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.