NAUT tracks 107 companies in the GSR portfolio, each with at least 1 funding round where NAUT records GSR as a backer, across 115 round records dated April 2020 to November 2025. GSR is a crypto market maker that also invests, and 63 of those 107 companies carry a launched token on NAUT's record, with DeFi the largest sector group at 28 companies.
Data note. Counted on 14 November 2026 from NAUT's own database: every live project, platform or launchpad row (not archived, not merged) tied to a round where GSR is a backer. That gives 116 backer records; 1 is left out because its company is stored as an investor row rather than a project, which leaves 115 round records at 107 companies. GSR Ventures is a separate investor row on NAUT with 2 rounds of its own, so none of its rounds are counted here. The GSR page on NAUT shows 116 investments, of which 115 are round records at 107 live project rows (1 dropped as an investor-kind row).
Per The Block, GSR has been running since 2013, and its own site at gsr.io describes a crypto trading firm and liquidity provider that invests in early-stage companies. 112 of the 115 records carry an amount: the mean is $10.9M and the median is $6.0M. 97 carry a date, 67 of them in 2021 or 2022, and 18 carry none. No record has a lead flag, so this article never says GSR led a round. 5 records were put to an outside report: 3 reports name GSR (bloXroute, Eclipse, Gunzilla Games), the Monad report names GSR Ventures, and no primary source turned up for Earnm. The other 110 were not checked. Each company sits in 1 sector group, the first tag NAUT holds for it, so the groups add up to 107. Written by NAUT Research.
What is in the GSR portfolio on NAUT?
DeFi and infrastructure hold 43 of the 107 companies behind GSR investments on NAUT, and every AI and layer 1, 2 and 3 company in the set carries a token flag. Largest is each group's biggest single record on NAUT, and DEXs are the decentralized exchanges.
| Sector | Companies | Rounds | Largest |
|---|---|---|---|
| DeFi | 28, 18 with a token | 31 |  Thetanuts Finance and  Treehouse Finance $18.0M each |
| Infrastructure | 15, 12 with a token | 16 |  bloXroute $70.0M |
| AI | 8, 8 with a token | 9 |  Kite AI $33.0M |
| DEXs | 8, 4 with a token | 8 |  Hashflow $25.0M |
| Gaming | 8, 4 with a token | 9 |  Gunzilla Games $46.0M |
| Layer 1, 2 and 3 | 7, 7 with a token | 7 |  Monad $225M (see the chart note) |
| Other sectors | 19, 8 with a token | 21 |  Earnm $36.0M (no primary source found) |
| No sector tag | 14, 2 with a token | 14 |  EDEN $17.4M |
A company can carry several sector tags, so counted by any tag the DeFi label sits on 40 of the 107, infrastructure on 19 and AI on 12. 14 companies carry no sector tag at all and get their own group below.
Which GSR portfolio companies raised the most?
The chart leaves out 2 larger records: Monad's $225M round (April 2024), which sits under GSR on NAUT while The Block's report names GSR Ventures among its investors, and Earnm's $36M private round, for which an outside search found only aggregator listings. The top 3 in the chart were each put to a report, and each report names GSR:
| Company | Round | NAUT date | Outside report |
|---|---|---|---|
| bloXroute |
$70M Series B | 12 Apr 2022 | The Block lists GSR among the other investors |
 Eclipse |
$50M Series A | 11 Mar 2024 | The Block lists GSR among the strategic contributors |
| Gunzilla Games |
$46M funding round | 10 Aug 2022 | The press release, dated 9 August 2022, names GSR among the participants |
All 3 reports name a different firm as lead, which matches NAUT holding no lead flag for GSR.
GSR portfolio companies by sector
Every company below links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. Disclosed adds every round in this set on NAUT's record, so a company backed twice shows the sum of both. Latest is its latest dated round. 1 decentralized exchange row is left unnamed because its stored name does not match its description. LAB (prev. Memes Lab) holds 2 identical $2.3M seed records on 24 February 2025, shown here once.
