GSR secures FINRA green light to finalize Equilibrium broker-dealer acquisition

Crypto market maker GSR has received FINRA approval to complete its acquisition of Portland-based Equilibrium Capital Services, an SEC-registered broker-dealer. The firm, a FINRA member, is now operating under the name GSR Securities according to its corporate registration. Deal terms have not been disclosed since GSR first announced its plan to acquire Equilibrium in October 2025.

The approval gives GSR a regulated broker-dealer platform in the U.S. as the firm expands beyond market-making and liquidity services. “Today marks a significant step forward for GSR’s U.S. operations,” GSR CEO Xin Song said in a statement shared with The Block. “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.”

With the broker-dealer in place, GSR is positioned to broaden its tokenization and capital-raising activities, with the firm previously describing its strategy as building a web3 investment bank. The new entity is expected to help prospective issuers raise capital in tokenized formats while operating within U.S. securities rules. This follows GSR’s move into the exchange-traded fund segment, launching the GSR Crypto Core3 ETF on Nasdaq in April.

The broker-dealer acquisition also comes on the heels of GSR’s March purchases of token advisory firms Autonomous and Architech, as well as an investment in SC Ventures-backed tokenization platform Libeara. In May, Standard Chartered’s fintech and investment arm SC Ventures was disclosed as GSR’s first external shareholder after a capital injection, underlining GSR’s pivot into more regulated, institution-facing businesses.

Founded in 2013 and long known for its crypto market-making franchise, GSR is now stitching together broker-dealer, ETF, and tokenization capabilities under a more traditional financial regulatory umbrella. The FINRA-approved acquisition of Equilibrium, now GSR Securities, signals a deeper onshore push as tokenization, structured products, and regulated digital asset distribution gain traction in U.S. capital markets.