GSR Expands Into Crypto ETFs With Treasury and Staking Proposals

GSR, a leading digital assets and market-making firm, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on companies holding cryptocurrency in their corporate treasuries. This proposed GSR Digital Asset Treasury Companies ETF would allocate at least 80% of its assets to firms with digital assets on their balance sheets, primarily U.S.-listed companies. The portfolio is expected to hold 10–15 positions, with the possibility of including private investment in public equity (PIPE) deals.

In addition to the treasury-focused fund, GSR has outlined four other ETFs: GSR Ethereum Staking Opportunity, GSR Crypto StakingMax, GSR Crypto Core3, which blends Bitcoin, Ethereum, and Solana exposure with staking rewards, and GSR Ethereum YieldEdge. These proposals highlight a growing trend of diversifying crypto exposure beyond Bitcoin and Ethereum, as institutional investors look for structured products that provide yield and multi-token exposure.

GSR’s move reflects a shift among major market makers such as Wintermute and DWF Labs, expanding from liquidity provision into structured investment solutions. Traditionally, market-making in crypto has centered on algorithmic trading, OTC execution, and liquidity engineering. However, rising institutional demand, evolving listing standards, and recent regulatory clarity are opening doors for firms like GSR to create investment products that integrate staking, yield generation, and compliance-focused liquidity programs.

The timing is strategic, as the SEC recently approved new generic listing standards for commodity-based trusts on exchanges like Nasdaq, Cboe BZX, and NYSE Arca. These changes are expected to accelerate crypto ETF approvals, with altcoins such as Solana and Litecoin seen as strong candidates. Grayscale’s Digital Large Cap Fund already demonstrates how multi-asset ETFs can benefit from these rules.

While the regulatory backdrop is improving, challenges remain. The SEC’s pace of approvals, market surveillance requirements, and actual investor demand will determine success. With over 90 crypto ETF filings in play, not all will gain traction. For GSR, leveraging its market-making expertise to ensure liquidity and institutional-grade compliance will be critical for these ETFs to thrive.