Blog

  • GSR Launches Actively Managed Bitcoin, Ethereum and Solana Basket ETF on Nasdaq

    GSR Launches Actively Managed Bitcoin, Ethereum and Solana Basket ETF on Nasdaq

    In brief

    • GSR rolled out a new actively managed multi-asset ETF that trades on the Nasdaq exchange as BESO.
    • The fund will rebalance weekly positions of Bitcoin, Ethereum, and Solana, with staking rewards for investors.
    • BESO is designed to suit both institutional and retail investors looking for crypto exposure.

    Crypto market maker GSR launched its first exchange-traded fund (ETF)—the GSR Crypto Core3 ETF—on Wednesday, and it’s now live for trading on the Nasdaq. 

    The fund, which trades under the ticker BESO, will offer investors actively managed exposure to Bitcoin, Ethereum, and Solana, as well as staking rewards from its ETH and SOL holdings. The fund will operate with a 1% management fee. 

    “GSR has spent over a decade building efficient crypto markets, and with Core3, we are extending that expertise into a product accessible to a broader range of investors,” said GSR CEO Xin Song, in a statement. “Our ETF strategy reflects our deep understanding of how this asset class is evolving.”

    The firm said the product has been built using its substantial experience in the crypto ecosystem “across trading, liquidity, and risk expertise,” allowing it to create an ETF that is suitable for both retail and institutional investors. GSR will rebalance its portfolio weekly based on “research-driven signals,” as it seeks the best rate of return. 

    “Core3 answers the three questions every crypto investor faces: what to own, how to earn yield while you hold, and how to be positioned as markets evolve,” said GSR’s Managing Director of Asset Management Andy Baehr, in a statement. 

    “As crypto becomes an increasingly important component of modern portfolios, Core3 provides exposure to the asset class’s primary drivers—Bitcoin’s macro influence and the continued growth and adoption of blockchain technology.”

    The firm’s launch is likely the beginning of a trend, according to Bloomberg ETF analyst James Seyffart.

    “I expect basket ETFs (active or passive) to be one of the fastest-growing categories in crypto ETFs over the next couple years,” he posted on X. “This one will attempt to outperform an equal weighted ‘index’ of BTC, ETH & SOL.” 

    The trio have each jumped more than 3% in the last 24 hours as the broader crypto market gains. Bitcoin was recently trading at $79,130—up nearly 11% in the last month. Meanwhile, Ethereum and Solana are changing hands around $2,400 and $88.31, up 10% and down 3.1% over the same timeframe, respectively. 

    Daily Debrief Newsletter

    Start every day with the top news stories right now, plus original features, a podcast, videos and more.

  • ‘Axie Infinity’ Gaming Network Ronin Sets Date for Ethereum Layer-2 Migration

    ‘Axie Infinity’ Gaming Network Ronin Sets Date for Ethereum Layer-2 Migration

    In brief

    • The Ronin blockchain will migrate to Ethereum layer-2 on May 12 after four years as a sidechain.
    • RON token inflation will drop dramatically from over 20% to less than 1%.
    • Ronin’s token is down nearly 98% from peak, reflecting flagging momentum across the crypto gaming industry.

    Ronin, the gaming-focused blockchain that powers games like Axie Infinity and Pixels, will migrate to become a true Ethereum layer-2 scaling network on May 12, marking a fundamental shift after four years operating as an Ethereum sidechain.

    The migration will trigger at block 55,577,490, transitioning Ronin to the OP Stack, Ethereum layer-2 infrastructure that powers millions of transactions daily across other scaling networks. Users should prepare for approximately 10 hours of mainnet downtime between 11 a.m. and 9 p.m. ET during the transition, Ronin developers said, with games potentially unavailable during that span.

    The economic restructuring is sweeping. RON token inflation will plummet from over 20% to less than 1%, while marketplace fees flowing to the Treasury jump 2.5x from 0.5% to 1.25%. Additionally, 90 million RON tokens previously allocated for staking will be redirected to the Ronin treasury.

    A new “proof of distribution” system launching with the migration will automate RON rewards for developers, replacing manual allocation processes as the network reestablishes itself within Ethereum’s ecosystem.

    The timing reflects mounting pressure on standalone gaming chains to leverage established infrastructure rather than maintain costly independent networks. Ronin processed billions of dollars worth of NFT trading volume during Axie Infinity’s 2021-2022 peak, but sustaining that infrastructure has proven challenging as the crypto gaming market declined.

