GSR Eyes First-Ever ETF For Companies Holding Crypto On Their Balance Sheets

GSR, a crypto market-making firm, filed with the SEC on Wednesday to launch the first ETF designed to track public companies that maintain cryptocurrency on their balance sheets. 

The proposed GSR Digital Asset Treasury Companies ETF would offer investors a way to access firms that have raised equity to purchase digital assets and keep them on their balance sheets. 

According to the SEC filing, companies would be weighted based on market capitalization and crypto holdings, with periodic reviews to ensure the ETF reflects meaningful digital asset exposure. The fund would also allocate up to 15% to private investments in public equity (PIPEs), subject to ETF liquidity restrictions. The initiative marks GSR's first foray into ETFs and is part of its newly formed US asset-management division, which recently opened a New York office.

Similar ETFs already exist for Bitcoin-focused firms. Grayscale Bitcoin Adopters ETF (BCOR) tracks companies holding BTC on their treasuries, while REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) targets convertible bonds issued by those firms. 

GSR's offering would formalize the strategy into a broader, multi-asset approach at a time when the regulatory environment is becoming more crypto-friendly under the Trump administration. 

Michael Saylor-backed Strategy (MSTR) pioneered the Bitcoin (BTC)-based corporate treasury strategy and currently holds over 639,800 BTC, reflecting an unrealized gain of roughly 53%. This year, other companies, including Bitmine Immersive Technologies (BMNR), Reliance Global Group (RELI), and Forward Industries (FORD), have followed suit, expanding the digital asset treasury (DAT) space beyond Bitcoin to Solana (SOL), Ethereum (ETH), and Cardano (ADA).

MSTR's stock edged 0.2% higher in afternoon trade, with retail sentiment on Stocktwits in 'bullish' territory over the past day. Meanwhile, shares of BMNR, the largest ETH corporate treasury holder, fell 1.5% but retail sentiment still trended in 'bullish' territory. The stocks have gained 9% and 540%, respectively, year-to-date.

Read also: Tether CEO Confirms Targeting Up To $20B Fundraise, Valuation Could Rival OpenAI

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