Grayscale Advances BNB and Hyperliquid ETF Plans With Delaware Filings

Grayscale Investments has filed for new statutory trusts in Delaware to support the development of exchange-traded funds (ETFs) for Binance Coin (BNB) and Hyperliquid’s HYPE token. The entity registrations, completed on January 8, mark an initial procedural step before submitting formal applications with the U.S. Securities and Exchange Commission. This move follows a broader trend of institutional interest in altcoin-based investment products.

The Delaware Division of Corporations confirmed the trust registrations, with the Grayscale BNB Trust assigned file number 10465871 and the Grayscale HYPE Trust given file number 10465863 according to registration records. These trusts are standard legal structures for ETF creation and indicate Grayscale’s intent to pursue regulatory approval for the products. The firm now oversees a range of crypto-focused ETFs, including Bitcoin and Ethereum offerings.

The filings suggest Grayscale is continuing its expansion beyond Bitcoin and Ethereum to include other high-profile tokens. BNB, the native token of Binance, and HYPE, the governance token for Hyperliquid, are both seeing growing adoption within the crypto ecosystem.

Why Did This Happen?

Grayscale’s decision to file for BNB and HYPE ETFs is part of a broader strategy to diversify its digital asset offerings. The firm has been expanding into altcoins after the successful launch of its Bitcoin spot ETF in early 2024. By introducing products for BNB and HYPE, Grayscale aims to meet increasing institutional and retail demand for diversified crypto exposure.

The Delaware registrations also reflect the regulatory environment’s shifting landscape for crypto ETFs. The SEC recently streamlined the listing process by removing the requirement for asset-specific Section 19(b) rule changes, allowing qualifying products to be approved more efficiently. This development makes it easier for asset managers to introduce new crypto ETFs.

How Did Markets React?

Despite the filing, the immediate market reaction to the news has been muted. BNB and HYPE have shown resilience in the face of broader market corrections, but significant price moves have not been observed following the announcements. This suggests investors are awaiting further regulatory clarity before making decisions based on the ETF prospects.

The broader crypto market has faced mixed inflows in early 2026, with spot ETFs for Bitcoin and Ethereum experiencing outflows. These movements indicate investor caution in the face of heightened volatility and regulatory uncertainty.

What Are Analysts Watching Next?

Analysts emphasize that Grayscale’s Delaware filings are a necessary first step, not a guarantee of product launch. The firm will need to submit an S-1 registration statement and a 19b-4 filing with the SEC to proceed with a formal application.

Market observers are paying close attention to how the SEC evaluates BNB and HYPE as potential securities. The classification of these tokens under U.S. law is a key regulatory hurdle. The SEC’s ongoing litigation against Binance could influence its stance on BNB and complicate the approval process.

Delaware’s well-established corporate law framework provides a strategic advantage for Grayscale. The state offers a predictable regulatory environment, expedited filing services, and a strong legal precedent for financial innovation. These factors help reduce administrative delays and provide clarity for complex investment structures.

The firm’s next move is expected to include a formal ETF filing with the SEC. If approved, the BNB and HYPE ETFs would join Grayscale’s existing lineup of crypto-focused funds, including its Bitcoin and Ethereum offerings. The approval of these products could enhance market liquidity and accessibility for institutional and retail investors.

What Does This Mean for Investors?

A successful BNB or HYPE ETF launch would provide investors with a regulated, liquid, and tax-efficient way to gain exposure to these tokens without the need to hold or store them directly. These products could appeal to risk-averse investors who are hesitant to navigate the complexities of direct crypto ownership.

However, regulatory uncertainty remains a key risk factor. The SEC’s evolving stance on crypto assets and ongoing legal actions involving major exchanges could impact the timeline or terms of ETF approval. Investors are advised to monitor regulatory developments and consider the potential for delays or changes in approval criteria.