NEW YORK, April 23, 2026, 04:41 EDT
GSR has given Solana another regulated route into U.S. markets. The crypto trading firm’s new GSR Crypto Core3 exchange-traded fund, or ETF, began trading on Nasdaq on Wednesday with exposure to Solana alongside bitcoin and ether, while Farside Investors’ Solana ETF flow table showed a cumulative total of about $1.008 billion. GSR said BESO is the first multi-asset crypto ETF in the United States.
The move matters now because Solana has spent the past year trying to move from a crypto-native trade into mainstream fund products. Reuters reported in September that the U.S. Securities and Exchange Commission approved generic listing standards for crypto ETFs, cutting the time from filing to launch to as little as 75 days and clearing a faster lane for products tied to tokens such as Solana and XRP.
On its product site, GSR said BESO is actively managed, rebalances weekly and charges a 1.00% expense ratio. The firm said the fund gives exposure to bitcoin, ether and Solana — the latter two what it described as leading layer 1 blockchains, meaning base networks used to run apps and settle transactions — and may seek staking rewards, the yield generated by locking tokens to help secure a network.
“GSR has spent over a decade building efficient crypto markets,” Chief Executive Xin Song said in a statement. Andy Baehr, a managing director in asset management, said the fund was built around “what to own” and “how to earn yield while you hold.” Chainwire
Solana traded around $85.9 on Thursday, according to CoinGecko, giving the token a market value of roughly $49.4 billion. Even after its recent recovery, SOL is still about 70.7% below its January 2025 record of $293.31.
Dedicated U.S. Solana ETF demand is still narrow and concentrated. Farside’s table showed Bitwise’s BSOL has drawn $819.6 million since launch, ahead of Franklin’s FSOL at $157.9 million and Grayscale’s GSOL at $104.2 million, bringing the category’s cumulative flow total to $1.008 billion; the Apr. 22 line itself was flat at zero.
That split tells the story. New regulated routes into Solana keep appearing, but the daily money can stop just as quickly, and a diversified ETF that bundles Solana with bitcoin and ether could appeal to buyers who do not want a single-token bet — an inference from the structure of BESO and the recent flow pattern in Solana funds.
The groundwork was laid earlier. Reuters reported in February 2025 that CME planned Solana futures, a move CF Benchmarks Chief Executive Sui Chung said “significantly increases” the odds of a spot ETF because a regulated futures market had been the SEC’s main precondition. Reuters
But the trade can still turn. GSR’s disclosures say the fund has no operating history, that crypto prices can drop “without warning,” and that staking Solana and ether can expose investors to illiquidity, validator failures and slashing — penalties that can trim rewards or principal. Gsretps
For now, the signal is clear, but the verdict is not. Wall Street is making Solana easier to own, yet the token remains far below its high and fresh money into dedicated Solana funds was flat on the latest daily read, leaving the market to prove whether new wrappers can deliver steadier demand.
