GSR Names Xin Song Co-Chief Executive Officer

Why split the job

Song joined GSR in 2019 and opened its Singapore office as its first employee there, according to the company¹. That office secured GSR's license to operate under Singapore's Monetary Authority, the only market maker to hold one at the time². He had also run his own crypto hedge fund and worked at BlackRock before joining GSR, and he most recently served as chief operating officer. Cristian Gil, GSR's chairman and co-founder, framed the change as timing rather than crisis. "These changes are a natural next step in GSR's evolution," Gil said. “The industry is at an inflection point and we must remain agile and innovative in how we serve our clients today while also proactively positioning ourselves for the future.”

Why name two CEOs instead of one successor? Rosenblum, who co-founded GSR with Gil, brought two decades of trading experience, including a stint at Goldman Sachs¹. Song brought operational and regional experience instead. The Block quoted Rosenblum describing the split directly: “We're creating a powerful synergy by combining my creative perspective with his strategic, analytical approach.”² Song answered in the same statement. “In the coming year, we'll be rolling out the next generation of our trading platform, expanding capabilities to further cement our position as a trusted co-creator for the industry,” Song said.

Palmstierna's new lane

Palmstierna kept a senior role rather than exiting the company. GSR said he would lead its client franchise, including a newly expanded Partnerships and Client Services team¹. He named his successors directly, tying their appointment to GSR's next phase. “Their deep understanding of the digital asset space and complementary strengths uniquely position them to lead our efforts as the industry evolves and matures,” Palmstierna said. He added a market condition behind the timing: “With the US market opening up and the competitive landscape intensifying, their balanced leadership will be crucial in accelerating our ability to ideate new business ideas and execute them effectively.”

GSR's own account credited Palmstierna with steering the firm through a hard stretch. GSR said he had "successfully navigated GSR through the tumultuous 2022-23 bear market," expanding its client base while keeping it profitable¹.

What came next

The co-CEO structure gave way to a single title. CoinDesk reported on May 5, 2026, that Standard Chartered's venture arm, SC Ventures, had invested in GSR at a valuation above $1 billion, GSR's first outside stake since its 2013 founding³. By then, GSR's statement to CoinDesk named Song alone as "CEO at GSR". “Institutional digital asset markets are maturing rapidly, and the firms best positioned to lead will be those that combine deep capital markets expertise with trusted banking infrastructure,” Song told CoinDesk.

CoinDesk also reported that GSR had acquired Autonomous and Architech for $57 million in March 2026 to expand its tokenization business, a deal struck under Song's watch³. GSR by then claimed more than 300 liquidity partners and over $1 trillion traded since its founding, according to its own statement to CoinDesk.

Sources

1. GSR, "GSR Intensifies Client Focus with New Co-CEO Structure Amid Changing Landscape," Business Wire, June 26, 2024, https://web.archive.org/web/20250522074716/https://www.businesswire.com/news/home/20240626718805/en/GSR-Intensifies-Client-Focus-with-New-Co-CEO-Structure-Amid-Changing-Landscape
2. Brian McGleenon, "GSR names co-CEOs as Jakob Palmstierna becomes company president," The Block, June 26, 2024, https://www.theblock.co/news/business/2024-06-26-gsr-names-co-ceos-as-jakob-palmstierna-becomes-company-president-301966
3. Olivier Acuna, "Standard Chartered expands further into crypto with stake in GSR at $1 billion valuation," CoinDesk, May 5, 2026, https://www.coindesk.com/business/2026/05/05/standard-chartered-expands-further-into-crypto-with-stake-in-gsr-at-usd1-billion-valuation