In a fresh step to broaden its crypto product range, Grayscale ETF plans now extend to BNB and Hyperliquid following new trust registrations in Delaware.
Grayscale’s likely next move is to submit a registration statement, specifically an S-1, to the SEC. This sec s-1 registration would detail the prospective ETF’s structure, investment strategy, risk disclosures, and compliance framework. However, the timeline for any review or potential approval remains uncertain, given the regulator’s cautious stance toward digital asset products.
Regulatory conditions for crypto ETF approvals have shifted in recent months. Notably, the SEC’s approval of generic listing standards for crypto-based exchange-traded products has eliminated the need for asset-specific Section 19(b) rule change filings in many cases. As a result, the listing process for qualifying crypto ETFs can be more streamlined, although each product still faces thorough scrutiny.
With these trusts, Grayscale now enters direct competition with VanEck, the $181.4 billion global investment manager. VanEck has already filed for a spot BNB ETF, having registered its trust in April and then submitting its S-1 registration statement in May. Moreover, VanEck has confirmed its own plans to launch an ETF linked to Hyperliquid’s HYPE token, underscoring rising institutional interest in this emerging asset.
The bnb spot etf filing race highlights how issuers are moving quickly to secure first-mover advantage in niche segments of the crypto market. That said, regulators will still evaluate each product based on investor protection standards, market integrity, and underlying liquidity conditions before any green light is issued.
Market observers view the Hyperliquid HYPE ETF concept as a notable departure from Grayscale’s traditionally conservative product selection. An analyst using the handle kirbycrypto argued that the HYPE trust would represent a structural break from the firm’s usual asset vetting process, which has historically favored more established tokens.
“If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF/trust for,” kirbycrypto wrote. “All previously listings were 3-10+ years old before Grayscale touched them. HYPE breaks that pattern completely: No prior precedent inside Grayscale’s lineup, Live for ~1 year+, Still early-stage infra.” Moreover, this shift suggests a growing willingness by the manager to back newer infrastructure projects earlier in their lifecycle.
As of January 6, Grayscale already offers investors nine live crypto-focused ETFs, providing exposure to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and several other major digital assets. The company has also pursued additional altcoin products beyond these core holdings, reflecting a broader strategy to capture demand for diversified crypto baskets.
Alongside the new trusts, Grayscale has filed for several other altcoin ETFs, including vehicles tied to Hedera (HBAR), Avalanche (AVAX), and Bittensor (TAO). However, the firm has not yet secured broad grayscale etf approval across this extended lineup, so many of these proposals remain at the application or review stage.
The latest trust registrations arrive as both BNB and HYPE navigate a choppy crypto market. Despite a wider correction across digital assets, BNB has shown relative resilience. At the time of writing, the token was trading at $892, marking a 0.84% increase over the prior 24 hours.
BeInCrypto has previously highlighted BNB as one of the strongest-performing Layer 1 altcoins over the past year, supported by sustained ecosystem activity and user demand. That said, short-term price action remains sensitive to broader risk sentiment, liquidity conditions, and regulatory headlines affecting exchange-linked tokens.
In contrast, HYPE has struggled in recent sessions amid the broader market pullback. According to BeInCrypto Markets data, the token traded at $25.92 at press time, down 2.50% on the day. Moreover, as a relatively young asset with early-stage infrastructure, HYPE may remain more volatile than established large-cap cryptocurrencies in the near term.
Grayscale’s Delaware trust filings for BNB and HYPE reinforce the manager’s intention to expand its footprint in regulated crypto investment products. However, the path from trust registration to a fully listed ETF still runs through the SEC’s review process, which will weigh market structure, custody arrangements, and investor safeguards.
If approved, these products would broaden investor access to both a leading smart contract token and a newer infrastructure-focused asset within a regulated wrapper. Moreover, as competition from firms like VanEck intensifies, Grayscale’s latest moves signal that the next phase of innovation in crypto-linked ETFs will likely play out across a wider range of altcoins and trading venues.
In summary, the new BNB and Hyperliquid trusts mark another incremental but important step in the evolution of institutional crypto exposure, as issuers, regulators, and investors continue to test the boundaries of what a modern digital asset ETF can include.
