NEW YORK, April 23, 2026, 04:41 EDT
Solana picked up another U.S. foothold thanks to GSR, which launched its GSR Crypto Core3 ETF on Nasdaq this Wednesday. The new fund gives investors access to Solana, bitcoin, and ether in a single product. According to Farside Investors’ Solana ETF flow table, cumulative flows reached roughly $1.008 billion. GSR claims BESO marks the first multi-asset crypto ETF in the U.S.
This is notable as Solana, after a year trying to break out from its crypto roots, is pushing toward mainstream fund status. Back in September, Reuters noted the U.S. Securities and Exchange Commission had signed off on generic listing standards for crypto ETFs, a move that trimmed the filing-to-launch window to as little as 75 days. That decision essentially sped up the path for ETFs linked to tokens like Solana and XRP.
GSR’s product page notes that BESO is an actively managed fund with weekly rebalancing and a 1.00% expense ratio. According to the firm, investors get exposure to bitcoin, ether, and Solana. Ether and Solana are billed as top layer 1 blockchains — that is, foundational networks for app deployment and transaction settlement. The fund may also pursue staking rewards, which are yields earned by locking up tokens to support a network.
Chief Executive Xin Song said in a statement, “GSR has spent over a decade building efficient crypto markets.” For asset management, managing director Andy Baehr described the fund as focused on both “what to own” and “how to earn yield while you hold.” Chainwire
Solana hovered near $85.9 on Thursday, CoinGecko data showed, putting its market cap close to $49.4 billion. The token’s price remains down roughly 70.7% from its January 2025 peak of $293.31.
Demand for dedicated U.S. Solana ETFs remains thin and highly concentrated. According to Farside’s table, Bitwise’s BSOL has pulled in $819.6 million since its debut—well ahead of Franklin’s FSOL at $157.9 million and Grayscale’s GSOL with $104.2 million. Altogether, the group’s cumulative inflows stand at $1.008 billion. The Apr. 22 entry, however, was unchanged at zero.
That split is the main takeaway. While new regulated ways to trade Solana are popping up, the daily flows can dry up just as fast. A diversified ETF—think Solana mixed with bitcoin and ether—might draw in those reluctant to make a one-token wager, judging by how BESO is structured and what the latest Solana fund flows suggest.
Things started moving back in February 2025, when Reuters revealed that CME was preparing to launch Solana futures. CF Benchmarks CEO Sui Chung commented at the time that this “significantly increases” the chances for a spot ETF—pointing to the SEC’s longstanding requirement for a regulated futures market as the key hurdle. Reuters
Still, nothing’s set in stone. GSR lays it out: the fund is brand new, crypto prices might tumble “without warning,” and staking Solana or ether isn’t without hazards — think illiquidity, validator blowups, or slashing, all of which could eat into either rewards or principal. Gsretps
The message couldn’t be more straightforward, though the outcome is still up in the air. Wall Street is opening the door to Solana, but the token continues to trade well under its peak. Latest daily figures show flows into Solana-only funds are basically unchanged. Now, it’s up to the market to decide if these new investment vehicles will actually support more consistent demand.
