Institutional crypto trading firm GSR launched its first crypto exchange-traded fund on Wednesday, drawing nearly $5 million in trading volume on its debut.
The GSR Crypto Core3 ETF (BESO) tracks the spot prices of Bitcoin, Ether, and Solana, while also offering staking rewards, the company said in a statement.
In a separate post on X, GSR added that the fund will use a “dynamic allocation strategy” to optimize returns and carries a 1% management fee.
BESO recorded 185,574 shares traded on its first day, totaling დაახლოებით $4.8 million in volume, according to Nasdaq data. The fund closed at $26.04 and later climbed to $33 in after-hours trading.
GSR’s entry into the market comes amid a surge of Wall Street firms either launching or preparing to launch crypto ETFs.
Investment bank Morgan Stanley is among them, having rolled out a spot Bitcoin ETF on April 8 that has already attracted $163.8 million in net inflows. Meanwhile, on April 14, Goldman Sachs filed for a Bitcoin Premium Income ETF aimed at providing investors with passive income alongside potential Bitcoin price gains.
Founded in 2013 by former Goldman Sachs traders Cristian Gil and Richard Rosenblum, GSR is one of the longest-standing crypto market makers in the industry. CEO Xin Song said the firm expanded into crypto ETFs to broaden access to its offerings, adding, “Our ETF strategy reflects our deep understanding of how this asset class is evolving.”
Bitcoin takes a smaller role in BESO portfolio
GSR said allocations between Bitcoin, Ether, and Solana in the BESO fund will be rebalanced weekly using “research-driven signals” designed to enhance returns.
A model portfolio released by the firm shows a heavier weighting toward Ether and Solana, which make up 51.4% and 41.67% of the allocation, respectively, while Bitcoin accounts for just 6.93%.
