Grayscale Registers Delaware Trusts for BNB and Hyperliquid in Early Step Toward Possible ETFs

Overview

• Delaware records show Grayscale formed the BNB and HYPE statutory trusts on January 8, listing CSC Delaware Trust Company as agent under file numbers 10465871 (BNB) and 10465863 (HYPE).
• No SEC registration statements have been filed for either product, and the trusts do not constitute approved or tradeable ETFs.
• VanEck previously submitted an S-1 for a spot BNB ETF and has signaled plans tied to Hyperliquid, indicating multiple issuers are pursuing similar exposures.
• The move broadens Grayscale’s product pipeline beyond earlier efforts around Solana, Chainlink and XRP, and follows a longer push to convert ZCash into an ETF.
• BNB saw a modest price uptick after the filings were reported as some analysts predicted further gains, but such forecasts are separate from the regulatory process.