Grayscale Forms Trusts for Potential BNB and HYPE ETFs

Asset manager Grayscale has taken an early step toward expanding its crypto investment lineup by forming new Delaware statutory trusts tied to potential products linked to BNB and HYPE, according to state records.

According to Delaware records, the trusts were registered on Thursday. They list CSC Delaware Trust Company as their registered agent. Such trust formations are common preparatory steps for asset managers considering exchange-traded fund (ETF) launches before filing official applications at the US Securities and Exchange Commission, but they do not indicate any regulatory approvals or confirm that filings have been submitted. 

The inclusion of BNB (BNB) and Hyperliquid (HYPE) stands out, as most US-listed crypto ETFs tend to focus on Bitcoin (BTC) and Ether (ETH), with only a handful of altcoin-linked products gaining ground. 

Despite the registration, Grayscale has not publicly confirmed whether it intends to submit ETF applications tied to the newly formed trusts. 

Cointelegraph reached out to Grayscale for more information but had not received a response by publication.

Early groundwork, not an application

Delaware trust formation is often viewed as an administrative arrangement rather than a regulatory milestone. Issuers typically establish such entities to streamline future filings as market conditions and regulatory clarity improve. 

The move comes as the asset manager expressed an optimistic tone for the upcoming year. On Monday, Grayscale published a research report stating that ETF outflows are largely tax-driven. 

The asset manager expressed a positive outlook for 2026, citing expectations of improved regulatory clarity and renewed institutional demand. 

That backdrop helps contextualize why the asset manager may be laying the groundwork for new ETF structures despite a downward trend in ETF inflows toward the end of 2025. 

Between Tuesday and Thursday, spot Bitcoin and Ether ETFs continued a downward trajectory, with more than $1 billion in redemptions in early January thus far.

Meanwhile, altcoin ETFs have seen smaller but steadier gains since their launches. 

Related: CZ-backed YZi Labs escalates fight over CEA’s ’poison pill’ and BNB treasury strategy

Expanding beyond Bitcoin and Ether

The potential addition of BNB and HYPE to Grayscale’s ETF pipeline suggests a gradual widening of institutional crypto exposure. 

HYPE’s inclusion also suggests interest in capturing demand for emerging crypto narratives beyond established large-cap tokens. 

Hyperliquid, the protocol behind HYPE, is one of the biggest decentralized perpetuals exchanges in the crypto market. It dominated perpetuals trading volumes through much of 2025, before rival platforms began to erode its market share toward the end of the year.