As DATs Peak, GSR’s ETF Bets on Institutional Crypto Shift

GSR, a leading crypto market-maker, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the GSR Digital Asset Treasury Companies ETF (DATs ETF), a fund designed to capitalize on the growing trend of public companies holding cryptocurrencies in their corporate treasuries. The proposed ETF would allocate at least 80% of its assets to equity securities of firms that maintain digital assets on their balance sheets, with an additional 15% allocated to private investments in public equity (PIPEs), subject to liquidity restrictions Wall Street wraps the stock market’s crypto hype into a new ETF^[1]GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2]. This strategy inverts traditional capital-raising practices, where companies issue stock to fund crypto purchases, effectively using equity markets to accumulate tokens like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Wall Street wraps the stock market’s crypto hype into a new ETF^[1].

The DATs trend has gained momentum over the past year, drawing $20 billion in venture capital funding as firms such as Upexi Inc. have acquired Solana. GSR, which already offers portfolio management for such transactions, is positioning itself to institutionalize this strategy through its ETF. The fund’s launch aligns with a broader shift in corporate finance, where companies are leveraging crypto holdings to diversify treasury reserves and potentially enhance shareholder value GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2]. However, the timing is contentious, as data from Architect Partners indicates peak activity in DAT deals occurred in July 2025, with many firms experiencing recent share price declines amid waning retail enthusiasm Wall Street wraps the stock market’s crypto hype into a new ETF^[1].

The DATs ETF would compete with existing products like the Grayscale Bitcoin Adopters ETF (BCOR) and the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), which track similar themes. GSR’s entry into the ETF market underscores the sector’s expansion, with over 90 crypto-themed ETFs already trading in the U.S. The firm’s New York-based asset-management division is also planning four additional ETFs, including an “Ethereum Staking Opportunity” fund and a “Crypto Core3” product focused on balanced exposure to BTC, ETH, and SOL Wall Street wraps the stock market’s crypto hype into a new ETF^[1].

GSR’s credibility in this space is bolstered by its role as one of the largest crypto market-makers, facilitating over $1 trillion in token trades annually. The company’s experience in managing DAT portfolios, such as Upexi’s Solana accumulation, positions it to navigate the complexities of this niche market Wall Street wraps the stock market’s crypto hype into a new ETF^[1]. Analysts note that the DATs ETF could appeal to investors seeking exposure to a sector still in its early stages, though risks include regulatory scrutiny and the inherent volatility of crypto assets GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2].

The SEC’s recent approval of a rule change to fast-track commodity-based ETFs, including crypto-linked products, has further intensified competition in the space. With the regulator currently reviewing dozens of pending ETF proposals, including those for SOL, DOGE, and XRP, GSR’s DATs ETF could face an accelerated approval process GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2]. However, the firm must also contend with a crowded market and shifting investor sentiment, as some DAT rounds appear to have peaked in terms of fundraising volume GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2].

As the DATs trend evolves, GSR’s ETF represents a strategic effort to institutionalize a retail-driven narrative. By packaging crypto-holding companies into a tradable vehicle, the fund aims to bridge the gap between speculative retail demand and institutional-grade investment. While the market’s long-term viability remains uncertain, the DATs ETF reflects the broader integration of cryptocurrencies into traditional finance—a shift that regulators and investors are closely monitoring Wall Street wraps the stock market’s crypto hype into a new ETF^[1]GSR’s new ETF proposal eyes digital asset treasuries amid growing popularity^[2].