- GSR has acquired Equilibrium Capital Services, a U.S.-registered broker-dealer, to expand into regulated securities business.
- The purchase allows GSR to offer investment banking services for both traditional and crypto companies in the U.S. market.
- Recent legal changes are opening new opportunities for crypto firms to obtain broker-dealer licenses in the United States.
- GSR has already led two $100 million digital asset treasury deals for Nasdaq-listed companies this year.
- GSR aims to become a full-service crypto capital markets provider by increasing its regulated activities and expanding partnerships.
London-based GSR, a major cryptocurrency market maker, has acquired Equilibrium Capital Services, a FINRA-registered broker-dealer based in Portland, Oregon. The transaction, valued in the low six figures, is designed to accelerate GSR’s entry into the U.S. regulated securities market.
With this acquisition, GSR can now provide investment banking services to both traditional companies and crypto startups. This includes helping businesses that want to add digital assets, such as Bitcoin or stablecoins, to their financial holdings.
“We’ve seen both in the Clarity Act and the Senate banking bill new exemptions to the securities laws that will allow projects with tokens to raise funds either via private placements or directly from the public, and I think that’s the area where GSR will be able to play a more direct role, as we do with our clients now just not in the security space,” said Joshua Riezman, GSR’s U.S. chief strategy officer. Previously, GSR worked with third-party partners for similar transactions, but the need to operate directly in this space has grown.
This year, GSR led two $100 million digital asset treasury deals for Nasdaq-listed companies. One deal with Upexi was linked to the Solana Blockchain, and the other was with MEI Pharma, which launched a treasury strategy involving Litecoin. MEI Pharma has also appointed GSR as a strategic advisor and treasury manager.
Riezman said, “It’s been the summer of digital asset treasuries, and to me it kind of looks like the pump.fun moment for traditional finance.” He noted that digital asset treasuries are challenging how public markets, securities law, and crypto intersect, and sees this trend as only beginning.
No other major crypto market makers currently hold a U.S. broker-dealer license. Riezman expects that to change as regulations become more clear, saying, “We think that’s changing, and the best in class will look to get licensed.” He pointed to London-based Wintermute opening a New York office as further evidence of industry movement in this direction.
Founded in 2013, GSR has traded over $1 trillion in digital assets, providing liquidity services across more than 250 tokens for exchanges, protocols, and institutions. The firm’s larger clients include Ripple, Ethena Labs, and Sei. Beyond trading, GSR is expanding into venture investing, asset management, and real-world asset initiatives, including a partnership with DigiFT and an investment in Maverix Securities.
Riezman summarized, “We’re putting together all the pieces of what a modern crypto capital markets partner should look like.”
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