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. On January 8, 2026, Grayscale filed two statutory trusts named Grayscale BNB Trust and Grayscale HYPE Trust, with CSC Delaware Trust Company listed as the registered agent. These trust registrations are not yet ETF filings, but they often serve as administrative setups to prepare for eventual SEC submissions, particularly for an S-1 registration. Grayscale’s inclusion of HYPE marks a notable departure from its traditional asset selection, as HYPE is just over a year old and is the native token of Hyperliquid, a decentralized perpetuals exchange.
Historically, Grayscale has launched products tied to well-established cryptocurrencies with three to ten years of market history. In contrast, HYPE is relatively new 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. Hyperliquid’s 2025 performance included billions in liquidation volume and solidified its position as a major player in decentralized derivatives trading.
Grayscale’s move comes as it competes with VanEck, Bitwise, and 21Shares in a fast-evolving ETF landscape. 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 pursuing a leveraged HYPE ETF aiming to deliver twice the daily performance of the Hyperliquid index. The SEC’s updated framework could accelerate approvals if listings meet general listing standards, given the period of heightened volatility in the crypto markets.
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