Grayscale's Hyperliquid (HYPE) spot exchange-traded fund (ETF) is expected to list as early as this week.

On June 2 (local time), blockchain outlet CoinPost reported that Bloomberg Intelligence ETF analyst James Seyffart confirmed Grayscale’s annual sponsor fee for the “Grayscale Hyperliquid Staking ETF” at 0.29 percent and said he expected it to list this week.

The product’s ticker is HYPG and it is preparing for a Nasdaq listing. According to the filed application documents, sponsor fees accrue daily in U.S. dollars, are converted into HYPE based on the index price for that day, and are then paid to the sponsor. The structure goes beyond simple spot exposure by reflecting staking in the product name, and it is read as an attempt to broaden institutional investors’ access to the Hyperliquid ecosystem.

Grayscale amended documents related to a HYPE spot ETF that it filed with the U.S. Securities and Exchange Commission (SEC) on May 28. In the process, it changed the fund name to the “Grayscale Hyperliquid Staking ETF” and said it was in talks with Hyper Holdings Global LP on contributing about 2 million HYPE tokens as seed capital. The amount was about $120 million at the time.

The market is also reacting quickly. HYPE hit an all-time high of $74.18 on June 1 and has risen about 24 percent over the past week. Price strength appears to have continued as expectations for a spot ETF combined with inflows into existing listed products.

Competitors have already entered the market first. This month, Bitwise and 21Shares each listed a HYPE spot ETF. Bitwise’s “Bitwise Hyperliquid Spot ETF” trades under the ticker BHYP, with a fee of 0 percent for the first month and 0.34 percent thereafter. 21Shares’ “21Shares Hyperliquid Spot ETF” trades under the ticker THYP, with a fee of 0.30 percent. Grayscale’s 0.29 percent is lower than both products.

Alongside the fee competition, inflows are also being confirmed. Based on Sosovalue tallies, combined net inflows into BHYP and THYP reached $132 million as of May 29. Neither ETF has recorded a single day of net outflows since listing, and net assets increased to about $164 million in roughly two weeks as HYPE rose.

If Grayscale joins under these conditions, the HYPE spot ETF market will be reshaped into a three-product lineup. Bitwise promoted an initial 0 percent fee, 21Shares offered 0.30 percent, and Grayscale set a lower price at 0.29 percent. With HYPE at a fresh record, the next point to watch is which product will attract future inflows.