Business

GSR’s new ETF filings signal a strategic push into corporate crypto treasury markets amid regulatory easing

Thursday, 25 September 2025 4:07AM UTC

GSR has submitted filings for a series of innovative crypto-focused ETFs, aiming to capitalise on the recent regulatory changes and the growing trend of corporate crypto treasuries, as it expands its presence in U.S. asset management.

Crypto trading firm GSR is making a significant move into the exchange-traded fund (ETF) market with its latest filing to the U.S. Securities and Exchange Commission (SEC) for the GSR Digital Asset Treasury Companies ETF. This innovative fund intends to allocate at least 80% of its assets to companies holding cryptocurrencies in their corporate treasuries, positioning itself at the intersection of traditional equity markets and the growing phenomenon of corporate crypto holdings. Initially, the ETF plans to hold 10-15 positions, focusing primarily on firms listed on U.S. stock exchanges, but it will also consider private investments in public equity (PIPE), enabling accredited investors to acquire discounted stock from these companies.

The concept of corporate treasuries invested in cryptocurrencies has expanded rapidly since MicroStrategy's pivot in 2020. Originally centred on Bitcoin, this trend now encompasses Ethereum, Solana, XRP, TON, and other tokens. GSR's filing highlights prominent treasury companies such as MicroStrategy, which holds roughly 640,000 Bitcoin valued at nearly $73 billion, alongside Ethereum-focused firms like Bitmine Immersion and SharpLink. This ETF represents GSR’s debut ETF filing and signals its strategic expansion into U.S. asset management, following the recent establishment of a dedicated U.S. division and a New York office. The firm also led a $100 million funding round for Upexi, a Nasdaq-traded company building a Solana treasury, underscoring its commitment to digital asset markets.

In addition to the Digital Asset Treasury Companies ETF, GSR’s registration includes proposals for four other crypto-related funds with a focus on Ethereum and staking strategies. These include the GSR Ethereum Staking Opportunity, GSR Crypto StakingMax, GSR Crypto Core3, and GSR Ethereum YieldEdge ETFs. Their Core3 fund is designed to cover Bitcoin, Ethereum, Solana, and rewards accrued from staking, reflecting the expanding diversity of crypto investment vehicles. This diversified approach aligns well with broader industry trends. According to investment research, the SEC has been inundated with more than 90 crypto ETF applications as of late August, driven substantially by regulatory clarity, which has reduced the approval period from a previous 270 days to just 75 days.

This regulatory easing has materially improved the likelihood of new crypto ETFs entering the market, boosting confidence among issuers and investors alike. The SEC's recent approval of generic listing standards for commodity-based trusts has been a key catalyst. For instance, Grayscale’s Digital Large Cap Fund, which includes tokens such as XRP, Solana, Cardano, Bitcoin, and Ethereum, recently began trading after receiving SEC approval. On the same day, the Rex-Osprey DOGE ETF also launched. These precedents illustrate the agency’s progressively receptive stance toward crypto products, potentially fostering a new wave of ETFs focusing on a variety of digital assets including altcoins beyond the traditional Bitcoin and Ethereum.

The heightened enthusiasm for crypto ETFs emerges amid evolving investor interest and the maturation of the digital asset ecosystem. While Bitcoin and Ethereum continue to dominate the market, smaller altcoins and innovative blockchain projects backed by staking and yield-generating protocols are gaining traction. However, uncertainties remain regarding sustained investor demand, particularly for ETFs centred on less established tokens. Industry participants are keenly watching how products like GSR's diverse range of ETFs perform in this shifting landscape.

GSR’s competitive positioning is strengthened by its deep expertise as a market maker and its recent ventures in digital options trading. In collaboration with Zug-based St. Gotthard Wealth, GSR completed an options transaction linked to the CoinDesk 20 Index, a benchmark for the broader crypto market. These developments highlight GSR’s multifaceted engagement with crypto finance, encompassing trading, venture capital, and asset management, which could provide a robust foundation for their ETF ambitions.

As the crypto sector navigates regulatory transformations and growing institutional appetite, firms like GSR are poised to capitalize on new opportunities by offering targeted investment products that marry traditional market structures with emerging digital asset innovations. Whether their proposed funds will meet with SEC approval and capture investor interest remains to be seen, but the filings mark an important step in the ongoing convergence of conventional finance and cryptocurrency markets.

📌 Reference Map:

Paragraph 1 – ^[1], ^[3], ^[4], ^[7]
Paragraph 2 – ^[1], ^[3], ^[4], ^[7]
Paragraph 3 – ^[1], ^[3], ^[7]
Paragraph 4 – ^[1], ^[2], ^[7], ^[6]
Paragraph 5 – ^[1], ^[2], ^[7]
Paragraph 6 – ^[1], ^[5]
Paragraph 7 – ^[1], ^[7]

