Crypto market maker GSR has received critical approval from the Financial Industry Regulatory Authority (FINRA) to finalize its acquisition of Equilibrium Capital Services, a registered broker-dealer. The move grants GSR a regulated U.S. platform as it expands beyond pure liquidity provision into institutional capital markets and tokenization. The firm first announced the acquisition in October 2025, but terms were not disclosed.
The Portland-based entity is already registered with the Securities and Exchange Commission (SEC) and is now operating as GSR Securities, according to corporate filings. CEO Xin Song said: “Today marks a significant step forward for GSR’s U.S. operations. Completing this acquisition strengthens our U.S. presence and enhances our ability to support institutional clients through a regulated broker-dealer platform as digital asset markets continue to evolve.”
The approval enables GSR to build a more formal capital markets business around digital assets, including tokenization and support for issuers raising capital via regulated channels. Its broader strategy aims at a web3 investment banking model—combining advisory, tokenization, and ETF products. In April, GSR launched the GSR Crypto Core3 ETF on Nasdaq, following the acquisition of token advisory firms Autonomous and Architech in March, and an investment in Libeara, a tokenization platform backed by SC Ventures. Last month, SC Ventures—the fintech arm of Standard Chartered—was disclosed as GSR’s first external shareholder after a capital injection.
The broker-dealer license strengthens GSR’s ability to serve institutional clients who require regulated counterparties, giving the firm a foothold in the growing overlap between crypto and traditional finance. It also intensifies pressure on competitors, as crypto-native firms increasingly need regulated infrastructure to attract large investors.
