GSR Markets, a prominent market maker, is advancing its digital asset treasury (DAT) strategy by filing with the U.S. SEC to launch a DAT-focused ETF. The firm also plans to acquire Equilibrium Capital Services, a U.S.-based broker-dealer, to enhance its institutional offerings. CEO Xin Song highlighted the company's delta-neutral strategy, which mitigated losses during the October 11 market crash, and emphasized the importance of crypto-native teams, transparency, and strong execution for DAT success. GSR aims to facilitate DAT structures rather than becoming an asset issuer, with potential expansion into Japan and South Korea despite regulatory challenges.