GSR, a London-based cryptocurrency trading firm and market maker, has submitted a registration statement to the U.S. Securities and Exchange Commission for a novel exchange-traded fund focused on companies that hold digital assets in their corporate treasuries. The GSR Digital Asset Treasury Companies ETF will invest at least 80% of its assets in firms with cryptocurrency treasuries, initially holding 10-15 positions primarily targeting U.S.-listed companies, though it may include private investments in public equity (PIPE).
The filing, made on Wednesday, also includes proposals for four other funds: the GSR Ethereum Staking Opportunity, GSR Crypto StakingMax, GSR Crypto Core3, and GSR Ethereum YieldEdge ETFs. The Core3 fund will specifically focus on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), along with staking rewards. This move follows a spring and summer surge in corporate crypto treasury adoption, expanding from Bitcoin's roots in 2020 with MicroStrategy (now Strategy) to include Ethereum, Solana, XRP, and TON, among others.
GSR cited examples of treasury companies such as Strategy, which holds approximately 640,000 Bitcoin valued at nearly $73 billion, Ethereum-focused firms Bitmine Immersion and SharpLink, and SUI Group Holdings. The firm recently established a U.S. asset management division to expand its digital assets presence, having led a $100 million funding round in April for Upexi to build a Solana treasury.
This application is part of a broader trend, with the SEC reviewing over 90 crypto ETF products as of late August. Recent regulatory developments, including new generic listing standards approved last week for commodity-based trusts, have improved approval odds, reflecting a more receptive environment. Last Thursday, Grayscale's Digital Large Cap Fund (tracking XRP, Solana, Cardano, Bitcoin, and Ethereum) and the Rex-Osprey DOGE ETF began trading after SEC approval, while Tidal Financial Group filed for an altcoin-exclusive ETF.