Grayscale Investments registered statutory trusts in Delaware, aimed at supporting proposed ETFs for Binance Coin (BNB) and Hyperliquid (HYPE). The move lays procedural groundwork ahead of formal SEC filings and reflects Grayscale’s intention to expand beyond its Bitcoin and Ethereum products.
The registrations were recorded with the Delaware Division of Corporations under file numbers 10465871 for the Grayscale BNB Trust LLC and 10465863 for the Grayscale HYPE Trust LLC. These entity registrations are an initial step before Grayscale can submit S-1 registration statements and 19b-4 listings requests to the U.S. Securities and Exchange Commission.
Industry experts warned that “these trust registrations are a vital initial procedural step but do not guarantee SEC approval,” reflecting the long regulatory road from entity formation to a listed spot ETF.
Grayscale regulatory context for ETFs
Market response to the Delaware filings was muted. That caution tracks familiar investor behavior around preliminary ETF moves: registrations signal intent, but liquidity shifts and fund flows typically follow regulatory clarity rather than registry announcements.
Regulatory hurdles remain material. The SEC continues to scrutinize altcoins for potential securities characteristics, and ongoing legal action involving Binance introduces a specific headwind for a BNB-focused product because of the token’s close association with the exchange. Grayscale will face the same SEC review topics that have shaped prior crypto ETF filings: market structure, custody arrangements and investor protections.
Traders should expect limited immediate price impact from the filings themselves, as any meaningful market reaction will hinge on the specifics disclosed in the S-1 and 19b-4 filings and, ultimately, on how the SEC responds. Until there is regulatory clarity or concrete feedback from the regulator, these initial steps are best viewed as procedural rather than actionable catalysts.
From a broader perspective, a tokenized ETF structure could simplify access to treasuries and corporate exposures, potentially making allocation more efficient. However, custody arrangements and regulatory risk will be decisive factors in determining whether such products are suitable for corporate treasuries. If approval is granted, institutional accessibility and liquidity for assets like BNB and HYPE would likely improve, though any outcome remains uncertain and fully dependent on the SEC’s assessment.
With Delaware registrations completed on January 8, investors and institutions are now watching for Grayscale’s S-1 and 19b-4 submissions and the SEC’s subsequent review. Those filings—and the regulator’s response—will be the decisive events that determine whether these trusts convert into tradable ETFs and whether they materially broaden institutional access to these tokens.
