GSR Unveils First ETF for Bitcoin, Ether, and Solana
GSR launches its inaugural crypto ETF, enabling investors to trade Bitcoin, Ether, and Solana with substantial initial trading volume.
GSR has introduced the Crypto Core3 ETF, its first-ever exchange-traded product tailored for the crypto market, providing access to the top three cryptocurrencies by market cap: Bitcoin, Ether, and Solana.
On its debut trading day, the ETF recorded nearly $5 million in trading volume. The GSR Crypto Core3 ETF (BESO) follows the real-time market price of Bitcoin (BTC), Ether (ETH), and Solana (SOL), and features staking rewards, as reported by GSR in a Wednesday statement.
In a separate announcement on X, GSR expressed intentions to implement a “dynamic allocation strategy” aimed at enhancing the fund’s returns, which comes with a management fee of 1%.
The fund’s opening day saw 185,574 shares traded, amounting to approximately $4.8 million in value, with its closing price at $26.04, but increasing to $33 in after-hours trading.
GSR’s entry into the crypto ETF landscape aligns with a growing trend where numerous Wall Street firms have either launched or indicated plans to introduce crypto ETFs.
Among these is Morgan Stanley, which initiated a spot Bitcoin ETF on April 8 that attracted $163.8 million in net inflows. Additionally, Goldman Sachs has filed for a Bitcoin Premium Income ETF, aimed at generating passive income while taking advantage of Bitcoin’s price potential.
GSR was established in 2013 by former Goldman Sachs traders Cristian Gil and Richard Rosenblum, positioning itself as a leading entity in the crypto market-making sector.
GSR CEO Xin Song remarked that the firm’s foray into the crypto ETF market is designed to diversify its services for a wider spectrum of investors, stating, “Our ETF strategy reflects our deep understanding of how this asset class is evolving.”
Bitcoin Takes a Smaller Role in GSR’s Fund Strategy
GSR plans to reassess the allocation of Bitcoin, Ether, and Solana within the portfolio of BESO weekly, utilizing research-driven indicators intended to maximize returns. A recent model portfolio analysis indicated that for BESO, Ether and Solana would constitute 51.4% and 41.67% of the fund, while Bitcoin would hold a lesser share of 6.93%.
Source: GSR
