Market maker GSR has applied to launch five crypto ETFs, including the first fund tracked by financi

The encrypted financial market is expanding rapidly. The established market maker GSR has recently submitted an application to regulatory authorities, planning to launch five new encrypted ETFs. One of the highlights of these ETFs is the world’s first fund that tracks companies involved in financial transactions. This demonstrates the deep integration of traditional finance with the encrypted market, and it also provides investors with more diversified investment options.

It is likely that Wall Street will soon see the introduction of a new exchange-traded fund that tracks encrypted financial companies, along with four other funds from GSR, a company specializing in encrypted trading and market-making.

According to regulatory documents dated Wednesday, GSR aims to launch an ETF focused on digital asset-related financial companies. This ETF would invest in publicly traded companies that purchase Bitcoin (BTC), or companies like BitMine Immersion Technologies that hold Ethereum (ETH).

This is GSR’s first attempt at creating an ETF. The document also lists four additional funds that involve ETH and encrypted tokens. One of these funds aims to track the prices of Bitcoin, Ethereum, and Solana (SOL).

Long-term ownership of cryptocurrencies by financial companies has become popular due to the high amount of capital attracted by this practice. Some companies are betting on riskier altcoins to attract investors, which raises concerns among analysts who warn that the market might be oversaturated.

ETFs related to encrypted financial companies have no restrictions on the types of assets they can invest in.

In its documentation, GSR stated that its ETF will invest in stocks of publicly traded companies that hold encrypted currencies. It seems that the fund will not be limited to companies that hold major tokens like Bitcoin or Ethereum.

“在正常的市场条件下，该基金将至少将其净资产的80%（加上任何用于投资的借款）投资于那些在企业财务账户中持有数字资产的公司的股票，”文件中写道。

该基金将“通常在其资产的重要组成部分上持有一种或多种数字资产”的公司定义为潜在的投资对象，并且明确指出该ETF对投资对象的市值没有最低要求。

该ETF最初计划持有“由5到10个发行者组成的10-15个头寸”，财务账户中可能包含SUI Group Holdings这样的公司，或者持有BNB的CEA Industries等公司。

GSR计划推出三种质押ETF：

文件还详细介绍了GSR以太坊质押机会ETF、GSR加密StakingMax ETF以及GSR以太坊YieldEdge ETF，这些基金都旨在涉及质押奖励机制。

无论是以太坊质押基金还是YieldEdge ETF，都将通过离岸全资子公司来购买和质押ETH，因为这些基金是依据1940年投资公司法（即“40法案”）设立的，该法律对ETF可持有的资产种类有严格限制。

GSR的以太坊质押基金还将投资于基于以太坊的质押ETF，而这些ETF的主要投资地点将在美国境外。而YieldEdge ETF则采用“旨在提高收益的主动管理衍生品策略”。

其StkingMax ETF同样依据40法案设立，并通过离岸子公司运作，其投资目标为加密货币和证券，尤其专注于权益证明(PoS)加密货币和质押策略。

比特币、以太坊和Solana相关ETF可以直接持有这些资产。

GSR’s fifth ETF in this category is the GSR Crypto Core 3 ETF. This ETF aims to track the prices of Bitcoin, Ethereum, and Solana, and may even directly hold these tokens. The Crypto Core 3 ETF was approved under the Securities Act of 1933. It shares many similarities with the highly popular spot trading products for Bitcoin and Ethereum that were launched last year. GSR stated that this ETF seeks to provide “a balanced exposure to the three most mature digital assets,” with approximately one-third of its net assets allocated to Bitcoin, Ethereum, and Solana respectively. GSR’s application comes at a time when other asset management companies are also launching similar ETFs, including those focused on staking and those that track groups of crypto tokens. Wall Street is actively seeking to gain access to this market.