DeFi (28 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
 Kelp DAO |
No | $19.0M over 2 rounds | Strategic, Nov 2024 |
| Treehouse Finance |
TREE | $18.0M | Seed, Mar 2022 |
| Thetanuts Finance |
NUTS | $18.0M | Seed, Mar 2022 |
 Usual |
USUAL | $17.0M over 2 rounds | Series A, Dec 2024 |
 Onomy Protocol |
No | $10.0M | Private Token, Nov 2022 |
 Owlto Finance |
OWL | $8.0M | Strategic, May 2024 |
 Elixir |
ELX | $8.0M | No date stored |
 Ethena |
ENA | $6.5M | Seed, Jul 2023 |
 Saga |
SAGA | $6.5M | Seed, May 2022 |
 sentioxyz |
No | $6.4M | No date stored |
 Volare Finance |
No | $6.0M | Seed and Private Rounds, Aug 2022 |
 Primex Finance |
PMX | $5.7M | Seed, Feb 2022 |
 ipor_io |
No | $5.55M | Strategic, Apr 2022 |
 Turtle |
TURTLE | $5.5M | Strategic, Oct 2025 |
 Debridge |
DBR | $5.5M | Seed, Sep 2021 |
 inkfinance |
QUILL | $5.0M over 2 rounds | Funding round, Jun 2024 |
 MYX Finance |
MYX | $5.0M | No date stored |
 GooseFX |
No | $4.5M | Seed, Oct 2021 |
 SoSoValue |
SOSO | $4.15M | Seed, Jan 2025 |
 Contango_xyz |
Yes | $4.0M | No date stored |
 Spin |
No | $3.75M | Seed, Feb 2022 |
 ICHI |
ICHI |
$3.5M | Funding round, Feb 2022 |
 Magic Square |
SQR | $3.0M | Seed, Jul 2022 |
 Beta Finance |
BETA | $2.75M | Private, Oct 2021 |
 Tempus |
No | $1.9M | Seed, Jul 2021 |
 Kibo Finance |
No | $1.5M | Seed, Nov 2021 |
 Algomint |
No | $1.5M | Seed, Jun 2021 |
 Port Finance |
PORT | $1.2M | Seed, Jul 2021 |
Infrastructure (15 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| bloXroute |
No | $70.0M | Series B, Apr 2022 |
| Eclipse |
ES | $50.0M | Series A, Mar 2024 |
 Taiko |
TAIKO | $37.0M over 2 rounds | Series A, Mar 2024 |
 DoubleZero |
2Z | $28.0M | Token, Mar 2025 |
 Astar Network |
ASTR | $22.0M | Strategic, Jan 2022 |
 Morpho |
MORPHO | $18.0M | Seed Extension, Jul 2022 |
 Analog |
ANLOG | $16.0M | Funding round, Feb 2024 |
 Bitlayer |
BTR | $11.0M | Series A, Jul 2024 |
 zkLink |
ZKL | $8.5M | Seed, Oct 2021 |
 Jambo |
J | $7.5M | Seed, Feb 2022 |
 Particle Network |
PARTI | $7.0M | Seed, Mar 2023 |
 Joystream |
No | $5.85M | Private, Mar 2022 |
 inconetwork |
No | $4.5M | No date stored |
 Cookie3 |
COOKIE | $3.3M | Strategic, Jun 2024 |
 Fly |
FLY | $3.0M | Seed, Sep 2022 |
AI (8 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| Kite AI |
KITE | $33.0M | Seed and Series A Rounds, Sep 2025 |
 Nillion |
NIL | $20.0M | Funding round, Dec 2022 |
 vana |
VANA | $18.0M | Series A, Dec 2022 |
 Privasea AI |
PRAI | $10.0M | Series A, Jan 2025 |
 Delysium |
AGI | $10.0M | Strategic, Oct 2022 |
 Rivalz Network |
RIZ | $9.0M | Funding round, Aug 2024 |
 Gopher |
MASA | $7.0M over 2 rounds | Pre-Seed, May 2022 |
 Nodepay |
NC | Not disclosed | No date stored |
Decentralized exchanges (8 companies, 7 named)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| Hashflow |
HFT | $25.0M | Series A, Jul 2022 |
 Vertex Protocol |
No | $8.5M | Seed, Apr 2022 |
 RateX_Dex |
RTX | $7.0M | Strategic, Nov 2025 |
 UXUY |
No | $7.0M | No date stored |
 Atlas DEX |
No | $6.0M | Private, Dec 2021 |
