Grayscale, one of the most prominent asset managers in the cryptocurrency space, has taken a significant step toward expanding its range of crypto investment products. The firm has recently registered Delaware statutory trusts linked to potential exchange-traded funds (ETFs) focused on BNB and HYPE, two emerging digital assets. While this move does not guarantee immediate ETF filings, it represents an early preparation phase for potential future offerings, signaling Grayscale’s confidence in the growing crypto market.
Grayscale’s Strategic Move Toward BNB and HYPE
According to state records from Delaware, Grayscale filed for the formation of new trusts on Thursday. These trusts are linked to BNB, the native token of the Binance exchange, and HYPE, associated with the decentralized perpetuals exchange Hyperliquid. The inclusion of both tokens is notable for two reasons: firstly, BNB is one of the largest altcoins in the market, and secondly, HYPE represents an emerging crypto narrative that caters to decentralized perpetual trading.
While such Delaware trust registrations are a common preparatory step, they are not indicative of imminent ETF filings. These trusts are essentially administrative entities that streamline the filing process should market conditions and regulatory clarity improve. Grayscale’s move could potentially pave the way for future ETF applications tied to these assets, but the company has yet to publicly confirm any such intentions.
Grayscale’s Focus on Institutional Crypto Exposure
Grayscale’s move comes at a time when institutional demand for crypto investment products is expected to rise, especially in 2026, as regulatory clarity improves. Despite some challenges in the ETF market, such as a downward trend in Bitcoin and Ether ETF inflows toward the end of 2025, Grayscale remains optimistic about the future. The firm has indicated that its decision to lay the groundwork for new crypto ETFs, including BNB and HYPE, reflects a broader strategy to capture institutional interest in altcoins and emerging narratives within the crypto space.
The potential launch of BNB and HYPE ETFs aligns with Grayscale’s efforts to expand institutional crypto exposure beyond Bitcoin and Ether, which have traditionally dominated the U.S. ETF market. This shift also highlights growing interest in new decentralized financial protocols like Hyperliquid, which saw significant trading volume in 2025. While it faced competition from rival platforms toward the end of the year, the inclusion of HYPE in Grayscale’s potential ETF lineup signals confidence in the long-term prospects of decentralized finance (DeFi) assets.
In conclusion, while the registration of Delaware trusts does not necessarily mean Grayscale will file for ETFs tied to BNB and HYPE, it sets the stage for what could be a significant development in the institutional crypto investment landscape. As market conditions improve and regulatory clarity comes into focus, we can expect more firms to follow Grayscale’s lead in exploring altcoin ETFs as part of their broader crypto offerings.
