Grayscale Lays Groundwork for BNB and Hyperliquid ETFs

Grayscale, a digital asset manager overseeing approximately $35 billion in assets, has taken the initial steps toward launching exchange-traded funds (ETFs) for BNB (BNB) and Hyperliquid (HYPE).

The firm filed statutory trusts for both products with the Delaware Division of Corporations, a necessary precursor before submitting formal ETF applications to the US Securities and Exchange Commission (SEC).

Sponsored

Sponsored

Grayscale Begins ETF Push for BNB and Hyperliquid

According to the official state website, Grayscale registered the statutory trusts on January 8. The file number for the Grayscale BNB Trust is 10465871, while the Grayscale HYPE Trust is registered under file number 10465863.

Grayscale’s next step will likely be to file a registration statement (S-1) with the US Securities and Exchange Commission (SEC). This filing could include detailed information about the ETF’s structure, investment strategy, risk factors, and other regulatory requirements. 

Notably, the SEC’s approval of generic listing standards for crypto ETFs has removed the need for asset-specific Section 19(b) proposed rule changes, streamlining the listing process for qualifying products.

Meanwhile, Grayscale now joins VanEck, the $181.4 billion global investment manager, which has also filed for a spot BNB ETF. VanEck submitted its S-1 registration statement for the ETF in May, following its registration of the trust in April. The firm has also confirmed plans to launch an ETF tied to Hyperliquid’s HYPE token.

An analyst said Grayscale’s registration of a HYPE ETF represents a significant shift from the firm’s historically conservative approach to product selection.

Sponsored

Sponsored

As of January 6, Grayscale has nine live crypto-focused ETFs in the market, offering exposure to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL, and more. In addition, the firm has filed for several other altcoin ETFs, including Hedera (HBAR), Avalanche (AVAX), Bittensor (TAO), and others.

BNB and HYPE Market Performance

The move comes as both BNB and HYPE navigate the latest market challenges. Despite the broader market correction, the former has remained relatively resilient. At the time of writing, BNB was trading at $892, representing a 0.84% increase over the past 24 hours.

BeInCrypto previously reported that BNB has been among the best-performing Layer 1 altcoins over the past year, supported by strong demand drivers.

Nonetheless, HYPE has faced short-term weakness amid the wider market pullback. BeInCrypto Markets data showed the token trading at $25.92 at press time, down 2.50% on the day.