Key Takeaways
- • GSR launched the GSR Crypto Core3 ETF (ticker: BESO) on Nasdaq, marking the firm's entry into actively managed crypto asset management with exposure to Bitcoin, Ethereum, and Solana.
- • BESO posted $4.8 million in opening-day trading volume (185,574 shares at $26.04 closing price, rising to $33 in after-hours trading), demonstrating solid institutional and retail demand for the product.
- • The fund employs active management with weekly rebalancing based on research-driven signals, charges a 1% management fee, and uniquely offers staking rewards on Ethereum and Solana holdings—differentiating it from single-asset crypto ETFs.
- • Framework Digital Advisors serves as investment adviser, positioning the product as a bridge between traditional finance infrastructure and crypto-native market expertise accumulated over GSR's decade of trading and market-making operations.
- • The launch reflects accelerating crypto ETF market broadening beyond single-token exposure, with analyst commentary suggesting basket ETFs (active and passive) will be among the fastest-growing categories in the crypto ETF space over the next two years.
Summary
Crypto market maker GSR entered the asset management space on April 23, 2026, with the launch of its first exchange-traded fund, the GSR Crypto Core3 ETF (BESO), listed on Nasdaq. The fund represents a strategic expansion for GSR beyond its core business of trading and liquidity provision into the rapidly growing U.S. crypto ETF market.
BESO offers actively managed exposure to three major cryptocurrencies—Bitcoin, Ethereum, and Solana—with a notable structural innovation: the ability to earn staking yields on eligible holdings. The fund operates with a 1% management fee and employs weekly portfolio rebalancing based on research-driven signals. According to GSR's positioning, the strategy reflects two central themes in crypto markets: Bitcoin's function as a macro asset and the continued growth of blockchain platforms like Ethereum and Solana that support applications including stablecoins and tokenized assets. Framework Digital Advisors serves as the fund's investment adviser.
Opening-day performance indicates solid market reception. Nasdaq data shows BESO traded 185,574 shares worth approximately $4.8 million on its debut, closing at $26.04 before rising to $33 in after-hours trading. This volume level, while modest in absolute terms, signals meaningful institutional and retail interest in the product.
GSR CEO Xin Song characterized the launch as an extension of the firm's decade-long expertise in crypto market infrastructure. "Our ETF strategy reflects our deep understanding of how this asset class is evolving," Song stated, emphasizing the application of GSR's trading, liquidity, and risk management capabilities to asset management. GSR's Managing Director of Asset Management Andy Baehr further framed Core3 as answering three investor questions: what to own, how to generate yield, and how to position for market evolution.
The BESO launch occurs within a broader market trend. Rule changes in 2025 accelerated the approval pipeline for crypto ETFs, moving beyond single-token products into basket structures, active strategies, and yield-generating mechanisms. Bloomberg ETF analyst James Seyffart noted that basket ETFs—both active and passive—are expected to represent one of the fastest-growing categories in crypto ETFs over the next two years, positioning BESO within an emerging industry segment.
BESO offers actively managed exposure to three major cryptocurrencies—Bitcoin, Ethereum, and Solana—with a notable structural innovation: the ability to earn staking yields on eligible holdings. The fund operates with a 1% management fee and employs weekly portfolio rebalancing based on research-driven signals. According to GSR's positioning, the strategy reflects two central themes in crypto markets: Bitcoin's function as a macro asset and the continued growth of blockchain platforms like Ethereum and Solana that support applications including stablecoins and tokenized assets. Framework Digital Advisors serves as the fund's investment adviser.
Opening-day performance indicates solid market reception. Nasdaq data shows BESO traded 185,574 shares worth approximately $4.8 million on its debut, closing at $26.04 before rising to $33 in after-hours trading. This volume level, while modest in absolute terms, signals meaningful institutional and retail interest in the product.
GSR CEO Xin Song characterized the launch as an extension of the firm's decade-long expertise in crypto market infrastructure. "Our ETF strategy reflects our deep understanding of how this asset class is evolving," Song stated, emphasizing the application of GSR's trading, liquidity, and risk management capabilities to asset management. GSR's Managing Director of Asset Management Andy Baehr further framed Core3 as answering three investor questions: what to own, how to generate yield, and how to position for market evolution.
The BESO launch occurs within a broader market trend. Rule changes in 2025 accelerated the approval pipeline for crypto ETFs, moving beyond single-token products into basket structures, active strategies, and yield-generating mechanisms. Bloomberg ETF analyst James Seyffart noted that basket ETFs—both active and passive—are expected to represent one of the fastest-growing categories in crypto ETFs over the next two years, positioning BESO within an emerging industry segment.
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