Global crypto market maker GSR is rapidly expanding beyond its traditional role, repositioning itself as a full-service “web3 investment bank” through a series of acquisitions, licenses, and partnerships.
GSR secures U.S. regulatory foothold
GSR recently completed the acquisition of SEC-registered broker Equilibrium Capital Services, rebranding it as GSR Securities. The move provides the firm with a FINRA-regulated broker-dealer license in the United States, enabling compliant trading and brokerage services tied to security-related digital assets.
This step builds on its earlier registration with the UK Financial Conduct Authority, signaling a broader strategy to establish a regulated presence across key global markets.
Expansion into advisory, ETFs, and asset management
In March, GSR acquired token advisory firms Autonomous and Architech for $57 million, integrating token design, fundraising coordination, and liquidity strategy into a unified service offering.
A month later, the company launched its first ETF, the GSR Crypto Core3 ETF, which includes Bitcoin, Ethereum, and Solana and generates returns through staking. Alongside this, GSR has been expanding into asset management, supporting crypto foundations and protocols in treasury management while introducing structured financial products.
Strategic partnerships link crypto and traditional finance
GSR’s investment in Libeara, a Singapore-licensed platform focused on tokenizing real-world assets, adds another layer to its growth strategy. The platform has already facilitated more than $1 billion in on-chain issuances.
Shortly afterward, Standard Chartered’s innovation arm, SC Ventures, took a strategic equity stake in GSR. The mutual ownership structure strengthens ties between the firm and traditional banking infrastructure, particularly in compliance and capital markets access.
Industry-wide shift toward regulated services
GSR’s transformation reflects a broader trend among major market makers. Firms such as Keyrock, Wintermute, DWF Labs, and B2C2 are diversifying operations, expanding geographically, and strengthening regulatory frameworks.
- Keyrock has expanded into the U.S. and EU while moving into fund management
- Wintermute has entered prediction markets and tokenized gold
- DWF Labs is exploring real-world asset trading, including physically settled gold
This shift comes as profit margins from traditional market-making narrow and competition intensifies, pushing firms to seek new revenue streams.
Market structure evolves under regulation and institutional demand
The business model for crypto market making is undergoing structural change. Firms are moving away from strategies reliant on volatility and informational advantage toward regulated, institutional-grade services centered on asset management, tokenization, and sustainable liquidity provision.
This trend aligns with rapid growth in tokenized real-world assets. The value of these assets surged sharply between 2025 and mid-2026, driven by demand for compliant, yield-generating instruments such as tokenized U.S. Treasuries and money market funds. By late 2025, the market had surpassed $35 billion, continuing to expand into 2026.
At the same time, regulatory deadlines are accelerating the shift. The European Union’s MiCA framework, with full enforcement taking effect in 2026, is pushing firms to operate under stricter, unified rules.
As a result, traders are seeing increasing availability of regulated products, including ETFs and tokenized securities, delivered through firms with stronger compliance infrastructure. The evolving landscape suggests that competitive advantage will depend less on trading edge and more on the ability to offer integrated, regulation-ready financial services.
Explore how regulated tokenization and Web3 banking intersect in our deep-dive on tokenized equities today.
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