GSR Launches First ETF Tracking Bitcoin, Ether and Solana on Nasdaq
GSR's Crypto Core3 ETF (BESO) debuted Wednesday with $4.8M in volume, tracking BTC, ETH and SOL with staking rewards and a 1% fee.
Crypto market maker GSR just did something no one else has done. On Wednesday, the institutional trading firm rolled out a single ETF that wraps Bitcoin, Ether and Solana into one ticker, and the tape closed the session with nearly $5 million in volume on day one.
The product is called the GSR Crypto Core3 ETF, trading under the symbol BESO. It tracks the spot price of all three assets, pays out staking rewards on top, and charges a 1% management fee. GSR confirmed the launch in a statement the same morning.
On X, the firm said it will run what it called a "dynamic allocation strategy" to squeeze extra performance out of the basket. In plain English: the weights are not fixed. They move.
Nasdaq data puts opening day turnover at 185,574 shares worth roughly $4.8 million. BESO settled at $26.04 at the close, then pushed up to $33 in after-hours trading. Not a quiet debut.
The timing is not an accident. Wall Street is falling over itself to file crypto products right now. On April 8, Morgan Stanley opened its Morgan Stanley Bitcoin ETF, and the fund has already pulled in $163.8 million in net inflows. Six days later, on April 14, Goldman Sachs filed paperwork for a Goldman Sachs Bitcoin Premium Income ETF, a product designed to pay passive income while keeping upside exposure to BTC.
GSR is not a newcomer trying to ride that wave. The firm was launched in 2013 by former Goldman Sachs traders Cristian Gil and Richard Rosenblum, and it has spent more than a decade as one of the most established market-making shops in crypto. Now it wants retail and advisor shelf space too.
CEO Xin Song framed the move as a natural step. "Our ETF strategy reflects our deep understanding of how this asset class is evolving," Song said, adding that the firm expanded into the ETF market to open its services to a wider pool of investors.
Bitcoin Takes a Back Seat in GSR's Model Portfolio
Here is the part that will make Bitcoin maximalists twitch. According to a model portfolio analysis GSR published on Wednesday, the optimized allocation leans hard on the smart contract side of the trade. Ether takes the biggest slice at 51.4%, Solana follows at 41.67%, and Bitcoin is a rounding error at 6.93%.
Weekly rebalancing between the three coins will be driven by what GSR called "research-driven signals designed to pursue additional returns." Translation: the quants decide, not the ticker order.
BTC is the headline asset. In this fund, it is the smallest position. That is the story.
