GSR Launches Actively Managed Multi-Asset Crypto ETF Tracking Bitcoin, Ethereum, and Solana
April 22, 2026 – The Block
GSR, a prominent crypto market maker, has officially entered the crypto exchange-traded fund (ETF) arena with the launch of its first product, the GSR Crypto Core3 ETF (Nasdaq: BESO). This new actively managed multi-asset fund aims to provide investors with diversified exposure to three of the leading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
ETF Overview and Features
The Core3 ETF distinguishes itself as the first actively managed multi-asset crypto ETF in the United States that includes staking rewards where applicable. Investors in BESO will gain exposure to the native coins of Bitcoin, Ethereum, and Solana, while also benefiting from the accumulation of staking rewards, enhancing potential yield while holding these assets.
The fund will be actively managed, with planned weekly rebalances to adjust asset allocation according to market conditions. GSR has set a 1% management fee for the fund. This launch marks a significant step for GSR as it pushes toward becoming a full-spectrum real-world asset investment bank, broadening its services beyond its foundational role in crypto market making.
Market Context and Industry Significance
The introduction of Core3 comes at a time of rapid growth in the crypto ETF space. The 2024 debut of spot Bitcoin and Ethereum ETFs triggered one of the fastest-growing periods for investment products tied to digital assets. This expansion was also facilitated by a Securities and Exchange Commission (SEC) approach that has become more amenable to crypto-focused financial instruments over the past year.
Major financial institutions such as Morgan Stanley and Goldman Sachs are also actively moving into the crypto ETF sector. Their involvement is likely influenced by the success of BlackRock’s Bitcoin and Ethereum trusts, which remain the largest and most actively traded crypto funds.
While several firms, including Grayscale and Hashdex, have introduced multi-asset crypto funds, the SEC has historically been cautious in approving certain strategies, particularly those involving staking of assets like Ethereum and Solana. GSR’s Core3 ETF is notably positioned as a pioneering product by incorporating staking rewards.
GSR’s Strategic Growth and Vision
GSR’s Managing Director Andy Baehr highlighted Core3’s ability to address fundamental questions for crypto investors: which assets to hold, how to earn yield on holdings, and how to adapt to evolving markets. Baehr emphasized that Core3 offers exposure to the primary drivers of the crypto ecosystem—Bitcoin’s dominant macro influence alongside the expanding adoption of blockchain technology represented by Ethereum and Solana.
The launch of Core3 aligns with broader efforts by GSR to expand beyond market making. In recent months, the company completed acquisitions of Autonomous and Architech to enhance its token advisory services and invested in Libeara, a tokenization platform supported by SC Ventures.
GSR CEO Xin Song expressed enthusiasm about leveraging the firm’s decade-long expertise in crypto markets to offer a product accessible to a wider range of investors. “Our ETF strategy reflects our deep understanding of how this asset class is evolving,” Song stated, underscoring GSR’s commitment to building a comprehensive asset management platform for both crypto-native and traditional investors.
Looking Forward
With GSR’s entry into actively managed multi-asset crypto ETFs, the market is likely to see further innovation as competition intensifies and investor demand for diversified, yield-enhancing crypto investment products grows. Core3 could pave the way for similar offerings that blend asset exposure with income-generating strategies in the digital asset space.
Disclaimer: This article is for informational purposes only and does not constitute investment, legal, or financial advice. Investors should conduct their own research or consult with a professional advisor before making investment decisions.