Key Takeaways
- • GSR, a cryptocurrency market maker, launched the GSR Crypto Core3 ETF (ticker: BESO) on Nasdaq on April 22, 2026, marking its first entry into regulated asset management products and the first multi-asset actively managed crypto ETF in the U.S.
- • BESO provides diversified exposure to Bitcoin, Ethereum, and Solana with a 1% management fee and will rebalance weekly based on research-driven signals; the fund also accumulates staking rewards from ETH and SOL holdings where applicable.
- • Framework Digital Advisors serves as the fund's investment adviser, and GSR will leverage its decade-long expertise in crypto trading, liquidity provision, and risk management to manage active allocation decisions across the three assets.
- • The launch positions GSR to capture institutional and retail investor demand for regulated crypto exposure and signals a broader trend toward basket ETFs in the crypto space, according to Bloomberg ETF analyst James Seyffart, who expects such products to be among the fastest-growing crypto ETF categories in coming years.
Summary
GSR, a prominent cryptocurrency market maker and capital markets partner, has launched its first exchange-traded fund, the GSR Crypto Core3 ETF, trading under ticker BESO on Nasdaq as of April 22, 2026. The product represents a strategic expansion beyond GSR's core business of trading and liquidity provision into regulated asset management, targeting both institutional and retail investors seeking exposure to digital assets.
BESO is structured as an actively managed fund providing exposure to Bitcoin, Ethereum, and Solana—assets GSR identified as representing the cryptocurrency ecosystem's two dominant themes: Bitcoin's role as a macro asset and Ethereum and Solana's positions as leading Layer 1 blockchains supporting applications including stablecoins and tokenization. The fund operates with a 1% management fee and will rebalance its portfolio weekly using research-driven signals designed to optimize returns. Notably, BESO will also accumulate staking rewards from its Ethereum and Solana holdings, adding a yield component to the product.
Framework Digital Advisors has been designated as the fund's investment adviser. GSR's approach emphasizes its proprietary expertise developed over more than a decade of operating in crypto markets. CEO Xin Song stated that Core3 extends GSR's market-building capabilities into a product accessible to a broader investor base, while Managing Director of Asset Management Andy Baehr framed the ETF as addressing three core investor questions: what to own, how to earn yield, and how to position for market evolution.
The launch aligns with accelerating institutional adoption of crypto investments and signals an anticipated trend in the ETF marketplace. Bloomberg's James Seyffart noted that basket ETFs—both active and passive—are expected to become one of the fastest-growing crypto ETF categories over the coming years, with BESO positioned to attempt outperformance relative to an equal-weighted index of its three underlying assets. This product expansion reflects broader market maturation and the institutionalization of cryptocurrency through regulated investment vehicles.
BESO is structured as an actively managed fund providing exposure to Bitcoin, Ethereum, and Solana—assets GSR identified as representing the cryptocurrency ecosystem's two dominant themes: Bitcoin's role as a macro asset and Ethereum and Solana's positions as leading Layer 1 blockchains supporting applications including stablecoins and tokenization. The fund operates with a 1% management fee and will rebalance its portfolio weekly using research-driven signals designed to optimize returns. Notably, BESO will also accumulate staking rewards from its Ethereum and Solana holdings, adding a yield component to the product.
Framework Digital Advisors has been designated as the fund's investment adviser. GSR's approach emphasizes its proprietary expertise developed over more than a decade of operating in crypto markets. CEO Xin Song stated that Core3 extends GSR's market-building capabilities into a product accessible to a broader investor base, while Managing Director of Asset Management Andy Baehr framed the ETF as addressing three core investor questions: what to own, how to earn yield, and how to position for market evolution.
The launch aligns with accelerating institutional adoption of crypto investments and signals an anticipated trend in the ETF marketplace. Bloomberg's James Seyffart noted that basket ETFs—both active and passive—are expected to become one of the fastest-growing crypto ETF categories over the coming years, with BESO positioned to attempt outperformance relative to an equal-weighted index of its three underlying assets. This product expansion reflects broader market maturation and the institutionalization of cryptocurrency through regulated investment vehicles.
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