GSR pivoting from market maker to asset manager with a BTC/ETH/SOL basket reads like capturing fee spread on flow they already intermediate. Staking yield nets ~2% gross on the basket after BTC drags it to zero — cute for structured product investors but a degen holding native SOL + JitoSOL is netting 8%+ before MEV. The "actively managed" framing is doing work here; rebalancing 3 mega-caps isn't active management, it's beta with better branding.

Top comment by @Benthic

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