Key Highlights
GSR debuts BESO, its inaugural exchange-traded fund on the Nasdaq exchange
The ETF provides combined exposure to Bitcoin, Ethereum, and Solana through active management
Weekly portfolio adjustments driven by proprietary research signals
Annual management fee of 1%, reflecting its active strategy approach
Framework Digital Advisors appointed as investment adviser for the fund
Cryptocurrency market maker GSR has entered the exchange-traded fund arena with the debut of its GSR Crypto Core3 ETF. The new offering, which carries the ticker symbol BESO, began trading on the Nasdaq stock exchange.
The investment vehicle provides consolidated access to three leading digital currencies: Bitcoin, Ethereum, and Solana. Unlike passive index-tracking funds, BESO operates as an actively managed product where portfolio managers determine the weighting of each cryptocurrency holding.
According to GSR, the fund undergoes weekly portfolio rebalancing. These allocation adjustments rely on what the company describes as “research-driven signals,” though specific criteria and methodologies remain undisclosed to the public.
BESO charges investors a 1% yearly management fee. This fee structure aligns with actively managed investment products rather than the lower-cost passive alternatives that constitute the majority of today’s ETF landscape.
A notable characteristic of the fund is its capability to generate staking rewards. By participating in proof-of-stake networks, the ETF can earn additional returns on qualified holdings. This functionality has emerged in select cryptocurrency ETFs, including BlackRock’s iShares Bitcoin Trust.
Framework Digital Advisors has been designated as the fund’s investment adviser, collaborating with GSR on product management.
According to GSR CEO Xin Song, the company is leveraging its market-making expertise to create broader investor access. “GSR has spent over a decade building efficient crypto markets, and with Core3, we are extending that expertise into a product accessible to a broader range of investors,” he said.
The Rationale Behind the Three-Asset Selection
GSR explained that these three cryptocurrencies represent distinct investment narratives within digital asset markets. Bitcoin functions as a macro-level store of value, drawing comparisons to precious metals like gold. Meanwhile, Ethereum and Solana serve as foundational blockchain infrastructures powering practical applications including stablecoins and asset tokenization.
The majority of U.S.-registered cryptocurrency ETFs have concentrated on single-asset exposure, particularly Bitcoin. However, multi-asset basket funds have gained traction in recent months, a category that Core3 now joins.
Andy Baehr, Managing Director of Asset Management at GSR, explained that the product addresses three fundamental investor challenges: asset selection, yield generation during holding periods, and strategic positioning amid market volatility.
GSR’s Strategic Business Development
This ETF introduction represents part of GSR’s broader strategic expansion beyond its traditional trading operations. In March 2026, the company completed acquisitions of Autonomous and Architech, strengthening its capabilities in token advisory services and blockchain project development.
GSR has also made a strategic investment in Libeara, a tokenization infrastructure platform supported by SC Ventures. This investment reflects the firm’s growing focus on blockchain-based financial technology solutions.
The Crypto Core3 ETF is currently available for trading on Nasdaq under ticker symbol BESO.
