Institutional asset manager Grayscale has quietly initiated the administrative process for two new crypto-linked vehicles, signaling a potential expansion into BNB and Hyperliquid (HYPE) exchange-traded products.
According to official state records from Delaware, Grayscale registered two new statutory trusts on Thursday. While these filings represent an essential preliminary step for any firm intending to launch an exchange-traded fund (ETF), they are not equivalent to a formal application with the U.S. Securities and Exchange Commission (SEC). Instead, they serve as a strategic “placeholder,” allowing the firm to move quickly if and when regulatory conditions become favorable.
The selection of BNB and HYPE is particularly noteworthy. While the U.S. market is currently dominated by Bitcoin and Ether products, Grayscale appears to be betting on a broader “altcoin season” for institutional investors.
A Strategic Move Amid Market Shifts
This administrative groundwork comes at a time when the crypto ETF landscape is seeing mixed signals.
- Institutional Sentiment: Despite a rocky start to January 2026—which saw over $1 billion in outflows from Bitcoin and Ether ETFs—Grayscale remains bullish. The firm recently attributed these redemptions to year-end tax planning rather than a loss of faith in the asset class.
- The Rise of HYPE: The inclusion of HYPE highlights growing interest in decentralized finance (DeFi) infrastructure. Hyperliquid, the platform behind the token, established itself as a dominant force in decentralized perpetuals trading throughout 2025.
Regulatory Optimism for 2026
Grayscale’s decision to register these trusts aligns with its broader forecast for the year. The firm has publicly expressed confidence that 2026 will bring unprecedented regulatory clarity in the United States, potentially opening the door for a diverse array of altcoin-based financial instruments that were previously considered too risky for the ETF wrapper.
