Grayscale has taken a preliminary step toward expanding its crypto ETF lineup by registering new trusts for BNB and Hyperliquid’s HYPE token in Delaware.
Key Takeaways
- Grayscale registered two new trusts in Delaware for BNB and HYPE, hinting at future ETF launches.
- These filings are a common early step before submitting a formal S-1 registration with the SEC.
- HYPE stands out as the youngest asset Grayscale has ever considered for a product.
- Grayscale’s move comes as it competes with VanEck, Bitwise, and 21Shares in a fast-evolving ETF landscape.
What Happened?
Grayscale, one of the largest crypto asset managers, has registered two Delaware statutory trusts linked to Binance Coin (BNB) and Hyperliquid (HYPE), signaling its potential interest in launching ETFs tied to these assets. While these filings do not represent formal ETF applications, they are widely seen as groundwork for regulatory filings with the US Securities and Exchange Commission.
⚡️JUST IN: Grayscale has registered for a BNB and HYPE ETF. pic.twitter.com/4SQXuXJZUt
— Coin Bureau (@coinbureau) January 9, 2026
Grayscale Registers BNB and HYPE Trusts in Delaware
On January 8, 2026, Grayscale filed two statutory trusts under the names Grayscale BNB Trust and Grayscale HYPE Trust, with CSC Delaware Trust Company listed as the registered agent. The trust registrations are not yet ETF filings, but they often serve as administrative setups to prepare for eventual submissions to the SEC, particularly for an S-1 registration.
An S-1 is the formal document submitted to the SEC that outlines the ETF’s structure, compliance measures, investment goals, and associated risks. While Grayscale has not confirmed plans to file an S-1, this step strongly suggests preparations are underway.
A Shift Toward Emerging Crypto Assets
Grayscale’s inclusion of HYPE is a notable departure from its traditional asset selection. Historically, Grayscale has launched products tied to well-established cryptocurrencies with three to ten years of market history. In contrast, HYPE is just over a year old and operates as the native token of Hyperliquid, a fast-growing decentralized perpetuals exchange.
According to analysts like @kirbycrypto, this move marks a break in Grayscale’s conservative vetting process, showing a new openness to supporting early-stage infrastructure tokens. During 2025, Hyperliquid handled billions in liquidation volume and became one of the leading platforms in decentralized derivatives trading.
Competitive ETF Landscape Heats Up
Grayscale’s filings come amid growing competition in the crypto ETF space. VanEck, which manages over $181 billion, filed for its own spot BNB ETF in May and has publicly confirmed plans to launch a HYPE-linked ETF as well. Bitwise and 21Shares are also in the race, with 21Shares taking a more aggressive stance by filing for a leveraged HYPE ETF that aims to deliver twice the daily performance of the Hyperliquid index.
While trust registrations do not guarantee ETF approval, they highlight the rush by asset managers to capture first-mover advantage in niche crypto sectors. The SEC’s updated framework now allows some ETFs to bypass asset-specific rule changes, potentially accelerating approvals if the products meet general listing standards.
Market Context: Altcoins Amid Volatility
The filings arrive during a period of heightened volatility in the crypto markets. At the time of the filings, BNB was trading at $892, up 0.84% in 24 hours, while HYPE had dipped to $25.92, down 2.5% on the day.
Despite the turbulence, BNB remains one of the strongest-performing Layer 1 tokens, while HYPE has demonstrated resilience as a leading decentralized trading platform, particularly during periods when centralized exchanges faced outages.
Expanding Grayscale’s Crypto ETF Lineup
Grayscale already offers nine active crypto ETFs, including products linked to Bitcoin, Ethereum, Solana, XRP, and other major tokens. The BNB and HYPE trusts join a growing list of altcoin targets that also includes Avalanche (AVAX), Hedera (HBAR), and Bittensor (TAO). While many of these are still awaiting SEC review or approval, they signal Grayscale’s intent to diversify beyond the top two cryptocurrencies.
As regulatory clarity improves and institutional interest rises, Grayscale’s latest trust filings suggest that the next wave of ETF innovation could include a broader set of assets and platforms beyond Bitcoin and Ethereum.
CoinLaw’s Takeaway
In my experience, trust filings like these are more than just paperwork. They’re quiet signals of how the crypto ETF race is evolving. What really caught my eye was Grayscale embracing HYPE, a token barely a year old. That’s not the Grayscale we’ve come to know. This is a clear shift. They’re not just chasing big names anymore. They’re chasing relevance in a market that’s expanding fast and in new directions. And with VanEck and 21Shares already circling, this feels like the opening move in a bigger battle over who gets to define the next phase of crypto ETFs.
