Key Highlights
- Grayscale files for BNB and HYPE ETFs, signaling growing institutional demand for regulated crypto exposure.
- BNB ETF may let investors earn staking rewards without buying tokens directly on exchanges.
- HYPE ETF shows Grayscale embracing DeFi, giving investors exposure to a young, fast-growing DEX token.
Grayscale, the digital asset manager overseeing over $35 billion in assets, has taken a major step toward expanding its exchange-traded fund (ETF) lineup. The firm filed for new exchange-traded funds tied to Binance Coin (BNB) and Hyperliquid’s HYPE token.
The filings, registered in Delaware under CSC Delaware Trust Company, mark the first stage before federal-level approval. The HYPE ETF and the BNB ETF, were organized on January 8, 2026, as statutory trusts under the category of General Types of Organizations, which are Domestic Organizations.
As per the details, the file numbers 10465863 and 10465871 are for the HYPE ETF and the BNB ETF, respectively. CSC Delaware Trust Company, based in Wilmington, will act as the registered agent. These developments indicate Grayscale’s strategy to bring fresh digital assets into the regulated investment landscape in 2026.
The Delaware filings precede the submission of S-1 registration statements with the U.S. Securities and Exchange Commission (SEC). These statements are likely to outline ETF structure, investment strategies, and associated risks.
The move follows the SEC’s approval of generic listing standards for crypto ETFs, streamlining the process. Instead of waiting for asset-specific rule changes, Grayscale can potentially accelerate its listing timeline. This is a clear signal that the firm sees institutional appetite for new crypto products growing.
Spotlight on BNB ETF plans
Grayscale’s BNB ETF would mirror the structure seen in VanEck’s proposed BNB spot ETF, which plans to trade under the ticker “VBNB” on Nasdaq. The ETF aims to track BNB prices minus operational expenses and may even stake BNB to generate rewards through third-party providers.
Investors could get direct exposure to BNB without actually buying tokens on crypto exchanges. The ETF also could embed BNB trading data from major platforms via the MarketVector™ BNB Index. Therefore, traditional brokerage accounts may soon allow access to BNB with ease for both retail and institutional investors.
HYPE ETF and Hyperliquid’s market potential
Grayscale’s HYPE ETF filing is notable for targeting a younger asset. Hyperliquid, a leading perpetual decentralized exchange (DEX), has been live for just over a year. Analyst KirbyCrypto commented: “Grayscale has officially registered for the HYPE ETF. Historically, Grayscale has been extremely conservative. HYPE breaks that pattern completely.”
From Grayscale’s filing, it seems that the company regards Hyperliquid as an infrastructural asset rather than a token for speculation. The aim of the ETF is to offer investors exposure to HYPE prices and staking rewards. By replicating the off-chain behavior of Hyperliquid’s perpetual futures markets and other fees, such a fund might be able to incorporate decentralized finance effectively.
Grayscale’s ETF offerings
The latest submissions follow a number of fillings by the firm recently. It submitted a fresh registration with the SEC for a new S-1 trust, Grayscale Sui Trust (GSUI) on 6th December, which targets the SUI token for the Sui blockchain.
The company also continued to move forward with its AVAX ETF filing. Its second amendment to AVAX ETF S-1 enables a maximum of 70% to be staked so that returns can be made available to investors directly. This will be done with its Avalanche Trust changing to a spot ETF with a ticker “GAVX” symbol listing on Nasdaq. Notably, just before last year ended, Grayscale moved forward with a spot ETF listing for its Bittensor Trust with a ticker GTAO symbol in NYSE Arca.
Apart from this, 21Shares, a leading crypto management firm, filed an S-1 for a HYPE ETF, which was accepted by the SEC on October 29, 2025. These moves therefore are a reflection of a growing interest from investors in getting exposure to DeFi tokens. It means that companies such as Grayscale are acting fast to tap into this growing trend.
Also Read: Colombia Introduces New Crypto Reporting Rules for 2026
