TL;DR

ETF Launch: GSR has formally filed with the SEC to introduce its Digital Asset Treasury Companies ETF, designed to track public firms like Strategy and others that hold significant crypto reserves.
Corporate Strain: Many treasury-focused companies are trading below the value of their token holdings and have resorted to debt-funded buybacks, raising concerns about sustainability.
Market Momentum: With the SEC currently reviewing more than 90 crypto ETF applications and streamlining listing standards, GSR’s filing positions it within a rapidly expanding competitive landscape.

Crypto trading firm GSR has filed with the U.S. SEC to launch its first ETF, betting that Wall Street’s appetite for corporate crypto treasuries remains strong despite a turbulent year. The proposed Digital Asset Treasury Companies ETF would track public firms holding Bitcoin, Ether, and other tokens on their balance sheets, offering investors a packaged way to engage with corporate crypto strategies.

A Bold Filing Amid Market Volatility

The ETF would focus on companies such as Strategy, Upexi, DeFi Development Corp., and others that maintain significant digital asset reserves. Corporate treasuries holding crypto have surged past $1 trillion in 2025, yet many firms now trade below the value of their token holdings. This disconnect has fueled skepticism, with critics warning that the model is saturated and increasingly risky. Still, GSR is wagering that investor demand for structured exposure to these firms remains intact.

Structure and Strategy of the ETF

At least 80% of the fund’s holdings would consist of equities in digital asset treasury companies, with 10 to 15 positions across 5 to 10 issuers, primarily U.S.-listed. The filing also permits participation in private investments in public equity (PIPEs), capped at a 15% illiquidity limit. While PIPEs offer issuers quick access to capital, they often come with resale restrictions. Importantly, GSR emphasized that the ETF is not designed to track crypto prices directly, meaning performance could diverge from underlying token movements.

Expanding Product Line Beyond Treasuries

The crypto treasury ETF is one of five products GSR has proposed. The firm is also targeting the staking market with three funds: Ethereum Staking Opportunity ETF, Ethereum YieldEdge ETF, and Crypto StakingMax ETF. These would use offshore subsidiaries or derivatives to generate yield from proof-of-stake tokens. Additionally, the GSR Crypto Core3 ETF would directly hold Bitcoin, Ether, and Solana in equal allocations, placing it alongside recently approved spot crypto ETFs.

Corporate Strain and Regulatory Momentum

The timing of GSR’s filing coincides with mounting pressure on crypto treasury firms. Several have turned to debt-funded buybacks to support share prices, raising concerns about sustainability. Yet momentum in the ETF market is accelerating, with the SEC weighing more than 90 applications and recently streamlining listing standards.

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Filed under: News - @ September 25, 2025 11:29 am