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- Grayscale files Delaware trusts for potential BNB and Hyperliquid ETFs.
- Early registrations signal wider ETF expansion by major crypto issuers.
- Competing firms also pursue Hyperliquid-linked ETFs, increasing market rivalry.
Grayscale Investments has taken another formal step toward expanding its exchange-traded product lineup. The asset manager registered new statutory trusts in Delaware for a BNB ETF and a Hyperliquid ETF. These filings appear before any federal submissions and indicate structured preparation for potential future applications.
According to a filing on the Delaware Division of Corporations website, Grayscale created the two trusts under CSC Delaware Trust Company. This is a standard procedural move. It doesn’t ensure an ETF will be sold, but it starts the regulatory process.
Filings of this type often signal interest in broadening product offerings. They show that an issuer is working through required administrative stages. Market participants view these early steps as meaningful because they typically precede a formal request to the U.S. Securities and Exchange Commission.
Grayscale Expands With BNB and Hyperliquid ETF Trusts
The trusts cover a possible spot BNB ETF and a Hyperliquid ETF. Their creation comes shortly after Grayscale’s Digital Large Cap Fund secured approval to trade on the New York Stock Exchange. That multi-asset fund holds Solana, Cardano, and other large-cap digital assets.
The timing follows new developments in the BNB Chain ecosystem. The chain recently released a technical roadmap for 2026. It aims to reduce confirmation times to sub-second speeds and increase throughput to tens of thousands of transactions per second. These upgrades are designed to improve network efficiency.
The Hyperliquid ETF trust stands out due to the exchange’s growing role in the derivatives sector. Hyperliquid gained wider attention following its 2024 airdrop. Its HYPE token and trading activity have remained notable despite periods of market volatility. The platform processes perpetual futures trading and has become one of the largest decentralized derivatives exchanges.
Reports indicate that Hyperliquid handled billions of dollars in liquidations without suffering the outages seen on some centralized exchanges. This performance increased interest in regulated products tied to its ecosystem. It also highlighted the appeal of decentralized infrastructure in high-stress market conditions.
Also Read: Morgan Stanley Expands Crypto Offerings with Ethereum Trust as Institutional Investors Gain Access
The performance of the Grayscale XRP Trust has supported Grayscale’s broader ETF momentum. That product has seen continuous asset growth since launch. It has not experienced major outflows, which has strengthened confidence in niche digital-asset funds.
Bipartisan Market Bills Could Accelerate Crypto ETF Approvals
Policymakers are also talking about bipartisan market-structure bills. Such legislation would enable facilitation of the approval of ETFs that are based on non-traditional crypto assets. This is viewed by industry analysts as a potential trigger of new filings in the next year.
These are not the only companies that are seeking these directions. During the previous year, VanEck submitted an application to BNB ETF and considered submitting filings related to Hyperliquid. Bitwise revised its own Hyperliquid ETF application last month and made alterations to its suggested structure. Regulators are likely to clear Bitwise first.
Meanwhile, 21Shares submitted an application for a leveraged product. It aims for twice the daily performance of the Hyperliquid index. This introduced extra competition in an increasing number of crypto-linked ETFs of specialization.
The trust registrations of Grayscale are an indication of favorable competition among the issuers. The filings represent a first move but still indicate that there remains interest in developing a regulated way of accessing emerging digital-asset markets.
Also Read: Bitcoin Spot ETFs Headed to South Korea Under 2026 Economic Growth Strategy
