GSR Files with SEC for Crypto Treasury ETF and New Altcoin Funds

Highlights:

• GSR filed with the SEC to launch an ETF tracking crypto treasury companies. 
• The ETF will mainly target U.S.-listed companies with digital asset reserves.
• GSR filed with the SEC for a crypto treasury ETF investing 80% in asset firms.

Crypto trading firm GSR has filed its first application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) on Wednesday. The ETF will focus on companies that hold cryptocurrencies in their corporate treasuries. Examples of possible holdings include MicroStrategy, which is known for buying large amounts of Bitcoin, and BitMine Immersion Technologies, which keeps Ether in its reserves. The list also mentioned SUI Group Holdings.

Advertisement

New GSR ETF to Focus on Firms Holding Crypto in Treasuries

The product, called the GSR Digital Asset Treasury Companies ETF, will invest at least 80% of its assets in such firms. It will start with 10 to 15 positions, mainly targeting companies listed on U.S. exchanges. The filing also allows for private investments in public equity (PIPE).

Crypto treasury companies usually buy and hold digital assets for the long term. This approach has become popular, as it helps them secure funding and attract investors. However, some companies have gone into riskier altcoins to stand out. Analysts warn that this could lead to an oversaturated market.

New filing for a DAT ETF and "Crypto Strikemax ETF" from GSR w/ Tuttle subadvising pic.twitter.com/70LIsgM4KT

— Eric Balchunas (@EricBalchunas) September 24, 2025

GSR noted in the filing that its crypto treasury ETF will buy shares of public companies that own digital assets. Importantly, the plan does not appear to restrict the fund only to firms holding major tokens such as Bitcoin or Ether. According to the filing, “The Fund, under normal market conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that hold digital assets in their corporate treasury.”

GSR Also Files Four New Crypto ETFs

Alongside its treasury ETF, GSR also proposed four more ETFs. These are the Ethereum Staking Opportunity, Crypto StakingMax, Crypto Core3, and Ethereum YieldEdge. The Core3 ETF will focus on Bitcoin, Ether, and Solana, and could directly hold the tokens. The Ethereum Staking ETF and the YieldEdge ETF will both use offshore subsidiaries. This setup is needed because they were filed under the 1940 Investment Company Act (40 Act), which limits what ETFs can directly hold. Through the offshore arm, both funds will buy and stake Ether. 

The Ethereum Staking ETF will also invest in other Ether staking ETFs, mostly based outside the U.S. The YieldEdge ETF will go further by using an active derivatives strategy to increase yield. The StakingMax ETF, also filed under the 40 Act, will focus on proof-of-stake cryptocurrencies. It will invest in tokens and securities tied to staking strategies, again using an offshore subsidiary to manage this. 

GSR, based in London, works in market making, venture capital, and over-the-counter trading. The firm recently added a U.S. asset management arm to expand further into digital assets. In April, GSR led a $100 million funding round for Upexi, a Nasdaq-listed consumer products company. The funds were used to help Upexi build a Solana treasury.

SEC Makes ETFs Approval Easy

In recent months, many issuers have applied for crypto ETFs. Some are based on altcoins. Others combine different tokens or strategies. By late August, the SEC was reviewing more than 90 applications, Bloomberg reported. Their chances of approval improved last week. The SEC approved new generic listing rules for commodity-based trusts. These rules make the approval process easier. The decision also showed a friendlier regulatory and political environment, which has encouraged more issuers.

BOOM: SEC has approved the generic listings standards that will clear way for spot crypto ETFs to launch (without going through all this bs every time) under '33 Act so long as they have futures on Coinbase, which currently incl about 12-15 coins. pic.twitter.com/E9FXrniXRS

— Eric Balchunas (@EricBalchunas) September 17, 2025

Advertisement