Grayscale, a digital asset manager with approximately $35 billion in assets under management, has taken the first steps toward launching exchange-traded funds (ETFs) for BNB (BNB) and Hyperliquid (HYPE).
The company has filed statutory trusts for both products with the Delaware Division of Corporations, a necessary step before official ETF applications can be submitted to the U.S. Securities and Exchange Commission (SEC).
Grayscale launches ETF initiative for BNB and Hyperliquid
According to the official state website, Grayscale registered the statutory trusts on January 8. The filing number for the Grayscale BNB Trust is 10465871, while the Grayscale HYPE Trust is registered under number 10465863.
The next step for Grayscale will likely be filing a registration statement (S-1) with the U.S. Securities and Exchange Commission (SEC). This application typically includes information about the ETF structure, investment strategy, risks, and other regulatory requirements.
Notably, SEC approval of general listing standards for crypto ETFs now eliminates the need to file a separate Section 19(b) amendment proposal for each individual asset, simplifying the approval process for eligible products.
Grayscale is now joining VanEck, the global investment manager with $181.4 billion in assets under management, which has already filed a spot BNB ETF application. VanEck submitted its S-1 registration statement for the ETF in May, following the trust's registration in April. The company has also confirmed plans to launch an ETF linked to the HYPE token from Hyperliquid.
According to an analyst, Grayscale's registration of a HYPE ETF marks a significant shift compared to the company's earlier cautious approach to new product launches.
"If this continues, HYPE would be the youngest asset for which Grayscale has ever set up an ETF/trust," wrote kirbycrypto. "All previous listings were 3–10 years or older before Grayscale included them. HYPE completely breaks this pattern: No precedent within Grayscale's portfolio, Age ~1 year+, Still in early development phase."
Since January 6, Grayscale has had nine crypto-focused ETFs on the market, offering exposure to Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and more. Additionally, the company has filed applications for several other altcoin ETFs, including Hedera (HBAR), Avalanche (AVAX), Bittensor (TAO), and others.
BNB and HYPE market performances
This development comes as both BNB and HYPE face recent market challenges. Despite a general market correction, BNB has remained relatively stable. At the time of writing, BNB was trading at $892, up 0.84% over the past 24 hours.
BeInCrypto previously reported that BNB was one of the top-performing Layer 1 altcoins over the past year, partly due to strong demand factors.
HYPE, on the other hand, has shown short-term weakness due to the broader market correction. Data from BeInCrypto Markets shows the token was trading at $25.92 at the time of publication, a decline of 2.50% for the day.