    Ronin launched in 2021 specifically to handle Axie Infinity’s transaction demands when Ethereum’s mainnet fees made gaming economically unfeasible. The sidechain solution enabled the play-to-earn phenomenon that attracted millions of daily users and generated unprecedented trading volumes for blockchain gaming.

    Now, Ronin developer Sky Mavis says that advances in layer-2 technology offer the same benefits—low costs and high throughput—while inheriting Ethereum’s security guarantees.

    While the RON token is up about 11% over the last week to a recent price of $0.097, it’s had a brutal fall over the last couple of years as crypto gaming momentum largely disappeared. RON has fallen by nearly 81% in the last year, per data from CoinGecko, and is now down about 98% from a peak price of $4.45 set in March 2024.

    The tokens of top games on Ronin have also cratered, with Axie Infinity’s AXS token down over 99% from its November 2021 peak, and Pixels’ PIXEL token down just as much from its own March 2024 high. But that’s not an issue isolated to Ronin or its games, with other major gaming tokens like Immutable (IMX) and Gala Games (GALA) also down at least 98% from their respective peaks.

    Numerous prominent crypto games shut down over the course of 2025, often with developers citing a lack of funding and player interest to continue operations. That trend has continued into 2026 with the recent closure of games like Forgotten Runiverse on Ronin and Xociety on Sui.

    Industry experts told Decrypt in late 2025 that the wave of crypto game closures centered on the disappearance of venture capital funding amid flagging blockchain gaming momentum, driving many projects to either pivot their focus or shut down their games entirely. That downward swing has only persisted into this year, so far.

    Daily Debrief Newsletter

    Start every day with the top news stories right now, plus original features, a podcast, videos and more.

  • Kraftwerk Loses Two-Decade-Long Copyright Dispute After Court Rules Unauthorized Sample Was a ‘Pastiche’

    Kraftwerk Loses Two-Decade-Long Copyright Dispute After Court Rules Unauthorized Sample Was a ‘Pastiche’

    A circuitous and protracted copyright infringement case first brought by German electronic-music pioneers Kraftwerk in 2004 has finally been settled — and not in the pioneering electronic group’s favor.

    The European Court of Justice, the principal judicial authority of the E.U., decided on April 14 that an unapproved, two-second sample of Kraftwerk’s 1977 song “Metall auf Metall” used by producer Moses Pelham in the 1997 single “Nur mir” was legal.

    The ECJ found that the producers’ use of Kraftwerk’s percussion was within the provisions of “pastiche,” which, due to a 2022 ruling, allows for the unauthorized use of creative work if that use is noticeably different from the original and is in artistic dialogue with the original. (The U.S. has similar, but roomier, laws around “fair use” that allow for, among other things, creators to use copyrighted works without permission if they’re engaging with it critically or comedically.)

    “The European Court of Justice has helped to clarify the urgently needed definition of the concept of pastiche, thereby seeking to strike a balance between artistic freedom and the protection of intellectual property,” says René Houareau, Managing Director Legal & Political Affairs for Germany’s music industry association BVMI, in a statement to Variety. “This is also significant because the exception introduced in Germany in 2021 has so far been associated with considerable legal uncertainty.”

    The path to the decision has been a long and complex one, with 22 years spent circumnavigating the European justice system across appeals and remandments that ping-ponged between two regional German courts, the German Federal Court of Justice, the German Federal Constitutional Court and, now, the ECJ.

    The pastiche provision “does not have a catch-all nature,” the Court wrote in its decision, “but covers creations which evoke one or more existing works, while being noticeably different from them, and which use, including by means of sampling, some of those works’ characteristic elements protected by copyright, in order to engage with those works in an artistic or creative dialogue that is recognisable as such and that can take different forms, in particular the form of an overt stylistic imitation of those works, of a tribute to them or of humorous or critical engagement with them.”

    In other words, the ECJ has carved out a comfortable, but not infinite, legal space for sampling and other creative interpolations in such contexts.

    “The fact remains that sampling is only possible within narrow limits,” Kraftwerk representative Hermann Lindhorst told Süddeutsche Zeitung.

    The case will now head to the German Federal Court of Justice for final reassessment under the new ECJ guidelines.

  • LISTEN: Why the Warner Bros.-Paramount Skydance Sale ‘Symbolizes Big Changes in the Industry’

    On today’s episode of “Daily Variety” podcast, Erik Gordon, a professor at the University of Michigan’s Ross School of Business, breaks down the Warner Bros. Discovery sale saga as the company’s shareholders prepare to vote on the sale to Paramount Skydance.

