GSR's actively managed Crypto Core3 ETF (BESO) debuted on Nasdaq, trading 185,574 shares worth ~$4.8M on day one. The fund rotates among Bitcoin, Ether, and Solana, with an initial model weight of 51.4% ETH, 41.67% SOL, and 6.93% BTC.

Andy Baehr, managing director of asset management at GSR, said the easiest way to judge whether the latest crypto rebound has real staying power is to watch one number on Aave: the USDC borrowing rate. In his view, as long as that rate stays close to US risk-free yields, the market remains in a low-energy state with little appetite to pay up for leverage. On the podcast Bits & Bips, Baehr described today’s market as stuck closer to “ambivalence” than “conviction,” meaning rallies can appear strong for a moment and then fade just as quickly. He laid out three signals he is watching. The first is DeFi lending rates, which he called the clearest real-time gauge of leverage demand. The second is whether the market can form consensus around a peak in Federal Reserve hawkishness under Chair Kevin Warsh. The third is whether the CLARITY Act, whose odds on Polymarket have fallen from 75% in May to under 40%, unexpectedly passes. Baehr also argued that a sustainable rally needs multiple layers of follow-through buying, not just a single burst. He pointed to last year’s rally as an example, with an ETH short squeeze followed by crypto-native buying and then ETF inflows. For now, he said, the simplest test is still Aave: if borrowing costs remain around 3.75% to 4.1%, near risk-free rates, the market is still short on conviction.

GSR has launched the BESO ETF on Nasdaq with exposure to Bitcoin, Ether, and Solana, including staking rewards on ETH and SOL. Separately, Forward Industries disclosed 6.91 million SOL in holdings.

The crypto market cap climbed to $2.7 trillion on April 23, up 1.9% in 24 hours. Bitcoin held firm near $78,360, CHIP surged 134.92%, and GSR introduced its first crypto basket ETF.

GSR launched the GSR Crypto Core3 ETF (BESO) on Nasdaq, actively tracking BTC, ETH, SOL native tokens and offering staking rewards. It's the first US multi-asset crypto ETF with staking, charging 1% management fee.

Andy Baehr, managing director of asset management at GSR, said the simplest way to judge whether crypto’s latest rebound has real staying power is to watch borrowing rates on Aave rather than price charts alone. Speaking on Unchained’s Bits & Bips podcast, Baehr argued that as long as USDC borrowing costs on Aave remain close to US Treasury yields — roughly 3.75% to 4.1% by his estimate — the market is not displaying the kind of urgency that usually accompanies a durable uptrend. He framed the market as sitting closer to “ambivalence” than “conviction,” with recent rallies resembling one-stage rockets that flare up and then lose thrust. In his view, a stronger move would require stacked layers of demand: derivatives positioning, spot participation, ETF inflows and eventually additional buying from digital asset treasury companies. He also said the market is still waiting for clarity around the Fed’s hawkish peak, a condition he described with the idea of a “Fed solstice,” the point at which investors broadly understand where tightening ends. Baehr also pointed to the CLARITY Act as an underappreciated catalyst. He noted that Polymarket odds of passage had fallen from 75% in May to below 40%, but added that if the bill were to pass, markets would likely treat it as a genuine surprise, a type of event he said tends to generate strong price reactions.

GSR launched the GSR Crypto Core3 ETF (BESO), the first US-listed multi-asset crypto ETF, combining BTC, ETH, SOL with active management and staking at 1% fee, targeting institutional demand for diversified exposure.

GSR has debuted the GSR Crypto Core3 ETF (ticker: BESO), the first US-listed multi-asset crypto ETF holding Bitcoin, Ethereum and Solana alongside staking rewards. The actively managed fund charges a 1% fee and rebalances weekly, signaling a shift from single-asset to diversified crypto ETF strategies.