Grayscale Makes ETF Move By Filing BNB And HYPE Trusts In Delaware

TLDR

• Grayscale registered BNB and HYPE statutory trusts in Delaware on January 8, 2026.
• The registered agent for both trusts is CSC Delaware Trust Company.
• BNB and HYPE could become part of Grayscale’s expanding ETF lineup.
• VanEck has also filed for spot BNB and HYPE ETFs in the US.

Grayscale has officially registered statutory trusts for Binance Coin (BNB) and Hyperliquid (HYPE) in the state of Delaware. According to state records, the trusts were formed on January 8, 2026, and are linked to potential future ETF products.

The BNB Trust was registered under file number 10465871, and the HYPE Trust under 10465863. Both list CSC Delaware Trust Company as their registered agent. This step often serves as an early administrative measure ahead of filing ETF applications with the U.S. Securities and Exchange Commission (SEC).

These filings do not indicate regulatory approval or confirm the submission of ETF applications. However, they suggest that Grayscale is exploring expansion beyond its existing offerings tied to Bitcoin, Ethereum, and other large-cap cryptocurrencies.

Early Move for Potential ETF Expansion

Creating a statutory trust is a common step for asset managers preparing to launch ETFs. While this process does not require SEC approval, it helps establish a legal framework for future filings.

Grayscale has not yet submitted any registration statements (S-1 forms) to the SEC for either the BNB or HYPE ETFs. But based on past practice, this may follow if market conditions and regulatory clarity improve.

The formation of these trusts comes as Grayscale expresses optimism for 2026. In a recent report, the firm said ETF outflows in late 2025 were mainly due to tax season and temporary market pressure. It also noted rising institutional interest and better regulatory visibility in the year ahead.

BNB and HYPE ETF Interest Grows

BNB and HYPE are two of the newer assets Grayscale is considering for ETF exposure. BNB has remained resilient, supported by user activity on the Binance Smart Chain. At the time of writing, BNB was trading at around $892, up 0.84% in 24 hours.

HYPE, the native token of the Hyperliquid protocol, has been live for just over a year. It was trading at $25.92, down 2.50% during the same period. The decision to register a trust for HYPE marks a shift in Grayscale’s selection approach.

Crypto analyst @kirbycrypto stated, “If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF/trust for.”

Until now, Grayscale has mainly focused on assets with a longer market presence, often three to ten years old. The inclusion of HYPE breaks this trend.

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