest asset ever associated with a Grayscale ETF. Previously, Grayscale used to list assets aged between 3 and over 10 years.

HYPE has been live for about 1 year and is still a very early-stage infrastructure. Despite this, analysts believe that Grayscale sees Hyperliquid as core market infrastructure. In addition, expectations of continued trading volume and regulatory survivability seem central. Therefore, the filing is based on internal conviction rather than speculative exposure.

Grayscale’s brand is strongly based on institutional credibility. As a result, filings are usually deliberate and conservative. This makes the HYPE registration more important, according to observers.

Regulatory Path and Broader Market Context

The next step expected is the filing of S 1 registration statement with the SEC. This document would include the structure of the ETF, risks, custody and investment objectives. Importantly, the recent SEC approval of generic standards for crypto listings has made this process easier.

However, regulatory scrutiny is still great. Authorities will determine whether BNB and HYPE meet existing frameworks. Market surveillance, liquidity and risk of manipulation will also be reviewed. Therefore, the timelines for approval could run for months or even more.

Grayscale’s move is in line with other industry developments. VanEck, which has $181.4 billion in global assets, has already filed an S 1 for a spot BNB ETF. It registered its trust in April and made its formal filing in May. In addition, VanEck affirmed plans for a HYPE linked ETF.

As of January 6, Grayscale has 9 live crypto-focused ETFs. These include exposure to Bitcoin, Ethereum, XRP, and Solana. Furthermore, there are filings for Hedera, Avalanche, Bittensor, and other assets. This expansion follows successful conversions of trust into spot ETFs.

Overall, the Delaware trust filings are a preliminary but significant signal. They do not assure product launches or regulatory approval. Nonetheless, they propose that Grayscale is employing tried and tested legal strategies to new digital assets. Consequently, the move may change the expectations about institutional crypto adoption and product evolution.