Grayscale Prepares for Crypto ETF Launch with BNB and HYPE Trust Registrations

• Grayscale registered Delaware trusts for BNB and HYPE, taking first procedural step toward potential ETFs.
• VanEck, Bitwise, and 21Shares accelerate BNB and Hyperliquid products as SEC listing rules simplify.

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Grayscale, a digital asset manager overseeing about $35 billion, has taken early legal action tied to new exchange traded fund products linked to BNB and Hyperliquid’s HYPE token. The step signals product expansion while keeping within existing regulatory paths.

Statutory trusts connected to both products were filed with the Delaware Division of Corporations. Such filings are required before any formal submission reaches federal regulators. Public records show registration activity dated January 8.

The Grayscale BNB Trust carries file number 10465871. The Grayscale HYPE Trust appears under file number 10465863. BNB supports the Binance ecosystem. HYPE supports Hyperliquid, a futures trading network that reached nearly 80 percent of on chain volume at peak usage.

Grayscale’s BNB and HYPE ETF Filing. Source: State of Delaware Website

Grayscale Preps ETF Launch With BNB, HYPE

Following trust registration, the next expected phase involves submission of an S-1 registration statement to the US Securities and Exchange Commission. An S-1 usually outlines fund design, investment scope, and potential risks tied to investor exposure.

According to CNF reporting, approval of generic crypto ETF listing standards by the SEC has reduced procedural steps. Asset specific rule change filings under Section 19(b) are no longer required for products meeting eligibility rules.

Grayscale joins other asset managers already preparing similar offerings. VanEck filed trust documents for a spot BNB ETF in April and submitted an S-1 in May. Bitwise amended a Hyperliquid ETF filing last month, while 21Shares sought approval for a leveraged HYPE product.

Grayscale already operates nine active crypto focused ETFs. Offerings include exposure tied to Bitcoin, Ethereum, XRP, and Solana. Filings linked to other tokens such as Hedera, Avalanche, and Bittensor remain under review.

On September 17, SEC approved the listing and trading of the Grayscale Digital Large Cap Fund on NYSE Arca. The product trades under ticker GDLC, offers exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano within a regulated structure. 

Market Data Around BNB and HYPE

BNB traded at $888 at the time of reporting, showing a 0.44% daily gain and roughly 4% growth since the start of the year, even amid broader digital asset pullbacks. Over the past year, it has been recognized as a strong Layer 1 asset.

Token Terminal data from early 2026 listed an average of 56.4 million weekly active addresses on BNB Chain. Comparable figures included 38.6 million for NEAR Protocol, 37.2 million for Solana, and 11.2 million for Ethereum.

HYPE showed weaker short term performance. The token changed hands near $25.35, reflecting a 2.47% daily decline during the same period.

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