GSR is a crypto trading firm founded in 2013 that offers market making, OTC, advisory and venture investment. Its public deals show both models: a 2019 SEC filing describes a setup fee, a six-month monthly retainer and a USD 1M BTC/ETH loan for Blockstack (STX), while DAO proposals show token loans with two option tranches at 6 and 12 months (Cryptex 2021, Olympus 2021) and a 1,250,000 SDT loan for Stake DAO (2022). GSR does not publish a price list.
Key takeaways
- Self-description: “Crypto’s Capital Markets Partner. We specialize in providing trading solutions, market making, and risk management.”
- Public deals on record: 4 (see table).
- No published price list; terms are negotiated per project.
- Disclosure: CEX Ready is not paid by this firm. We may be paid for introductions to other vetted partners.
GSR at a glance
| How it describes itself | “Crypto’s Capital Markets Partner. We specialize in providing trading solutions, market making, and risk management.” |
| Type of firm | Institutional trading firm and liquidity provider |
| Services listed on its website | Market making and OTC, digital asset advisory, venture investing, asset management |
| Published prices | None found |
| Official website | www.gsr.io |
- Founded in 2013, according to GSR’s own DAO proposals (Cryptex 2021, Olympus 2021).
- In 2019 Blockstack disclosed to the SEC a liquidity consulting agreement with GSR Markets Limited, a Hong Kong company.
Descriptions come from GSR’s own website and documents, checked on 12 November 2026. CEX Ready has no commercial relationship with GSR and is not paid by it.
Public deals on record
From documents published by the projects themselves. Proposals can change before signing; we note outcomes where the source states them.
| Date | Project | Published terms | Status |
|---|---|---|---|
| Oct 2019 | Blockstack (STX) | Setup fee + monthly retainer for 6 months (amounts not stated) + BTC/ETH loan worth USD 1,000,000 | SEC filing |
| Jun 2021 | Cryptex (CTX) | 500,000 CTX loan, 12 months; options on 250,000 at 6 months (USD 2.5M) and 250,000 at 12 months (USD 3.75M) | Proposal |
| Nov 2021 | Olympus (OHM) | 25,000 OHM loan, 12 months; options on 12,500 at 6 months (USD 15.625M) and 12,500 at 12 months (USD 18.75M) | Proposal |
| Jun 2022 | Stake DAO (SDT) | 1,250,000 SDT in monthly tranches; return tokens or USDT at price near signing plus a premium | Proposal |
All public deals across firms: 13 public market-maker deals compared (CSV).
Comparing market makers? Get a second proposal. Get matched with a market maker →
Who it may fit
GSR’s public deals span pre-launch (Blockstack) and established DAO tokens. The tranche structure in its proposals (half the loan optionable at 6 months, half at 12) is a useful template to compare any loan offer against.
Questions to ask GSR before you sign
- If the offer includes options, what is the per-token strike for each tranche, and is exercise European (at expiry) or American (any time)?
- Is there a setup fee or retainer on top of the loan, and what does each cover?
- Who funds the bid side: your inventory or the firm’s capital?
- What happens to the loan if the token is delisted or the firm stops quoting?
Then run the same questions past at least two other firms. Our market maker scorecard and proposal comparison guide show how to score them on one sheet, and the cost calculator prices a loan’s option.
Due diligence on any market maker
Search the firm’s legal entity name in SEC, U.S. Department of Justice, CFTC and your own regulator’s enforcement releases and in court records. In 2024–2025 U.S. authorities charged and later convicted several firms that sold “market making” which was in fact wash trading; see market-maker enforcement cases. A contract that bans wash and self-trading, gives you read-only data access, and states KPIs per venue protects you whoever you hire.
Frequently asked questions
Does GSR publish its market-making prices?
No. We did not find a price list on GSR’s website. Public deal terms on record are listed on this page.
What structures does GSR use?
From the public documents on this page: Setup fee + monthly retainer for 6 months (amounts not stated) + BTC/ETH loan worth USD 1,000,000; 500,000 CTX loan, 12 months; options on 250,000 at 6 months (USD 2.5M) and 250,000 at 12 months (USD 3.75M).
Is GSR the right market maker for my token?
It depends on your stage, venues, treasury and the structure offered. Shortlist three firms of the right type, send each the same scope, and score them on KPIs, transparency, structure and compliance. See how to choose a market maker.
Sources
- GSR official website
- Blockstack PBC, SEC Form 1-K (2020)
- Cryptex forum: CIP-5 Market Making Proposal (2021)
- OlympusDAO forum: Market Making Proposal from GSR (2021)
- Stake DAO governance: GSR Market Making Proposal (2022)
- U.S. SEC press release 2024-166: SEC charges three so-called market makers and nine individuals
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.