GSR, the market-making and trading firm better known for liquidity services, has listed its first exchange-traded fund on Nasdaq under the ticker BESO. The fund gives investors exposure to Bitcoin, Ethereum, and Solana in a single wrapper, and passes through staking rewards where applicable. The announcement was made publicly on April 22, 2026.
BESO lands in a market where crypto prices are already running hot. As of April 22, 2026, Bitcoin is trading at $78,897, up 4.8% on the day. Ethereum sits at $2,395, up 4.4%. Solana is at $87.94, up 3.4%. The CoinMarketCap Fear & Greed index is at 62, firmly in Greed territory. A multi-asset ETF launching into that tape is going to get attention it might not get in a flat market.
What BESO actually holds
The product bundles the three largest proof-enabled crypto assets by market cap that currently have a viable staking layer. Bitcoin does not stake, so its allocation sits as spot exposure. Ethereum and Solana both have native staking, and the fund structure passes those rewards through to shareholders rather than absorbing them as internal revenue. That is the detail that separates BESO from most of the single-asset spot ETFs that launched in 2024 and 2025.
Passing staking yield through to investors is not trivial. It requires the custodian to stake on behalf of the fund, track rewards per share, and handle any slashing or validator downtime risk without breaking the ETF's net asset value calculation. The original post from CoinMarketCap confirms staking rewards are included "where applicable," which is the phrasing you would expect for a fund where one of the three assets is non-staking.
Why a multi-asset wrapper matters now
Until recently, US crypto ETFs were single asset. One fund for Bitcoin. One fund for Ethereum. Investors wanting diversified exposure had to build their own mix. BESO collapses that into a single ticker, which is how traditional index exposure has worked for equities for decades.
For brokerage investors who cannot or will not self-custody, this matters. A financial advisor allocating 3% of a client's portfolio to crypto can now do it with one line item on a statement instead of three. For retirement accounts, it sidesteps the need to pick which single-asset fund to own. For rebalancing logic in model portfolios, it behaves like any other diversified sector fund.
The staking feature adds a second dimension. ETH and SOL staking yields vary but have sat in the 3% to 7% annualized range over the last year. Pass-through means those yields compound inside the fund structure rather than being captured by the issuer. Fee disclosure and the exact yield mechanics will matter once the prospectus is parsed in detail, but the direction of travel is clear.
GSR's pivot from liquidity to product
GSR has been a market maker since 2013 and is one of the larger OTC crypto trading desks globally. Listing its own Nasdaq ETF is a step up the stack from providing liquidity to issuing products. The firm has relationships with most major custodians and exchanges, which is the operational backbone an ETF needs. Launching under a short, memorable ticker like BESO suggests the firm wants retail mindshare alongside institutional flows.
The competitive field is crowded. Grayscale has been reshuffling its custodian lineup for new products. BlackRock, Fidelity, Bitwise, and VanEck all have single-asset crypto ETFs in market. A multi-asset staking-inclusive fund from a non-bank issuer is a different shape from what those firms have filed so far.
What retail and crypto card users should note
For anyone already holding BTC, ETH, or SOL directly, BESO does not change your life. Self-custody or on-exchange holdings still give you the full asset without an expense ratio. If you spend from your holdings using a crypto card, the ETF is irrelevant to day-to-day spending.
Where BESO matters is for the tax-advantaged account investor, the financial advisor, and the allocator who prefers a brokerage wrapper. It also signals that US regulators are comfortable enough with multi-asset, staking-inclusive crypto products for one to reach a Nasdaq listing. That regulatory posture has shifted noticeably under the current SEC leadership, which recently signaled an end to the "regulation through enforcement" era.
Overview
GSR listed BESO on Nasdaq on April 22, 2026, giving investors single-ticker exposure to Bitcoin, Ethereum, and Solana with staking rewards passed through on the proof-of-stake assets. Crypto prices are strong on the day of launch, with BTC at $78,897 (+4.8%), ETH at $2,395 (+4.4%), and SOL at $87.94 (+3.4%). The product is the first Nasdaq multi-asset crypto ETF to include native staking yield pass-through, and it marks GSR's move from pure market making into issuing.
