Asset manager Grayscale has taken steps to broaden its cryptocurrency investment portfolio by registering Delaware statutory trusts linked to potential products for BNB and HYPE, as revealed by state records.
These trusts were registered recently, with CSC Delaware Trust Company named as the registered agent. Trust formations such as these are common among asset managers as they prepare to file for exchange-traded funds (ETFs) with the United States Securities and Exchange Commission, although these moves do not confirm that any regulatory approvals or applications have been submitted.
The mention of BNB (BNB price) and Hyperliquid (HYPE price) is significant, as most cryptocurrency ETFs listed in the US primarily concentrate on Bitcoin (BTC price) and Ether (ETH price), with only a few alternative coin products making headway.
Grayscale has not publicly clarified its intentions regarding ETF applications related to these newly registered trusts. Attempts to gather additional information from Grayscale were unreturned by the time of publication.
Administrative Steps, Not Regulatory Milestones
Forming trusts in Delaware is typically seen as an administrative process rather than a remarkable regulatory achievement. Such structures are established by issuers to simplify future applications as clarity around regulations and market conditions improve.
Recently, Grayscale expressed an optimistic outlook for the upcoming year, releasing a research report indicating that ETF outflows are mainly tax-related. They anticipate a favorable climate for 2026, predicting increased regulatory clarity and renewed interest from institutional investors.
This backdrop explains why Grayscale is laying the groundwork for new ETF products despite a drop in flows toward ETFs by late 2025. Between Tuesday and Thursday, Bitcoin and Ether ETFs noted a continued decrease with more than $1 billion in redemptions recorded early in January. Conversely, altcoin ETFs have experienced smaller but consistent growth since being launched.
Broader Exposure Beyond Bitcoin and Ether
The addition of BNB and HYPE to Grayscale’s ETF offerings implies a slow but continuous increase in institutional exposure to cryptocurrency. HYPE’s involvement further indicates an effort to capture attention for emerging cryptocurrency trends beyond the traditionally recognized large-cap tokens. Hyperliquid, which operates the HYPE protocol, is among the leading decentralized perpetual exchanges in the crypto sector, having dominated trading volumes for much of 2025 before facing competition that began to diminish its market share toward the year’s end.