    Gordon, who studies mergers and acquisitions and has used Warner Bros. Discovery as a case study in one of his classes, says that the process has been “unusual” for both WBD and Paramount Skydance. WBD shareholders will get the chance to vote April 23 on whether to support the deal. It’s been a long road for the company since sale rumors picked up steam last summer. WBD at first tried to hold off its aggressive suitor, which was one of many unconventional aspects of the transaction.

    “It’s unusual for the target to just say, ‘We’re not going to talk to you, take a hike. We don’t want to listen.’ It’s sort of like, putting their hands over their ears and going, nah, nah, nah, nah, nah, nah. That’s pretty unusual,” Gordon says. “It finally got to the point where some legal duties took over. It’s also unusual for the pursuer, the acquirer Paramount Skydance, to be so persistent. I mean, you’ve got to give David Ellison credit for. He’s the guy who gets turned down by a girl 23 times. And he asks the 24th time and she says, ‘OK, I’ll go out with you.’ ”

    The jockeying around WBD, the tug of war between Netflix and Paramount Skydance over the deal reflects so many crosscurrents that are roiling the traditional entertainment business. But fundamentally, a company endowed with sui generis assets such as Warner Bros. and HBO offers a rare opportunity to grab significant showbiz real estate.

    “This deal, even though it didn’t create the big changes in the industry, this deal will probably come to symbolize all of those big changes,” Gordon says.

    Listen to Daily Variety on iHeartPodcastsApple Podcasts, Variety’s YouTube Podcast channel, Amazon MusicSpotify and other podcast platforms.

  • LG’s first RGB TV starts at $5000 and is available to pre-order today

    LG has announced the pricing and availability of its Micro RGB evo, the company’s first take on a TV display trend that kicked off in earnest at CES 2026. The LG Micro RGB evo is available to pre-order today starting at $5,000, and follows the recent release of the ultra-thin LG Wallpaper.

    The Micro RGB evo represents the top of the line of a new class of display at LG that directly builds on the company’s work with Mini LED technology. The new TV features LG’s Micro RGB panel and its Alpha A11 AI processor, which runs the TV’s webOS software, and perhaps more importantly, powers the “Micro RGB Engine” that controls the TVs individual LEDs. LG says the Micro RGB evo offers full gamut coverage across DCI-P3, BT.2020 and Adobe RGB, along with “enhanced contrast and refined detail” from the TV’s over a thousand dimming zones.

    While Micro RGB should offer better color representation than OLED, LG’s OLED TVs still have their share of benefits, especially in things like contrast and dimming. Micro RGB panels are similar to the company’s Mini LED ones, but rather than using all blue or white LEDs, the Micro RGB evo has individually controlled red, green and blue LEDs. The new style of display is also being explored by companies like TCL and Samsung, and at least for now, it’s not as affordable as some QD-OLED or OLED TVs can be.

    The LG Micro RGB evo is available to pre-order today from LG’s website in 75, 86 and 100-inch screen sizes. The TV starts at $5,000 for the smallest 75-inch model and goes up from there.

  • ‘Clayface’ Teaser Trailer: First Look at DC Studios’ R-Rated Body Horror Film

    The Clayface teaser trailer has arrived.

    The first footage (below) from the high curiosity project from DC Studios follows an up-and-coming actor (Tom Rhys Harries) whose face is disfigured by a gangster. As a last resort, he turns to a scientist (Naomi Ackie) who transforms his body into clay.

    The body horror film from director James Watkins (Speak No Evil) is based on a script by Doctor Sleep director Mike Flanagan along with Hossein Amini. In February, DC Studios co-chief James Gunn told reporters that the studio, “had no plans [to make] a Clayface movie,” but then Flanagan “turned in a script and it’s one of the best scripts that we’ve read.”

    Like Todd Phillips’ 2019 hit Joker, the project will serve as an origin story for a Batman villain and is likewise expected to carry an R rating. Unlike Joker, and its 2024 sequel, the project is considered part of the DC Universe rather than its own self-contained world.

    Clayface might not be as widely known as The Penguin or The Joker, but we really feel that his story is equally resonant, compelling, and in many ways, more terrifying than one of those,” DC Studios co-chief Peter Safran has said, with Gunn adding the film will feel “totally real” and will be “true and psychological and body horror and gross.”

    Clayface is slated to take advantage of spooky season at the box office, hitting theaters on Oct. 23. First up for DC, however, is Supergirl, which takes flight on June 26. The duo are seen as the second wave of theatrical projects for Gunn and Safran since last year’s hit, Superman.

  • ‘Heart Eyes 2’ a Go for 2028 Release From Paramount, Spyglass

    ‘Heart Eyes 2’ a Go for 2028 Release From Paramount, Spyglass

    Paramount is doubling down on Heart Eyes. The studio has has set a Valentine’s Day weekend release date of Feb. 11, 2028.