 Wombat Exchange |
WOM | $5.25M | Series A, Mar 2022 |
 iZUMi Finance |
IZI | $3.5M | Series A, Dec 2021 |
Gaming (8 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| Gunzilla Games |
No | $46.0M | Funding round, Aug 2022 |
 Sweat Economy |
SWEAT | $13.0M | Funding round, Jul 2022 |
 Angelic |
No | $10.0M | Funding round, Mar 2022 |
 OP Games |
No | $8.6M | Seed, Oct 2021 |
 Arcade |
ARC | $8.0M over 2 rounds | Private, Jan 2024 |
 Age of Dino |
No | $8.0M | Seed, Sep 2023 |
 Aether Games |
AEG | $4.5M | Token, May 2023 |
 Play Network |
PLAY | $3.9M | No date stored |
Layer 1, 2 and 3 (7 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| Monad |
MON | $225M (a report names  GSR Ventures) |
Funding round, Apr 2024 |
 Puffer Finance |
PUFFER | $18.0M | Series A, Apr 2024 |
 Space and Time |
SXT | $10.0M | Seed, Jul 2022 |
 Mezo |
MEZO | $7.5M | No date stored |
 Mitosis |
MITO | $7.0M | Seed, May 2024 |
 Dexalot |
ALOT | $7.0M | Funding round, Feb 2022 |
 Sei Network |
SEI | $5.0M | Seed, Aug 2022 |
Other sectors (19 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| Earnm |
No | $36.0M (no primary source found) | No date stored |
 Qredo |
No | $11.0M | Seed, May 2021 |
 Intuition Systems |
TRUST | $8.0M over 2 rounds | Seed, Jun 2023 |
 Noise |
No | $7.1M | No date stored |
 Fhenix |
No | $7.0M | No date stored |
 Jet Protocol |
JET | $6.8M | Funding round, Nov 2021 |
 peaq |
PEAQ | $6.0M | Funding round, Jun 2022 |
 LAB |
LAB | $2.3M (2 identical records) | Seed, Feb 2025 |
 ALL.ART |
AART | $4.5M | Funding round, Nov 2021 |
 Apricot Finance |
No | $4.0M | Funding round, Aug 2021 |
 UBet Sports |
No | $2.7M | Seed, May 2022 |
 Polygen |
No | $2.3M | Funding round, Nov 2021 |
 Slope |
No | $2.3M | Seed, Aug 2021 |
 DUET Protocol |
DUET | $2.0M | Private, Mar 2022 |
 Props |
No | $2.0M | Funding round, Apr 2020 |
 Kryptview |
No | $1.5M | Pre-Seed, Apr 2023 |
 SkyLaunch |
No | $1.4M | Funding round, Oct 2021 |
 goodcryptoX |
GOOD | $0.45M | No date stored |
 Shyft Network |
SHFT | Not disclosed | Strategic, Mar 2021 |
No sector tag (14 companies)
| Company | Token | Disclosed | Latest |
|---|---|---|---|
| EDEN |
EDEN |
$17.4M | Seed, Sep 2021 |
 IQ Protocol |
No | $12.0M | Funding round, Mar 2022 |
 Karmaverse |
No | $6.0M | Private, Feb 2022 |
 Play It Forward |
No | $6.0M | Private, Jan 2022 |
 T.E.A.M DAO |
No | $5.0M | Series A, Apr 2022 |
 Mycelium |
No | $4.5M | Funding round, Jun 2021 |
 Glider |
No | $4.0M | No date stored |
 Neptune Mutual |
No | $3.0M | Strategic, Jan 2022 |
 Unique Venture Clubs |
No | $3.0M | Private, Dec 2021 |
 Everlend |
No | $2.6M | Strategic, Aug 2022 |
 Goons of Balatroon |
No | $2.46M | Seed and Private Rounds, Apr 2022 |
 Zone |
ZONE | $2.35M | Private, Jan 2022 |
 Straight Fire |
No | $0.55M | Seed, Nov 2021 |
 Phantasia |
No | Not disclosed | Strategic, Nov 2021 |
Other sectors covers launchpads, money markets, prediction markets, data and intelligence, RWA, tools, custody, compliance, privacy, DePIN, GambleFi and SocialFi tags.
