BESO — the GSR Crypto Core3 ETF — launched on Nasdaq on April 22, 2026, becoming the first actively managed multi-asset crypto ETF in the United States to combine Bitcoin, Ethereum, and Solana exposure while also capturing staking rewards on eligible assets. GSR, one of crypto's most established market makers, built this product to answer three questions at once: which assets to hold, how to generate yield, and how to stay positioned as markets evolve.
What Is the BESO ETF and How Does It Work?
TL;DR: BESO is the first US-listed actively managed ETF combining BTC, ETH, and SOL in a single fund. It charges a 1% annual fee, rebalances weekly using proprietary research signals, and legally captures staking yields following the March 2026 SEC-CFTC joint classification.
The ticker itself is a blueprint: Bitcoin, Ether, SOlana. Unlike passive index funds such as Bitwise's BITW — which holds a fixed basket with monthly rebalancing — BESO applies an active strategy driven by weekly proprietary research signals, meaning the allocation between the three assets shifts in response to market conditions.
- At least 80% of assets invested directly in the three cryptocurrencies or through ETPs
- Weekly active rebalancing based on proprietary research signals, not a fixed allocation
- Ability to accumulate staking rewards on Ethereum and Solana where applicable
- Management fee: 1.00% per year
- Investment adviser: Framework Digital Advisors
- Portfolio management: Andy Baehr (Managing Director, Asset Management) and the GSR team
- GSR CEO: Xin Song
Why BTC, ETH, and SOL? The Strategic Case
GSR's selection of these three assets is deliberate and reflects distinct macro and platform narratives for the 2026 cycle. Each asset fills a specific role in the portfolio thesis.
- Bitcoin is the macro asset: a store of value, a hedge against monetary debasement, and the benchmark for the entire crypto asset class
- Ethereum is the dominant layer-1 infrastructure for stablecoins, real-world asset tokenization (RWA), and DeFi applications
- Solana is the high-throughput layer-1 driving consumer adoption, on-chain payments, and blockchain gaming
Together, the three assets cover the two dominant narratives of the 2026 cycle: Bitcoin's macro store-of-value case and the expansion of programmable blockchain platforms where the next financial system is being built.
Staking in Regulated Funds: A Regulatory Frontier Now Open
The staking component is the most structurally significant feature of BESO. Until recently, including staking rewards inside a US-registered investment vehicle was effectively impossible: the SEC treated staking arrangements with deep suspicion under securities law, creating a hard regulatory ceiling for product design.
The joint SEC-CFTC classification of March 2026 — which formally recognized Ethereum and Solana as digital commodities — removed that barrier. BESO is one of the first products to operate inside the new regulatory perimeter, legally accruing staking yields on eligible holdings.
Andy Baehr, Managing Director of Asset Management at GSR, framed the product's purpose plainly:
Core3 addresses the three questions every crypto investor must face: what to hold, how to generate yield while holding it, and how to stay positioned as markets evolve.
That statement functions as a product manifesto. BESO is designed not just as price exposure, but as a complete investment strategy packaged in a format any brokerage account holder can access — without needing to manage wallets, validators, or custody.
NEW: @GSR_io is launching their first ETF! Ticker is $BESO. Its actively managed and will invest across Bitcoin, Ethereum & Solana. Fee is 1%. pic.twitter.com/Gr1n8KAVpq
— James Seyffart (@JSeyff) April 22, 2026
Who Is GSR and Why Does the BESO Launch Matter?
GSR is not a startup entering asset management for the first time. GSR has operated as one of crypto's most established market makers and OTC liquidity providers for over a decade, serving institutional clients across trading infrastructure, risk management, and structured products. BESO marks GSR's deliberate expansion into asset management — a move CEO Xin Song described as a natural evolution of the firm's core competence.
GSR has spent over a decade building efficient crypto markets. With Core3, we extend that expertise into a product accessible to a broader range of investors.
The structural implication is significant: market makers becoming asset managers is exactly what happens as the boundary between traditional finance and crypto narrows. BESO is a signal, not just a product — it shows that institutional-grade infrastructure players are moving toward direct investor distribution.
What to Watch: Market Implications of BESO
BESO launches into a US crypto ETF market that is moving fast. BlackRock's IBIT — a spot Bitcoin ETF — collected hundreds of millions in inflows within days of its April reporting period, demonstrating that institutional and retail demand for regulated crypto exposure is real and growing. The question now is whether multi-asset, actively managed products can capture the next wave of inflows.
Key developments to monitor over the coming months:
- BESO's inflow volumes compared to passive multi-asset crypto funds
- ETH and SOL staking yields as reflected in the weekly NAV
- Whether competing issuers launch similar BTC+ETH+SOL active strategies
- The impact of the Clarity Act, if passed, on the broader category of active crypto ETFs
For investors already familiar with spot Bitcoin ETFs, BESO represents the next logical step: a managed portfolio, not just a single-asset wrapper. The fund went live April 22, 2026 on Nasdaq under ticker $BESO — and the US crypto ETF landscape will not look the same after it.
What is the BESO ETF?
BESO (ticker: $BESO) is the GSR Crypto Core3 ETF, listed on Nasdaq on April 22, 2026. It is the first actively managed multi-asset crypto ETF in the US to combine Bitcoin, Ethereum, and Solana while also accruing staking rewards on eligible assets.
How is BESO different from passive crypto ETFs?
Unlike passive funds such as Bitwise's BITW, BESO rebalances weekly using proprietary research signals rather than tracking a fixed index. Allocations between BTC, ETH, and SOL shift based on market conditions each week.
What is the management fee for BESO?
BESO charges a 1.00% annual management fee. The investment adviser is Framework Digital Advisors, with portfolio management led by Andy Baehr of GSR.
Why can BESO include staking rewards?
The joint SEC-CFTC classification of March 2026 recognized Ethereum and Solana as digital commodities, removing the regulatory barrier that previously prevented staking income from being included in US-registered investment vehicles.
