According to state records, asset manager Grayscale has taken a primary step toward expanding its crypto investment offerings by establishing recent statutory trusts in Delaware tied to potential BNB and HYPE-related products.
According to Delaware, the trusts were registered on Thursday. They list CSC Delaware Trust Company as their registered agent. Such trust formations are common preparatory steps for asset managers considering launching exchange-traded funds (ETFs) before filing formal applications with the U.S. Securities and Exchange Commission. However, they don’t constitute government approvals and don’t confirm that applications have been submitted.
Of particular note is the inclusion of BNB (BNB) and Hyperliquid (HYPE), as most US-listed crypto ETFs are likely to concentrate on Bitcoin (BTC) and Ether (ETH), with only a handful of altcoin-related products gaining traction.
Despite the registration, Grayscale has not publicly confirmed whether it intends to file ETF applications related to the newly formed trusts.
Cointelegraph reached out to Grayscale for further information but didn’t receive a response via publication.
Grayscale BNB ETF Registration. Source: Delaware.gov
Early groundwork, no application
The creation of a Delaware trust is usually viewed as more of an administrative agreement than a regulatory milestone. Issuers typically establish such entities to streamline future filings as market conditions and regulatory clarity improve.
The move comes because the asset manager has expressed optimism for the approaching 12 months. On Monday, Grayscale released a research report saying ETF outflows are largely tax-related.
The asset manager expressed a positive outlook for 2026, citing expectations of improved regulatory clarity and renewed institutional demand.
Source: Grayscale
This background helps to know why the asset manager could also be laying the groundwork for brand new ETF structures despite a downward trend in ETF inflows towards the top of 2025.
Between Tuesday and Thursday, spot Bitcoin and Ether ETFs continued their downward trend, recording greater than $1 billion in redemptions to this point in early January.
Meanwhile, altcoin ETFs have seen smaller but steadier gains since their launch.
Expanding beyond Bitcoin and Ether
The possible addition of BNB and HYPE to Grayscale’s ETF pipeline suggests a gradual expansion of institutional crypto exposure.
The inclusion of HYPE also suggests that there may be interest in capturing demand for brand new crypto narratives that transcend established large-cap tokens.
Hyperliquid, the protocol behind HYPE, is certainly one of the most important decentralized perpetual exchanges within the crypto market. It dominated perpetual bond trading volumes for much of 2025 before rival platforms began eroding its market share towards the top of the 12 months.
