Grayscale Advances BNB and Hyperliquid ETF Plans With Delaware Filings

Core Insights - Grayscale is initiating the launch of exchange-traded funds (ETFs) for BNB and Hyperliquid, having filed statutory trusts with the Delaware Division of Corporations, a necessary step before formal ETF applications to the SEC [1][2] Group 1: ETF Registration and Filing Process - Grayscale registered the statutory trusts for BNB and HYPE on January 8, with specific file numbers assigned for each trust [2] - The next step for Grayscale will likely involve filing a registration statement (S-1) with the SEC, detailing the ETF's structure, investment strategy, and regulatory requirements [3] Group 2: Market Context and Competitors - The SEC's approval of generic listing standards for crypto ETFs has simplified the listing process for qualifying products, eliminating the need for asset-specific rule changes [4] - Grayscale's move aligns it with VanEck, which has also filed for a spot BNB ETF and plans to launch an ETF tied to Hyperliquid's HYPE token [5] Group 3: Strategic Shift and Historical Context - The registration of a HYPE ETF marks a significant shift in Grayscale's approach, as it typically selects older assets for its products, with HYPE being relatively new at around one year old [5][6] - Grayscale currently has nine live crypto-focused ETFs, providing exposure to major cryptocurrencies like Bitcoin and Ethereum, and has filed for additional altcoin ETFs [6] Group 4: Market Performance - Both BNB and HYPE are facing market challenges, but BNB has shown resilience, trading at $892 with a 0.84% increase over the past 24 hours [8]