Greyscale Forms Trusts for Potential BNB and HYPE ETFs
Asset manager Greyscale has taken the first step to expand its crypto investment pipeline by establishing new Delaware legal trusts linked to potential products linked to BNB and HYPE.
According to Delaware records, the trusts were filed Thursday. They list CSC Delaware Trust Company as their registered agent. Such trust formations are common preparatory steps for asset managers to consider before filing public exchange-traded fund (ETF) filings with the U.S. Securities and Exchange Commission, but they do not indicate any regulatory approvals or ensure filings.
The inclusion of BNB (BNB) and Hyperliquid (HYPE) stands out as most US-listed crypto ETFs focus on Bitcoin (BTC) and Ether (ETH).
Despite the filing, Grayscale has not officially confirmed whether it intends to file ETF applications tied to the newly established trusts.
Cointelegraph reached out to Grayscale for more information, but did not receive a response by press time.
Early basis, not an application
Delaware trust formation is often treated as a regulatory phase rather than an administrative arrangement. Suppliers typically establish such entities as market conditions and regulatory transparency improve.
The move comes as the asset manager expressed optimism for the year ahead. On Monday, Grayscale published a research report stating that ETF inflows are largely dependent on taxes.
The asset manager expressed a positive outlook for 2026, citing expectations of improved regulatory transparency and renewed institutional interest.
That background helps contextualize why the asset manager is laying the groundwork for new ETF structures despite a downward trend in ETF flows through late 2025.
Between Tuesday and Thursday, Spot Bitcoin and Ether ETFs continued their downward march, with redemptions exceeding $1 billion so far in early January.
Meanwhile, altcoin ETFs have seen smaller but steady gains since their launch.
Related: CZ-backed YZi Labs escalates fight over CEA ‘poison pill' and BNB treasury strategy
Expanding beyond Bitcoin and Ether
The addition of BNB and HYPE to Grayscale's ETF pipeline suggests a gradual expansion of institutional crypto exposure.
HYPE's inclusion suggests a desire to capture interest in emerging crypto narratives beyond large-cap tokens.
Hyperliquid, the protocol behind HYPE, is one of the decentralized perpetual exchanges in the crypto market. It dominated steady trade volume through 2025, before rival platforms began eroding market share by the end of the year.
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