Grayscale Sparks ETF Hype with New Delaware Trusts: BNB and Hyperliquid in the Spotlight

Grayscale Investments, a titan in the crypto asset management world, has ignited fresh speculation by registering new Delaware statutory trusts on January 8. Could this signal upcoming exchange-traded funds (ETFs) for BNB and Hyperliquid (HYPE), or is it just another procedural move in their playbook? Let’s dig into the details with a sharp eye.

• Trust Registrations: Grayscale set up new Delaware statutory trusts with CSC Delaware Trust Company as the agent.
• ETF Speculation: Rumors swirl around potential BNB and Hyperliquid ETFs, though no confirmation exists.
• Market Dynamics: Bitcoin ETF outflows hit $398.95 million amid tax selling, while Grayscale remains bullish for 2026.

Grayscale’s Delaware Trusts: ETF Prelude or False Alarm?

Grayscale, a name that’s practically synonymous with crypto ETFs, made a quiet but intriguing move on January 8 by registering new Delaware statutory trusts, with CSC Delaware Trust Company listed as the registered agent. For those new to the financial jargon, think of these trusts as legal shells—flexible structures that investment firms often use as a first step before seeking SEC permission to launch products like ETFs. It’s not a guarantee of anything concrete, but Grayscale’s track record tells us to pay attention. They’ve used similar setups before rolling out heavyweights like the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE), both of which took years to evolve from trust to full-fledged ETF status. Historically, GBTC’s journey from trust registration to SEC approval spanned over a decade, with significant regulatory pushback until 2023. So, while we can’t help but speculate given their history, as noted in reports about Grayscale’s recent trust registrations, patience is key—these things don’t happen overnight.

Right now, the crypto community is buzzing with guesses that these trusts might pave the way for ETF filings tied to BNB, the native token of Binance, and Hyperliquid (HYPE), a fast-rising decentralized exchange. If true, it would mark a bold expansion for Grayscale, moving beyond the Bitcoin-Ethereum dominance to embrace both established altcoins and cutting-edge DeFi projects. But let’s keep our feet on the ground. Trust registrations for crypto ETFs don’t always lead to filings, and even filings face the SEC’s notorious skepticism. This could be a big nothingburger—or the opening act for something transformative.

BNB and Hyperliquid: Why These Projects for Grayscale ETF Filings?

Let’s break down the two names fueling the speculation. First up, BNB, the utility token powering Binance, one of the world’s largest centralized exchanges. Think of BNB as a digital coupon—it slashes transaction fees and unlocks perks within the Binance ecosystem, from staking to governance. With a market cap consistently in the top tier (hypothetically around $100 billion in 2026 based on past growth trends), BNB is no small player. But it’s not without baggage. Binance has faced regulatory heat globally for issues like compliance and centralization concerns, which could complicate an ETF approval. If Grayscale is eyeing a BNB ETF, they’re betting on its entrenched utility while navigating a minefield of scrutiny. Is it worth the risk? That’s the million-dollar question.

Then there’s Hyperliquid, often abbreviated as HYPE, a decentralized exchange launched in 2023 that’s turning heads with its explosive growth. Unlike traditional trading platforms or even centralized crypto exchanges like Binance, a decentralized exchange runs on blockchain technology without a middleman, cutting out the “big boss” and letting users trade directly. Hyperliquid has reportedly racked up $844 million in revenue for 2025 and onboarded over 600,000 new users, numbers that scream potential. Its niche in DeFi (decentralized finance) likely stems from innovative features like perpetual futures trading, a complex but popular derivative product in crypto. A Hyperliquid DeFi ETF would signal institutional hunger for smaller, high-growth projects, but let’s not pop the confetti yet—DeFi platforms can implode as fast as they soar. Smart contract bugs, regulatory gray areas, and wild volatility are just a few risks that could tank such a venture. Grayscale packaging HYPE into an ETF wouldn’t erase those dangers; it would just make them more accessible to unsuspecting investors.

Bitcoin ETF Outflows: Tax Selling or Deeper Concerns?

While speculation about new ETFs grabs headlines, Grayscale’s existing products are flashing warning signs as we head into 2026. Spot Bitcoin ETFs, including Grayscale’s offerings, bled $398.95 million in outflows on January 8, marking a three-day streak of negative flows, according to data from Sosovalue. Grayscale pins this on tax-driven selling—a common tactic where investors cash out to offset gains or harvest losses for tax breaks, especially around year-end or early new year. Picture it like pulling money from a savings account to pay a big bill; it doesn’t mean you distrust the bank, just that you’ve got pressing priorities. Crypto investors seem particularly prone to this compared to traditional markets, possibly due to the asset class’s wild price swings creating more taxable events. Some market watchers, though, wonder if this is a symptom of broader unease—perhaps lingering doubts about Bitcoin’s near-term stability post-2025 rallies. Either way, with Grayscale managing $14.81 billion in GBTC and $4.38 billion in their Bitcoin mini-trust ETF, are they too big to falter in the crypto ETF space? Or are these outflows a crack in the armor?

Grayscale’s 2026 Crypto Outlook: Hype or Hope?

