Grayscale Establishes BNB and HYPE-Related Trusts, Possibly Preparing for ETF Application

Cryptocurrency asset management company Grayscale has established new Delaware statutory trusts related to BNB and HYPE, as discovered from recent filings. The trusts were registered on Thursday, with CSC Delaware Trust Company listed as the registered agent. Establishing such trusts is a common preparatory step for asset management companies considering the launch of an Exchange Traded Fund (ETF). Related: Bitwise Files for Cryptocurrency ETFs Including 11 Tickers, Featuring AAVE, UNI, and HYPE. However, the establishment of the trusts does not indicate regulatory approval, and a formal application has not yet been submitted to the U.S. Securities and Exchange Commission (SEC).