GSR Gains FINRA Approval to Close Equilibrium Deal

GSR has received FINRA approval to complete its acquisition of Portland-based broker-dealer Equilibrium Capital Services, allowing the crypto market maker to operate a regulated U.S. broker-dealer and expand tokenization and institutional offerings.

Equilibrium, a Securities and Exchange Commission-registered firm and FINRA member, is now doing business as GSR Securities. The acquisition, first announced in October 2025, requires broker-dealer registration for many U.S. institutional trading, advisory and capital-raising activities; the approval clears a key regulatory hurdle for GSR to integrate those services into its U.S. operations.

GSR plans to use the broker-dealer platform to support institutional clients and broaden tokenization work, including advising prospective issuers and helping them raise capital through token-based offerings. The company did not disclose financial terms of the transaction.

GSR Chief Executive Xin Song wrote in a statement: “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 firm has been expanding services beyond market making and liquidity provision. In March, GSR acquired token-advisory firms Autonomous and Architech and invested in tokenization platform Libeara. In April, GSR launched the GSR Crypto Core3 ETF on Nasdaq. Last month, Standard Chartered’s fintech and investment arm, SC Ventures, was disclosed as GSR’s first external shareholder after a capital injection.

Founded in 2013, GSR is known for market-making and liquidity services. With the broker-dealer in place, the company can present tokenization services and institutional capital markets work through a regulated channel rather than solely through unregistered or advisory arrangements.

Equilibrium’s FINRA membership brings compliance obligations and oversight but also access to a broader set of institutional clients and regulated product flows. With FINRA approval in hand, GSR can move to close the deal and begin integrating the broker-dealer into its U.S. business.