Top crypto market maker GSR entered the ETF arena on July 22, listing its first exchange-traded fund — the GSR Crypto Core3 ETF (ticker: BESO) on Nasdaq. The fund actively tracks Bitcoin, Ethereum and Solana native tokens and, for the first time in the US, allows investors to earn staking rewards within a multi-asset crypto ETF.
Product Design: Active Management + Multi-Asset + Staking
Unlike popular single-asset spot ETFs, BESO invests in native tokens of BTC, ETH and SOL to offer diversified exposure. It's actively managed with weekly rebalancing and charges a 1% management fee. The key differentiator: the fund accumulates staking rewards where applicable, generating passive income for holders. GSR managing director Andy Baehr said Core3 addresses three pain points every crypto investor faces — what to hold, how to earn while holding, and how to adjust as markets evolve.
SEC Regulatory Breakthrough and Wall Street Competition
BESO arrives during a golden era for US crypto ETFs. After the SEC approved Bitcoin and Ethereum spot ETFs in 2024, the regulator has shown relative leniency over the past year. However, it had been hesitant toward multi-asset strategies and allowing staking for ETH and SOL. GSR's successful launch of BESO with staking sets a new compliance milestone. Meanwhile, Wall Street giants like Morgan Stanley and Goldman Sachs are expanding their crypto ETF presence, while Grayscale and Hashdex have launched diversified crypto funds, but none with staking.
GSR's Evolution: From Market Maker to Full-Service Investment Bank
The ETF is a cornerstone of GSR's corporate transformation. Over recent months, GSR has expanded beyond market making: in March it acquired Autonomous and Architech to bolster token advisory; earlier this month it invested in Libeara, a tokenization platform backed by Standard Chartered's venture arm. GSR CEO Xin Song noted that after over a decade building efficient crypto markets, Core3 extends that expertise to a broader investor base.