Grayscale Establishes Trusts for Potential BNB and HYPE ETFs

Grayscale Takes Significant Step in Cryptocurrency Investment Expansion

Grayscale has registered trusts related to potential BNB and HYPE ETPs, according to official documents from Delaware. These registrations, completed on Thursday, indicate that Grayscale is exploring the possibilities of launching ETFs, although there is no guarantee that official applications will be submitted to the U.S. Securities and Exchange Commission.

The registration of BNB and HYPE is notable, as most cryptocurrency ETFs listed in the U.S. focus on Bitcoin and Ether, with few products related to other cryptocurrencies gaining traction. While this registration suggests an openness to new products, Grayscale has not publicly confirmed whether it will apply for ETFs related to these recent trusts.

Establishing trusts is often an administrative step aimed at facilitating future applications as market conditions and regulatory clarity improve. Grayscale has adopted an optimistic outlook for the upcoming year, stating that ETF outflows are largely tax-driven and anticipating a resurgence of institutional demand in 2026.

The potential inclusion of BNB and HYPE indicates an expansion of institutional exposure to cryptocurrencies, with HYPE having the potential to attract demand for emerging narratives in the cryptocurrency space, beyond already established assets.