Grayscale Moves to Launch BNB and HYPE ETFs With New Registrations

Grayscale Investments has filed trust registrations in Delaware for a potential BNB exchange-traded fund and a Hyperliquid (HYPE) exchange-traded fund. The filings signal early steps toward expanding the firm’s regulated digital asset offerings in the United States.

If launched, the two products would track the spot price of BNB and HPYE, adding to Grayscale’s growing lineup of crypto-based investment vehicles. The move follows the recent approval of Grayscale’s Digital Large Cap Fund to trade on the New York Stock Exchange. The development has strengthened expectations around further product expansion.

Grayscale’s ETF Filings

Records on the Delaware website show that Grayscale registered two statutory trusts under CSC Delaware Trust Company. This type of registration typically comes before any filing with federal regulators.

While such registrations do not guarantee that a fund will be listed or approved for trading, market observers often view them as the first formal step before discussions with regulatory authorities begin.

The latest filings align with Grayscale’s broader effort to expand its product lineup through regulated channels. In late December 2025, the firm submitted an S-1 registration statement seeking to convert the Grayscale Bittensor Trust into a spot exchange-traded fund tied to the TAO token.

Grayscale has also converted its Chainlink Trust into a fully tradable spot exchange-traded fund. The product became the first spot LINK ETF available to the market.

Global ETF Developments

Other asset managers have pursued similar products over the past year. In April 2025, VanEck applied for a BNB ETF and filed proposals linked to Hyperliquid-based products.

Beyond the United States, governments are shaping digital asset policy. South Korea recently announced plans to support spot crypto exchange-traded funds as part of its 2026 economic growth strategy.

Officials cited the performance of spot Bitcoin ETFs in the United States and Hong Kong as reference points. Regulators also plan to speed up the next phase of digital asset laws under the Virtual Asset User Protection Act.