Early trust formations signal possible expansion beyond Bitcoin and Ether products
Digital asset manager Grayscale has taken a preliminary step toward broadening its product range by registering Delaware statutory trusts connected to potential investment vehicles based on BNB and HYPE. While the move does not confirm the launch of new exchange-traded funds, it reflects growing interest in expanding institutional crypto exposure beyond established assets.
State records show that the trusts were registered in Delaware on Thursday, with CSC Delaware Trust Company named as the registered agent. Such registrations are commonly used by asset managers as administrative groundwork ahead of possible filings with U.S. regulators. Importantly, these actions do not represent regulatory approval and do not guarantee that ETF applications will follow.
The inclusion of BNB and HYPE is notable, as most crypto ETFs listed in the United States remain concentrated on Bitcoin and Ether, with limited adoption of altcoin-based products.
Grayscale published a research report stating that ETF outflows are largely tax-driven;
The move comes amid a challenging ETF environment. Early January saw more than $1 billion in net outflows from spot Bitcoin and Ether ETFs, largely attributed to tax-related factors. Despite this, Grayscale has expressed optimism for 2026, pointing to expectations of clearer regulation and renewed institutional demand.
Adding BNB and HYPE to a potential ETF pipeline suggests a gradual diversification strategy. HYPE, associated with the Hyperliquid protocol, has been a major player in decentralized perpetuals trading, highlighting institutional interest in emerging crypto sectors beyond large-cap tokens.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.