Despite the outflows, Grayscale is doubling down on optimism. Their December 2025 report forecasts a bright 2026 for crypto, driven by clearer regulations and surging institutional demand. It’s a vision we can rally behind—decentralization needs that big-money backing to dismantle the old financial guard. Their portfolio backs up their confidence: beyond Bitcoin, they oversee $2.73 billion in the Ethereum Trust (ETHE), $2.26 billion in an ETH staking ETF, and the Grayscale Digital Large Cap Fund (GDLC), which got SEC approval to list on NYSE Arca in September 2025. GDLC’s diversified holdings—Bitcoin (72%), Ethereum (17%), XRP (5.62%), Solana (4.03%), and Cardano (1%)—prove Grayscale can push diversified crypto products onto major exchanges, even amidst regulatory storms. That’s a win for broader acceptance, no question.

Adding fuel to the bullish fire, ETF Store president and industry commentator Nate Geraci has praised Grayscale’s grit. He’s been vocal about their fight against the SEC under Gary Gensler’s tenure, a time when crypto products faced relentless pushback. Here’s Geraci’s take:

Grayscale fought for the industry against the U.S. SEC during Gary Gensler’s leadership, and their actions, alongside Trump’s pro-crypto administration, will soon open the floodgates for crypto ETFs.

Geraci’s betting on a pro-crypto Trump administration to fast-track approvals. If he’s right, the path could clear for more ETFs, maybe even those tied to BNB or Hyperliquid. But let’s not sip the Kool-Aid too fast. Political promises often crash against bureaucratic reality, and even a friendly administration won’t erase market manipulation or scam risks that plague this space. Grayscale’s optimism for 2026 is encouraging, but it’s not a done deal—volatility and regulatory curveballs could still spoil the party.

Altcoin ETFs and Bitcoin Maximalism: Dilution or Ecosystem Boost?

As a platform with a Bitcoin maximalist lean, we’ve got to wrestle with what altcoin ETFs mean for BTC’s throne. Bitcoin is the bedrock of this revolution—the ultimate middle finger to centralized control. But let’s be real: it can’t, and shouldn’t, do everything. Altcoins like BNB and DeFi plays like Hyperliquid fill gaps Bitcoin wasn’t built for—think fast transactions, niche utilities, or experimental governance. If Grayscale rolls out ETFs for these, it could onboard a wave of new users who start with altcoins and eventually pivot to Bitcoin as the true store of value. That’s the optimistic angle: diversification strengthens the ecosystem by widening the entry ramp.

On the flip side, there’s a risk of dilution. Every dollar funneled into an altcoin ETF is a dollar not going to Bitcoin, potentially fragmenting focus and capital. Plus, altcoins carry heavier baggage—higher volatility, less liquidity, and often shakier fundamentals. Wrapping them in an ETF might give retail investors a false sense of security, setting up painful lessons when the inevitable rug pulls or crashes hit. We’re all for disruption, but not at the cost of reckless hype. Investors need to tread carefully, whether Grayscale’s behind the wheel or not.

What Should Retail Investors Do with This News?

For the everyday investor—whether you’re a curious newbie or a battle-scarred OG—Grayscale’s latest moves are worth tracking, but not obsessing over just yet. Hold off on getting hyped until we see actual SEC filings for BNB or Hyperliquid ETFs; trust registrations are a far cry from approval. In the meantime, use this as a nudge to research these projects. Dig into BNB’s role in Binance’s ecosystem and its regulatory risks. Explore Hyperliquid’s DeFi offerings and weigh the smart contract vulnerabilities that could bite. Knowledge is your shield in this Wild West market. And if you’re eyeing Grayscale’s existing funds like GBTC or ETHE, keep an eye on those outflows—tax season selling might create buying dips, but don’t bet the farm without a plan. Do your own damn research, always.

Key Takeaways and Burning Questions on Grayscale’s Moves

• What are Grayscale’s new Delaware trusts?
  They’re legal structures registered on January 8 with CSC Delaware Trust Company, likely an early step for potential ETF filings, though nothing is confirmed yet.
• Are BNB and Hyperliquid ETFs on the horizon?
  Rumors are flying, but trust registrations don’t equal filings or SEC approval. It’s pure speculation at this stage.
• Why are Bitcoin ETFs seeing outflows in 2026?
  A $398.95 million outflow on January 8 is tied to tax-driven selling, a seasonal move where investors cash out for tax strategies, though some fear it hints at broader unease.
• What does a Hyperliquid ETF suggest for crypto?
  It points to institutional interest in emerging DeFi projects beyond Bitcoin and Ethereum, but with heightened risks like volatility and regulatory uncertainty.
• Is Grayscale’s 2026 optimism realistic?
  Their prediction of better regulations and institutional demand has merit, yet market swings and regulatory hurdles could still derail progress.
• Could a pro-crypto administration shift the ETF landscape?
  Analyst Nate Geraci believes a Trump-led, crypto-friendly climate could speed up approvals, though political promises don’t always become policy.

Grayscale’s latest chess move with these Delaware trusts keeps us guessing about the future of crypto ETFs. Whether they lead to groundbreaking products for BNB and Hyperliquid or fizzle into nothing, they’re a stark reminder that this space never sits still. We’re rooting for innovation—Bitcoin as the unshakeable foundation, altcoins and DeFi as the chaotic catalysts—but we’re not blind to the pitfalls. Regulation, investor jitters, and market mayhem will keep testing the waters. Grayscale stands as a giant pushing the boundaries, and we’re here for every step, ready to cheer the breakthroughs and call out the nonsense. This financial revolution is messy, but damn if it isn’t worth fighting for. Stay vigilant, folks—the game’s just heating up.