Wall Street wraps the stock market’s crypto hype into a new ETF

First came the digital-asset treasuries—public companies that raised equity, bought crypto and watched their stock prices soar. It was a kind of financial alchemy: tap the stock market to buy tokens, then let the market reward you for holding them.

Now comes the effort to scale that trade. GSR, a crypto market-maker, filed to launch a fund that bundles such companies into a single investment—just as the frenzy shows signs of cooling.

The proposed GSR Digital Asset Treasury Companies ETF would be the first to formalize the strategy.

At the core of the trade is an inversion of the usual playbook. Instead of crypto firms tapping equity markets to raise capital, public companies have been using equity markets to buy tokens.

Many did so by issuing stock—often at inflated valuations—and plow