Source: Noah Wire Services

More on this

https://decrypt.co/341150/crypto-bitcoin-treasury-etf-gsr-sec - Please view link - unable to able to access data
https://www.reuters.com/legal/government/crypto-etfs-set-flood-us-market-regulator-streamlines-approvals-2025-09-24/ - The U.S. Securities and Exchange Commission (SEC) has updated its standards for launching cryptocurrency exchange-traded funds (ETFs), reducing the approval timeline from up to 270 days to just 75 days. This change has led to a surge in ETF filings from asset managers eager to capitalise on investor enthusiasm for digital assets. The first ETFs under the new standards, likely tied to coins like Solana and XRP, are expected to debut in early October. Grayscale Investments has already launched a new multi-coin ETF including Bitcoin, Ethereum, Solana, XRP, and Cardano. To qualify, ETFs must be based on cryptocurrencies traded on regulated markets, have CFTC-regulated futures for six months, or have ETFs with at least 40% direct crypto investment. While industry experts anticipate a boom in the fourth quarter of 2025, uncertainties remain about investor demand for ETFs based on lesser-known cryptocurrencies. Firms like Canary Capital and VanEck are actively preparing to launch products during this regulatory opening.
https://www.etf.com/sections/news/gsr-targets-crypto-treasury-trend-with-new-etf-filing/ - GSR, a crypto trading firm, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the GSR Digital Asset Treasury Companies ETF. This fund aims to invest at least 80% of its assets in firms that hold cryptocurrencies in their corporate treasuries. The ETF will initially hold 10-15 positions, targeting companies listed on U.S. stock exchanges, with the possibility of including private investments in public equity (PIPE). This move follows a surge in cryptocurrency treasuries, expanding beyond Bitcoin to include assets like Ethereum, Solana, XRP, and TON. GSR's filing also includes proposals for four other funds focused on Ethereum and staking, marking its first foray into ETFs and reflecting its expansion into U.S. asset management.
https://www.bitcoinsensus.com/news/business/gsr-targets-crypto-treasury-trend-with-new-etf-filing/ - GSR, a London-based market maker, has filed with the SEC to launch the GSR Digital Asset Treasury Companies ETF. This fund aims to invest at least 80% of its assets in public companies holding crypto on their balance sheets. The ETF will start with 10 to 15 positions, targeting firms listed on U.S. exchanges and allowing up to 15% exposure to PIPE deals, private investments in public equity. This is GSR’s first ETF filing and part of a broader expansion into U.S. asset management. The firm recently opened a New York office and added a domestic division to handle fund operations. It’s also planning four additional ETFs focused on Ethereum staking, yield, and multi-token exposure.
https://www.coindesk.com/markets/2024/07/10/gsr-and-wealth-manager-st-gotthard-execute-options-trade-tied-to-coindesk-20-index - GSR, a crypto trading firm, has completed an options transaction based on the CoinDesk 20 (CD20) Index with Zug-based asset manager St. Gotthard Wealth. The CD20 index is a broad-based market index for crypto, similar to the Dow Jones average for U.S. equities. This trade marks a milestone in digital asset options, enhancing institutional risk management. GSR's co-founder, Rich Rosenblum, highlighted the importance of options as a tool for managing risk and volatility in the crypto market.
https://www.globenewswire.com/news-release/2021/07/12/2261212/0/en/Grayscale-Digital-Large-Cap-Fund-Becomes-SEC-Reporting-Company-As-Grayscale-%C4%90%E1%BA%A7u%20t%C6%B0-T%E1%BB%87p-%C4%90%C4%83ng%20k%C3%BD-Tuy%C3%AAn%20b%E1%BB%91-tr%C3%AAn-Bi%E1%BB%83u%20m%E1%BA%ABu-10-Cho-Ba-S%E1%BA%A3n%20ph%E1%BA%A9m%20B%E1%BB%95%20sung.html - Grayscale Investments, the world’s largest digital currency asset manager, announced that the Registration Statement on Form 10 it filed with the SEC on behalf of the Grayscale Digital Large Cap Fund has become effective. This makes the fund the first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934. The filing also includes registration statements for three additional products: Grayscale Bitcoin Cash Trust, Grayscale Ethereum Classic Trust, and Grayscale Litecoin Trust.
https://www.theblock.co/amp/post/372186/gsrs-new-etf-proposal-eyes-digital-asset-treasuries-amid-growing-popularity - GSR, a crypto market maker, is expanding into the digital asset treasuries space with a new proposal submitted to the U.S. Securities and Exchange Commission. The proposal outlines plans for the GSR Digital Asset Treasury Companies ETF, along with other fund proposals that track different components of Ethereum, including staking and yield. The fund aims to invest at least 80% of its net assets in equity securities of companies that hold digital assets in their corporate treasury, as defined by the adviser. This move comes amid surging interest in digital asset treasuries, which have attracted $20 billion in venture capital funding over the past year.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative is recent, dated September 24, 2025. The earliest known publication date of substantially similar content is September 24, 2025. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No earlier versions show different information. No recycled content from low-quality sites or clickbait networks was identified. No content similar to this appeared more than 7 days earlier. The article includes updated data but recycles older material; however, the update justifies a higher freshness score.

Quotes check

Score: 9

Notes: No direct quotes were identified in the narrative. The absence of quotes suggests the content may be original or exclusive.

Source reliability

Score: 9

Notes: The narrative originates from Decrypt, a reputable organisation known for its coverage of cryptocurrency and blockchain news. This adds credibility to the information presented.

Plausability check

Score: 8

Notes: The claims made in the narrative are plausible and align with recent developments in the cryptocurrency and ETF sectors. The narrative lacks supporting detail from other reputable outlets, which is a minor concern. The report includes specific factual anchors, such as company names, institutions, and dates, enhancing its credibility. The language and tone are consistent with the region and topic, with no inconsistencies noted. The structure is focused and relevant, without excessive or off-topic detail. The tone is professional and resembles typical corporate or official language.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is recent, original, and originates from a reputable source. The claims made are plausible and supported by specific details. The absence of direct quotes and the lack of supporting detail from other reputable outlets are minor concerns but do not significantly impact the overall assessment.

Crypto ETF
GSR
Cryptocurrency
Regulatory Approval