Grayscale, the digital-asset manager overseeing about $35 billion in assets, has taken initial steps to launch exchange-traded funds for BNB and Hyperliquid. The firm filed Delaware statutory trusts for both products, a necessary precursor before submitting formal ETF applications to the U.S. Securities and Exchange Commission.
The next step is likely a registration statement (S-1) with the SEC, which would detail the ETF’s structure, investment approach, risk factors, and other regulatory requirements. Notably, the SEC’s approval of generic listing standards for crypto ETFs has streamlined the listing process, potentially reducing the need for asset-specific Section 19(b) rule changes. The move comes as rivals including VanEck pursue similar products. VanEck has already filed for a spot BNB ETF and has indicated plans to launch an ETF tied to Hyperliquid’s HYPE token.
Analysts describe Grayscale’s HYPE ETF registration as a significant shift from the firm’s historically conservative product strategy. If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF. Grayscale currently lists nine crypto-focused ETFs, offering exposure to assets such as BTC, ETH, XRP, and SOL. The firm has also filed for additional altcoin ETFs, including Hedera (HBAR) and Avalanche (AVAX), among others.
Leave a Reply