Market maker giant GSR launches first active multi-crypto ETF "BESO": tracking BTC, ETH, SOL with staking yields

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Prominent market maker GSR listed its first cryptocurrency ETF, "GSR Crypto Core3 ETF" (ticker: BESO), on Nasdaq today (22nd). The fund not only actively tracks the three major cryptocurrencies—BTC, ETH, and SOL—but is also the first actively managed multi-asset ETF in the U.S. to allow investors to earn "Staking rewards." (Previous coverage: Goldman Sachs follows suit by filing for a Bitcoin yield ETF, using a Call strategy to "sacrifice upside for premiums," intensifying the Wall Street crypto race) (Background: Why Morgan Stanley launching its own Bitcoin ETF has a deeper impact than BlackRock's did back then) The cryptocurrency derivatives and ETF market is experiencing a "Cambrian explosion," and this time, it is the turn of a veteran market maker to enter the arena. GSR, a world-leading cryptocurrency market maker, announced on Wednesday (22nd) the official launch of its first exchange-traded fund (ETF)—"GSR Crypto Core3 ETF," with the ticker symbol BESO, which has been listed on Nasdaq. Unlike the mainstream single-asset spot ETFs currently on the market (such as BlackRock's IBIT), the BESO fund launched by GSR is highly ambitious in its product design, featuring three major highlights: - Tracking three core assets: The fund will invest directly in the "native tokens" of Bitcoin, Ethereum, and Solana, providing investors with a diversified basket of exposure. - Active management: This is an actively managed ETF, expected to undergo "weekly rebalances," with a management fee set at 1%. - Unlocking staking rewards: According to the announcement, BESO is the first product in the U.S. to offer "Staking" access within an actively managed multi-asset crypto ETF. The fund will accumulate staking rewards "where applicable," creating passive income for investors. GSR Managing Director Andy Baehr stated: "Core3 answers the three pain points every crypto investor faces: what to hold, how to earn yield while holding, and how to position oneself as the market evolves." He emphasized that as cryptocurrency becomes a key part of modern investment portfolios, Core3 can effectively capture the macro influence of Bitcoin and the continuous growth of blockchain technology. The launch of BESO comes during a golden age for the U.S. crypto ETF market. Since the successive launches of Bitcoin and Ethereum spot ETFs in 2024, which set records for the fastest growth, the U.S. Securities and Exchange Commission (SEC) has shown a relatively relaxed regulatory stance over the past year. Currently, Wall Street giants including Morgan Stanley and Goldman Sachs are actively positioning themselves in the crypto ETF space. Although institutions like Grayscale and Hashdex have also launched funds tracking baskets of digital currencies, the SEC has historically held strong reservations regarding "multi-asset strategies" and "allowing Ethereum and Solana staking." GSR's successful breakthrough in launching BESO with staking functionality undoubtedly sets a new compliance milestone for the market. The birth of this ETF is a core part of GSR's corporate strategic transformation. In recent months, GSR has been actively expanding its business footprint beyond market making: - M&A expansion: In March of this year, GSR announced the acquisition of Autonomous and Architech to bolster its token advisory business. - RWA positioning: Earlier this month, GSR made a strategic investment in Libeara, a tokenization platform backed by SC Ventures (Standard Chartered). GSR CEO Xin Song concluded: "GSR has spent over a decade building efficient crypto markets. With Core3, we are extending this expertise into products accessible to a broader range of investors. Our ETF strategy fully reflects our deep understanding of how these assets are evolving."

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