GSR Unveils First Multi-Asset Crypto ETF in U.S.

GSR has introduced its inaugural digital asset exchange-traded fund, the GSR Crypto Core3 ETF, marking a significant step in the firm’s expansion into asset management. Listed on NASDAQ under the ticker BESO, the fund is positioned as the first multi-asset crypto ETF in the United States to combine active portfolio management with the ability to generate staking rewards. The firm indicated that the product carries a management fee of 1.00%, aligning with actively managed investment vehicles in emerging asset classes.

GSR, widely recognized for its role in crypto capital markets, has traditionally provided services such as market making, institutional over-the-counter trading, venture investments, and advisory support. The introduction of this ETF signals a strategic shift toward offering packaged investment solutions tailored to both institutional and retail participants seeking structured exposure to digital assets.

Institutional Framework and Advisory Structure

The ETF operates under the advisory oversight of Framework Digital Advisors LLC, a Delaware-based firm established in 2025 and registered under the Investment Advisers Act of 1940. This entity serves as the registered investment adviser for GSR’s ETF offerings, which are structured as a joint venture between RLH Capital LLC and GSR Strategies LLC. The arrangement reflects a collaborative effort to bridge traditional financial frameworks with the evolving crypto investment landscape.

The launch of the Core3 ETF represents an extension of GSR’s asset management capabilities, which are increasingly focused on delivering liquidity and accessibility to digital assets. By integrating regulatory-compliant structures with crypto-native expertise, the firm aims to address rising demand for diversified investment options in this sector.

Portfolio Composition and Investment Strategy

The Core3 ETF offers exposure to three leading cryptocurrencies: Bitcoin, Ethereum, and Solana. These assets were selected to reflect two primary themes within the crypto market: Bitcoin’s role as a macro-level store of value and the growing importance of layer-1 blockchain ecosystems that support decentralized applications, stablecoins, and tokenization.

The fund employs an active allocation strategy, adjusting its holdings across the three assets on a weekly basis. These adjustments are driven by research-based signals designed to enhance returns while adapting to market conditions. Additionally, the ETF incorporates staking mechanisms where applicable, enabling it to generate yield from supported assets.

The Core3 ETF introduces a first-of-its-kind structure in the U.S. by combining multi-asset crypto exposure with active management and staking rewards, offering investors a more dynamic investment vehicle.

Strategic Vision and Market Positioning

Leadership at GSR emphasized that the ETF reflects the firm’s long-standing experience in building efficient crypto markets. The company conveyed that this expertise is now being extended into a product designed to reach a broader investor base, including those who may prefer regulated and accessible investment formats.

Executives also suggested that the Core3 ETF addresses key considerations for crypto investors, including asset selection, yield generation, and portfolio positioning in a rapidly evolving market. By integrating these elements into a single product, the ETF aims to simplify investment decisions while maintaining exposure to the sector’s primary growth drivers.

The fund’s active rebalancing strategy and ability to capture staking rewards are designed to enhance returns while adapting to shifting market dynamics, providing a competitive edge over passive crypto investment products.

Broadening GSR’s Capital Markets Role

GSR’s entry into the ETF market reflects its broader ambition to evolve into a comprehensive capital markets partner within the digital asset ecosystem. The firm has leveraged its global experience in trading, liquidity provision, and risk management to develop investment solutions that cater to both crypto-native participants and traditional investors.

The launch of the Core3 ETF marks a pivotal expansion of GSR’s asset management platform, enabling it to deliver diversified, research-driven crypto investment products to a wider audience.

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