Grayscale Files for BNB and HYPE Trusts in Delaware, Signaling Potential ETF Expansion

Grayscale Investments took a decisive step toward expanding its cryptocurrency ETF offerings by registering statutory trusts for Binance Coin (BNB) and Hyperliquid (HYPE) in Delaware. The January 8 filings with CSC Delaware Trust Company as registered agent mirror VanEck's recent spot ETF applications, suggesting intensifying institutional competition for altcoin investment vehicles.

While neither filing guarantees SEC approval, the Delaware registrations represent a necessary administrative hurdle cleared before formal ETF applications. Grayscale's move follows its successful conversion of GBTC to a spot bitcoin ETF and positions the firm as a first-mover should regulators warm to non-BTC/ETH products.

Market observers note the filings could pressure the SEC to clarify its stance on altcoin ETFs, particularly for BNB which maintains top-5 market cap status despite Binance's regulatory challenges. The simultaneous HYPE trust registration suggests Grayscale is hedging across both established and emerging layer-1 protocols.