Grayscale’s Bold ETF Gambit: BNB and HYPE Trusts Filed in Delaware Signal Major Crypto Expansion
Grayscale just threw down the gauntlet. The asset manager's latest Delaware filings for BNB and HYPE trusts aren't just paperwork—they're a calculated move to corner the next wave of crypto ETF demand before Wall Street even finishes its morning coffee.
Reading the Regulatory Tea Leaves
Delaware isn't chosen by accident. The state's business-friendly courts and established trust laws provide a strategic sandbox. This isn't about launching tomorrow; it's about securing the legal and structural runway for when the SEC's stance inevitably thaws. Grayscale is building the plane on the tarmac, engines running.
The BNB and HYPE Playbook
Targeting BNB smartly bypasses the 'security' debate dogging other major tokens by focusing on its core utility as a blockchain gas fee token. HYPE, meanwhile, taps into the volatile but lucrative world of social-driven meme assets—a cynical but undeniable nod to where retail money flows. Together, they represent a one-two punch of fundamental utility and speculative frenzy.
Why This Move Cuts Through the Noise
Forget waiting for permission. Grayscale's playbook involves creating facts on the ground. By establishing these trusts now, they create tangible financial products that pressure regulators through sheer market demand. It's a bypass operation around bureaucratic gridlock, turning regulatory hesitation into a first-mover advantage.
The Institutional Endgame
This isn't for the crypto-native crowd. It's a bridge for traditional finance—the pension funds and asset allocators who need a familiar wrapper (a trust) before diving into the crypto deep end. Grayscale isn't just selling exposure; it's selling comfort, complete with custody solutions and quarterly reports that let institutional investors check their boxes.
A masterclass in financial jiu-jitsu, using regulatory inertia as leverage. While traditional asset managers debate risk frameworks, Grayscale is quietly filing the paperwork to own the future—proving once again that in finance, the early bird gets the worm, and the latecomer pays the management fee.
TLDR
- Grayscale registered BNB and HYPE statutory trusts in Delaware on January 8, 2026.
- The registered agent for both trusts is CSC Delaware Trust Company.
- BNB and HYPE could become part of Grayscale’s expanding ETF lineup.
- VanEck has also filed for spot BNB and HYPE ETFs in the US.
Grayscale has officially registered statutory trusts for Binance Coin (BNB) and Hyperliquid (HYPE) in the state of Delaware. According to state records, the trusts were formed on January 8, 2026, and are linked to potential future ETF products.
The BNB Trust was registered under file number 10465871, and the HYPE Trust under 10465863. Both list CSC Delaware Trust Company as their registered agent. This step often serves as an early administrative measure ahead of filing ETF applications with the U.S. Securities and Exchange Commission (SEC).
BREAKING: Grayscale Registers BNB ETF in Delaware
Filed Statutory Trust on Jan 8, 2026Delaware Registration = First step Before SEC filing2nd Major player after VanEck to Pursue #BNBETF pic.twitter.com/0OmsNlY3Yl
— Crypto Patel (@CryptoPatel) January 9, 2026
These filings do not indicate regulatory approval or confirm the submission of ETF applications. However, they suggest that Grayscale is exploring expansion beyond its existing offerings tied to Bitcoin, Ethereum, and other large-cap cryptocurrencies.
Early Move for Potential ETF Expansion
Creating a statutory trust is a common step for asset managers preparing to launch ETFs. While this process does not require SEC approval, it helps establish a legal framework for future filings.
Grayscale has not yet submitted any registration statements (S-1 forms) to the SEC for either the BNB or HYPE ETFs. But based on past practice, this may follow if market conditions and regulatory clarity improve.
The formation of these trusts comes as Grayscale expresses Optimism for 2026. In a recent report, the firm said ETF outflows in late 2025 were mainly due to tax season and temporary market pressure. It also noted rising institutional interest and better regulatory visibility in the year ahead.
BNB and HYPE ETF Interest Grows
BNB and HYPE are two of the newer assets Grayscale is considering for ETF exposure. BNB has remained resilient, supported by user activity on the Binance Smart Chain. At the time of writing, BNB was trading at around $892, up 0.84% in 24 hours.
HYPE, the native token of the Hyperliquid protocol, has been live for just over a year. It was trading at $25.92, down 2.50% during the same period. The decision to register a trust for HYPE marks a shift in Grayscale’s selection approach.
Crypto analyst @kirbycrypto stated, “If this proceeds, HYPE WOULD be the youngest asset Grayscale has ever created an ETF/trust for.”
Until now, Grayscale has mainly focused on assets with a longer market presence, often three to ten years old. The inclusion of HYPE breaks this trend.
