GSR Markets, a leading crypto market maker, has received FINRA approval to complete its acquisition of Equilibrium Capital Services, a Portland-based SEC-registered broker-dealer first announced in October 2025. The approval gives GSR a formal regulated entity under US securities law, allowing it to engage in a broader range of institutional activities including securities intermediation.
For Armada's crypto repo desk, GSR is a natural counterparty type: a high-volume market maker with crypto collateral financing needs. Its new FINRA-registered status potentially simplifies counterparty due diligence and credit agreement structuring, as it now operates under a recognizable US regulatory framework. Flag the status change to the counterparty onboarding team to reassess GSR's risk tier and eligible collateral schedule.