Digital asset manager Grayscale has formally initiated the process to launch two new cryptocurrency exchange-traded funds (ETFs), after completing the Grayscale trust registration with the Delaware Division of Corporations on January 8th. The firm registered the statutory trusts “Grayscale BNB Trust” and “Grayscale HYPE Trust,” with filing numbers 10465871 and 10465863 respectively. This is a crucial first legal step and an indispensable administrative requirement for filing a formal application with the U.S. Securities and Exchange Commission (SEC).
The next step will be filing an S-1 registration form with the SEC, a process that can extend for months. However, the path might be clearer thanks to the SEC’s recent approval of generic listing standards for crypto ETFs, which is expected to streamline the process for products that comply.
In any case, the choice of the HYPE token represents a radical shift in Grayscale’s usually conservative strategy, as it is an asset with a history of barely one year, whereas the company typically selects assets with 3 to 10 years on the market.
What does the delaware trust registration imply?
At this moment, Grayscale faces growing competition in the alternative ETF market, so its move places the company in a direct race with managers like VanEck, which already filed its S-1 for a spot BNB ETF in May 2025. With this scenario ahead, Grayscale, which already manages nine active crypto ETFs and has applications for others like Hedera (HBAR) and Avalanche (AVAX), seeks to diversify its offerings beyond Bitcoin and Ethereum.
Optimistically, the Grayscale Trust Registration validates the maturity of alternative assets and could trigger a new wave of investment, given that an approved ETF offers traditional investors a regulated and familiar avenue to gain exposure to cryptocurrencies like BNB and HYPE.
On the other hand, for BNB, the native token of BNB Chain, this adds a layer of traditional financial legitimacy. For HYPE, the token of the Hyperliquid decentralized exchange protocol, it would represent unprecedented institutional exposure to an early-stage DeFi project.
Regarding the market, the Grayscale Trust Registration had a moderate impact. BNB showed resilience, trading today at $892 with a 0.84% increase in 24 hours, while HYPE is currently operating at $25.52 with a 2.50% drop. However, the real effects of these applications will be seen in the medium and long term, depending on regulatory sentiment. If approved, these funds could channel a steady flow of capital into these assets.