    Paramount will co-produce and co-finance Heart Eyes 2 along with Spyglass Media Group and handle global distribution. (Sony had domestic on the first film, while Paramount handled international for the for the romantic slasher sequel.)

    Mason Gooding and Olivia Hoult starred in the first movie as co-workers mistaken for a couple by a killer who targets romantic partners on Valentine’s day. It earned $33.1 million globally after opening Valentine Day Weekend last year.

    Josh Ruben directed the first Heart Eyes and will return to direct and co-write the sequel script with Darcy Fowler, from a story by Christopher Landon and Michael Kennedy. (Landon and Kennedy wrote the script for the first movie with Phillip Murphy.) Landon and Divide/Conquer will produce the feature.

    At this stage, it’s too early to say if if Gooding or Hoult will return for the sequel. Ruben made the original film in near record time, pitching it on Valentine’s Day weekend in 2024, with the film arriving in theaters a year later. “We really hustled, and it’s truly a nine-month baby,” he told THR upon release. This time, there will be a little bit more breathing room to hit that 2028 date.

  • Russia Advances Sweeping Crypto Bill With Provisions for ‘Circumventing Sanctions’

    Russia Advances Sweeping Crypto Bill With Provisions for ‘Circumventing Sanctions’

    In brief

    • Russia’s State Duma passed comprehensive crypto regulation in its first reading.
    • The bill classifies cryptocurrency as property, enabling legal protection in court proceedings.
    • Cross-border crypto transactions are permitted; domestic payments remain prohibited.

    Russia’s State Duma passed a comprehensive crypto regulation bill in its first reading, establishing the country’s first formal framework for digital asset regulation while maintaining restrictions on domestic cryptocurrency payments.

    Per reports in local media, the legislation would classify cryptocurrency as property, enabling legal protection in court proceedings including bankruptcy and divorce cases. Non-qualified investors would face annual purchase limits of 300,000 rubles (around $3,900), while professional participants would encounter no such restrictions.

    Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, noted that while the ruble remains Russia’s sole legal settlement currency, the bill creates an exception for cryptocurrency use in foreign trade. “This allows Russian companies to use cryptocurrency to pay foreign counterparties, circumventing sanctions restrictions,” Panesh said.

    The Bank of Russia would serve as the licensing authority for crypto market participants under the proposed framework. The legislation is expected to take effect July 1, 2026, pending second and third readings in the State Duma, Federation Council approval, and presidential signature.

    The bill’s provisions for cross-border crypto transactions could provide Russian companies an alternative payment mechanism outside traditional banking systems that Western nations have restricted since Russia’s invasion of Ukraine. The legislation explicitly permits cryptocurrency settlements with foreign partners while maintaining domestic payment prohibitions, creating a regulatory pathway for international trade that circumvents conventional financial channels.

    Tuesday’s State Duma vote represents Russia’s most comprehensive attempt to formalize digital asset regulation, balancing cryptocurrency integration with state control over domestic monetary policy.

    Russia and crypto

    Russia’s crypto landscape continues to evolve in the face of the geopolitical upheaval sparked by its invasion of Ukraine, and the resulting sanctions imposed on the country.

    Russia banned cryptocurrency payments in 2020 while permitting digital asset ownership. The country has since opened limited pathways for institutional use and cross-border transactions amid Western sanctions following its invasion of Ukraine.

    A September 2025 report from blockchain forensics firm Elliptic found that one Russia-linked network was connected to at least $8 billion in stablecoin transactions over an 18-month period, specializing in “sanctions evasion as a service.”

    By January, transactions in ruble-pegged stablecoin A7A5 had topped $100 billion, while the 2026 TRM Crypto Crime Report found that A7A5 and its associated wallet network handled approximately $70 billion in sanctions-related flows in 2025.

    In February, the EU moved to ban all crypto transactions with entities based in Russia, in response to the relaunching of sanctioned Russian crypto providers under different names—as in the case of shuttered Russian exchange Garantex, which reemerged last year as Grinex.

    Earlier this month, Grinex halted trading after alleging a $13 million exploit by what it termed “Western special services.”

    Daily Debrief Newsletter

    Start every day with the top news stories right now, plus original features, a podcast, videos and more.

  • Annecy Festival Rolls Out Inaugural Slate for New International Animation Institute

    Annecy Festival Rolls Out Inaugural Slate for New International Animation Institute

    Annecy Animation Film Festival is rolling out a slate of events to mark its 2026 edition and the opening of its sprawling new institute, including a showcase for Laika, the studio behind “Coraline” and “The Boxtrolls,” and an exhibition dedicated to Ankama (“Krosmoz”).

