Crypto market maker GSR has received FINRA approval to complete its acquisition of broker-dealer Equilibrium Capital 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.”

In particular, GSR’s broker-dealer could see the firm expand its tokenization operations, including helping prospective issuers raise capital. GSR representatives have previously told The Block the business is essentially attempting to become a web3 investment bank. 

GSR first announced its intention to acquire the Portland-based, Securities and Exchange Commission-registered broker-dealer in October 2025. The firm did not disclose the terms of the deal at the time.

Formerly known as Equilibrium, the FINRA member is now doing business as GSR Securities, according to its corporate registration. 

In April, GSR took its first step into the exchange-traded fund business with the launch of the GSR Crypto Core3 ETF on Nasdaq. This followed its acquisition of token advisory firms Autonomous and Architech in March and an investment in SC Ventures-backed tokenization platform Libeara.

Last month, Standard Chartered’s fintech and investment arm, SC Ventures, was disclosed as GSR’s first external shareholder following a capital injection. The firm, known most for its market-making and liquidity services, was founded in 2013.