GSR

Linera

2026-09-05 02:06:37

Linera's Community Sale Raises Only $150K, Falling 95% Short of Target

Layer1 blockchain Linera's community token sale, launched on September 1, has raised only about $150,000 from 172 addresses, leaving a 95.2% gap to its $3.2 million goal. The round carries a $160 million token valuation and runs for 7 days. Previously, Linera raised $12 million in 2022 and 2023 from investors including a16z, GSR, Tribe Capital, Flow Traders, and Laser Digital.

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GSR

2026-08-20 10:28:57

GSR executive Andy Baehr says tokenized fixed income could serve as TradFi collateral layer

GSR executive Andy Baehr said tokenized fixed-income assets are showing potential in three areas: improving collateral efficiency, streamlining trading processes, and reducing capital requirements. In his view, those characteristics could make the asset class the collateral layer that traditional finance actually needs. The item was published by Techub News and cited Crypto Briefing as the source. No additional details on specific products, issuers, or timelines were disclosed in the brief.

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SEC

2026-08-19 00:12:16

GSR's legal and strategy chief says SEC's new crypto rules may be overestimated

Joshua Riezman, GSR’s chief legal and strategy officer, said on X that the SEC’s latest proposed crypto-asset framework may not deliver the effect many market participants expect. He argued that, without changes to U.S. law, the SEC remains limited in the exemptions it can grant under existing securities law. Riezman added that clearer rules would be positive for the industry, but said the market structure targeted by the proposal differs materially from the last crypto cycle. He said the industry still needs to understand where the new framework would ultimately lead the U.S. crypto market.

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Tokenization

2026-08-12 06:42:30

GSR's Head of Markets: Tokenization Hype Outpaces Usage, Real Opportunity in Fixing Rails

Spencer Hallarn, head of markets at crypto market maker GSR, told Cryptonomist that tokenization hype has outrun actual usage on many platforms. The problem, he said, is not demand for tokenized assets but the design of the platforms themselves. Many walled-garden platforms with strict KYC requirements show little meaningful trading volume; heavy onboarding and compliance steps constrain activity. Hallarn argues that the real opportunity is not tokenization for tokenization's sake, but repairing the underlying rails of traditional banking and settlement — the infrastructure for moving funds and assets between institutions. That would make tokenization an infrastructure fix rather than a crypto-native narrative. He also said this year's crypto market stall largely stems from capital rotating into artificial intelligence infrastructure. Big tech firms have raised massive sums through equity financing for AI buildouts, squeezing liquidity across asset classes, and crypto is no exception. GSR clients are shifting from short-term momentum chasing toward long-term budget planning, OTC hedging and RWA. If AI investment cools and the Federal Reserve cuts rates, liquidity could improve and support Bitcoin's price.

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DAO treasury

2026-08-10 10:08:18

GSR says nearly 70% of DAO treasuries still sit in native tokens, leaving protocols exposed in downturns

GSR Global Head of Markets Spencer Hallarn argues that DAO treasuries remain structurally vulnerable because more than 70% of treasury assets are still held in native tokens. In his view, that concentration creates a three-part hit when markets turn: treasury values fall, protocol revenue slows, and on-chain activity weakens at the same time. He also says many teams wait too long to hedge, only seeking downside protection after prices have already dropped and implied volatility has pushed costs higher. Hallarn points to collar structures as one of the most common treasury hedging tools used by GSR, describing them as a way to set a floor while keeping exposure within a chosen range and avoiding an outright sale of tokens. He argues that treasury construction matters more than market timing, especially for teams trying to preserve operating runway. His broader recommendation is to separate operating reserves from long-term crypto holdings, hold cash or stable assets for expenses, and apply hedging where needed so a protocol can keep funding its roadmap through a prolonged downturn.

1860

GSR

2026-08-08 12:41:41

GSR says DAO treasuries remain heavily concentrated in native tokens, leaving projects exposed in downturns

Crypto market maker GSR said in a treasury management analysis published on Aug. 8 that the sector still has a basic structural weakness: close to 70% of DAO treasury assets are held in native tokens, while allocations to stable assets and diversified reserves remain limited. That setup leaves projects exposed to three pressures at once in a bear market — token prices fall, protocol activity slows, and fee revenue shrinks — even as operating costs stay denominated in U.S. dollars. GSR said that dynamic can force teams to sell more tokens at lower prices to meet fixed expenses, adding pressure to token prices and draining treasury runway faster. The firm also argued that many teams seek protection at the worst possible time, avoiding option premiums in bull markets and then rushing to hedge after a selloff, when implied volatility and protection costs are already elevated. As a practical tool, GSR pointed to collar strategies, which can help projects establish downside protection without selling tokens. Still, it said projects that endure through multiple cycles tend to separate operating reserves, long-term holdings, and strategic positions rather than rely on a single all-token treasury structure.

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GSR

2026-08-08 12:48:02

GSR says most DAO treasuries remain heavily concentrated in native tokens

A new report from GSR says most decentralized autonomous organizations, or DAOs, still carry a major structural weakness in treasury management: roughly 70% of treasury assets are held in their own native tokens. According to the report, that concentration can create a procyclical negative feedback loop. When a project’s token falls, treasury value declines at the same time that protocol revenue and market activity come under pressure, increasing financial strain. GSR also said many teams only look for hedges after token prices have already dropped. By that stage, implied volatility in the market is often higher, making downside protection meaningfully more expensive. To address that problem, the firm recommends separating operating reserves from long-term token holdings and considering collar strategies to build downside protection. In GSR’s view, wider use of hedging by crypto projects could lift options market trading volumes in the short term, while having limited effect on spot prices. Over the medium term, if DAO treasury structures improve, the report says that could reduce systemic selling pressure across the market.

1840

IPO

2026-07-25 03:12:20

GSR executive cites Apollo data showing IPOs have lagged the market since 2019

Odaily reported that GSR head of strategic communications Frank Chaparro shared an Apollo Global Management chart on X tracking IPO investment returns. The chart covered U.S. IPO stocks from 1980 to 2024 and measured their average market-adjusted returns over the first three years after listing. According to the data shown in the chart, newly listed stocks have generally underperformed the broader market over the medium to long term. The pattern was particularly severe in the 2019 to 2024 period. Chaparro summed up the takeaway bluntly, saying that participating in IPOs has been a “losing bet” since 2019. The post highlighted how weak post-listing performance has stood out in recent years, based on Apollo’s long-range statistics.

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