    Annecy is already considered the world’s leading animation festival. The new hub, called Cité Internationale du Cinema d’Animation, will now expand Annecy’s reach beyond its annual festival and reinforce its status as a global animation platform.

    The site will open on June 19 with an inaugural exhibition, “Ankama: From Sketch to Epic — 25 Years of Creation.” The immersive showcase – running through January 2027 — will explore the studio’s “Krosmoz” universe across animation, video games and publishing, tracing its creative journey from early sketches to finished works.

    The exhibition around Laika, meanwhile, will bring its CEO, filmmaker Travis Knight, on the ground in Annecy where he will present early footage from “Wildwood,” one of the most anticipated animated films in the pipeline. .

    A year-round cultural and educational hub, the Cité Internationale du Cinema d’Animation boasts a vast screening room, an artists’ residency, special areas for training courses and cultural action, alongside exhibition spaces, a bookstore and a gift shop. It’s located in a 19th century landmark called Haras, which spreads over 2.6 acres of lush gardens and buildings listed as French historic monuments.

    Mickaël Marin, the director of Annecy festival and its industry market MIFA, previously told Variety that the idea behind the venue was to “create a cultural hub like the French Cinematheque in Paris or the Lumiere Institute in Lyon, which will bring together animation lovers and artists from all around the world.”

    As Gaëtan Bruel, the president of the National Film Board, pointed it, “The Annecy Festival is not only the world’s leading animation event, but also the third-largest event of its kind across all genres.”

    “Together with the Cité internationale du cinéma d’animation, our goal is to build on these achievements and take things even further by making Annecy and its region the year-round global capital of animation,” he added.

    Dominique Puthod, president of CITIA, the festival’s organizing body, said, “The Cité is a place for today — and above all for tomorrow. It’s a place for young people, where animation becomes a living heritage shared by all.” He added, “Animation is not a minor form of cinema, but an art in its own right — a universal language that connects generations.”

    Education will be a core pillar at the Cité Internationale du Cinema d’Animation, with spaces such as the “Grenier à images” offering workshops and programs designed to help younger audiences understand how images are made and how to engage with them.

    “With the opening of the Cité, Annecy fully asserts its status as the world capital of animation,” said Antoine Armand, describing the project as a “major milestone” that strengthens a “unique ecosystem” and boosts the city’s international reach.

  • ‘Heart Eyes 2’ Sets February 2028 Release Date at Paramount

    ‘Heart Eyes 2’ Sets February 2028 Release Date at Paramount

    Heart Eyes Killer, the deranged murderer who strikes on Valentine’s Day, has staked a big-screen return.

    Paramount Pictures will co-produce and co-finance “Heart Eyes 2,” with a release date set for Feb. 11, 2028. Sony Pictures had distributed the first film, which earned $33 million at the global box office against an $18 million budget in 2025.

    Olivia Holt and Mason Gooding starred in “Heart Eyes” as two co-workers who are mistaken for lovers by a serial killer whose modus operandi is slaying couples on the most romantic holiday of the year. Gigi Zumbado, Michaela Watkins, Devon Sawa, and Jordana Brewster rounded out the cast. It’s unclear who from that group is returning for the sequel. Plot details haven’t been revealed, either.

    Josh Ruben is back to direct “Heart Eyes 2.” He will also co-write the script with Darcy Fowler from a story by Christopher Landon and Michael Kennedy. Spyglass Media co-produced and co-financed “Heart Eyes” and the sequel. Landon and Divide/Conquer will also serve as producers.

    “Heart Eyes” wasn’t exactly a box office smash, but reviews were solid for the horror genre. Variety’s Courtney Howard praised the film as a a breezy rom-com slasher that slices and dices with charm,” adding that “‘Heart Eyes’ makes us swoon and squirm in equal measure.”

    Last year, Ruben suggested the”Heart Eyes” franchise has the “potential for a long life.”

    “I’ll put it this way: You could replicate the structure of any great rom-com, from ‘His Girl Friday’ to ‘Defending Your Life,’ and you could drop Heart Eyes into the center of that story, and have him flash and slash about,” he said. “That’s what’s exciting about this: There’s an opportunity that we could have whoever the filmmaker was — certainly, I’d be interested — genuinely trying to create or replicate that rom-com, or the feeling of a “Bridget Jones” or “Love Actually” or what have you, but actually have those people terrified by this psychopathic killer.”