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The Big Apple’s Take on the New Crypto Buzz

So, something interesting is brewing in the world of digital assets. GSR, a London-based outfit that’s just jogged over to the U.S. with its asset management division, has thrown its hat into the crypto ring. They’ve decided to spice things up by proposing a sweet new exchange-traded fund (ETF) that focuses on cryptocurrency treasuries.

What’s the Deal with GSR’s ETF?

You see, they filed a bold proposal with the U.S. Securities and Exchange Commission (SEC), aiming to invest a hefty 80% of their assets in firms hoarding cryptocurrencies in their corporate treasuries. We’re talking about a fund that’ll initially juggle about 10-15 positions.

These guys are eyeing companies listed on U.S. stock exchanges, and they’re not shying away from private investments in public equity (PIPE) either. If you’re not in the know, PIPEs are these nifty privately settled transactions where accredited investors can scoop up stock shares directly from a company—usually enjoying a market price discount.

The Spring Surge and Beyond

GSR’s move is following a wild ride in the cryptocurrency treasuries world, thanks to a spring and summer surge. Remember when MicroStrategy switched lanes from software to Bitcoin back in 2020? Well, now it’s a whole new ball game, with treasuries popping up on Ethereum, Solana, XRP, and even TON.

A Peek at the Heavyweights

In their filing, GSR tipped their hat to Strategy, which has about 640,000 Bitcoin valued at nearly $73 billion, and also name-dropped Ethereum treasuries like Bitmine Immersion and Sharplink, along with SUI Group Holdings. Quite the lineup!

Doubling Down on the U.S.

Not to be outdone, GSR’s been flexing its financial muscle. They led a sizzling $100 million funding round for Upexi, a Nasdaq-traded consumer products company, to beef up their own Solana treasury. That’s how you make waves in the big league.

Extra Offerings on the Table

And that’s not all GSR is cooking up! They’ve also tossed proposals into the mix for four other funds. We’re talking about a range from the GSR Ethereum Staking Opportunity to the GSR Ethereum YieldEdge ETFs. The adventurous Crypto Core3 fund is all about Bitcoin, ETH, Solana, and snagging those staking rewards.

Jumping on the ETF Bandwagon

Lately, the crypto ETF scene is popping off! More issuers are knocking on the SEC’s door with a colorful array of crypto ETFs. Some are tied to quirky altcoins and different token combos. According to Bloomberg, the SEC’s got over 90 of these babies up for consideration as of late August.

The Winds of Change

The regulatory sky is clearing up too! The SEC gave a nod to new generic listing standards for commodity-based trusts, making everyone’s life a bit easier. This newfound friendliness in the regulatory and political environment is giving issuers a reason to smile.

New Players in the Game

Last Thursday was quite the day. Grayscale’s Digital Large Cap Fund started trading, spotlighting stars like XRP, Solana, Cardano, along with Bitcoin and Ethereum. Over at Rex-Osprey, the DOGE ETF got its moment too. Just a day after getting that sweet SEC approval, they lit up the trading floor. And hey, Tidal Financial’s hopped in, filing for a Quantify 2X Daily AltAlt Season Crypto ETF, which cheekily skips Bitcoin and Ethereum.

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Click here for Bloomberg’s insights on the crypto ETF wave.

Explore more on GSR to see how they’re shaking things up.