Who else invests alongside GSR?
Wintermute appears on 14 of the 115 GSR round records, more than any other firm on NAUT's record. OKX Ventures and LD Capital follow on 13 each, HTX Ventures on 12, and Amber Group is 1 of 3 firms tied on 11. NAUT holds 934 co-investor records across the 115 rounds, so a company with a GSR round usually has several other names on its cap table. For anyone tracking crypto market maker investments, the GSR market maker row and these co-investors are the place to start.
What this tells a BD team
- 63 of the 107 carry a token flag, and 44 do not. If you sell to token teams, the AI (8 of 8), layer 1, 2 and 3 (7 of 7) and infrastructure (12 of 15) groups are the densest.
- 22 records are dated 2024 or 2025, at 21 companies, from RateX_Dex in November 2025 back to Arcade in January 2024. These are the freshest raises in the set.
- 8 companies took more than 1 GSR round, including Taiko, Kelp DAO and Usual.
- Pick a groupStart with the sector you sell into: 28 DeFi, 15 infrastructure or 8 AI companies.
- Sort by dateOpen the 21 companies with a 2024 or 2025 record first, such as DoubleZero and Kite AI.
- Find the teamEach company's NAUT page lists its people and the channels NAUT has on file.
- Use the cap tableWintermute sits on 14 of the 115 rounds, a shared backer to name in an intro.
What this tells a founder raising
- GSR joins rounds alongside others: 0 of the 115 records carry a GSR lead flag on NAUT's record, so line up a lead first.
- The median record is $6.0M, and the round sizes on record run from goodcryptoX at $0.45M to Monad at $225M (bloXroute is the largest chart-eligible record at $70M).
- Ask up to 8 repeat companies how a second round came about; Taiko holds 2 records, $37M in total.
- Find a lead firstNo GSR record on NAUT carries a lead flag, so close a lead before asking.
- Match the sizeThe median GSR record is $6.0M; compare it with your round.
- Ask a portfolio founderOpen a company in your sector, such as Ethena in DeFi, and reach its team through NAUT.
Related reading on NAUT: Crypto market makers list: 24 firms and 102 people on NAUT and OKX Ventures portfolio: 121 companies, average round $9.6M.
Can you pull this data through the NAUT API?
Partly. Call GET https://api.naut.so/v1/investors/gsr with the header Authorization: Bearer $NAUT_KEY: it returns GSR with its team and portfolio, each row carrying company, roundType, amountUsd, announceDate and isLead, for 5 credits a call. The full set is on the GSR page, which shows 116 investments. The API docs list every endpoint and the pricing page lists the plans, from Essential at $49 a month for 3,000 credits. Verified Telegram, email and LinkedIn for the people behind these companies unlock on any paid NAUT plan, so start a 7-day trial.
GSR portfolio FAQ
Which companies has GSR backed?
NAUT tracks 107 companies with a round where GSR is a backer, read on 14 November 2026, across 115 round records dated April 2020 to November 2025. The largest checked records are bloXroute ($70M Series B, April 2022), Eclipse ($50M Series A, March 2024) and Gunzilla Games ($46M, August 2022).
Is GSR a venture fund or a market maker?
GSR is a crypto trading firm and liquidity provider, running since 2013, that also invests in early-stage companies, per The Block and gsr.io. NAUT holds GSR Ventures as a separate investor row, and its rounds are not counted in the 107.
Has GSR led any rounds?
None of the 115 GSR round records on NAUT carries a lead flag, read on 14 November 2026. The reports checked for bloXroute, Eclipse and Gunzilla Games each name another firm as lead.
Where can I find GSR portfolio companies and their teams?
NAUT tracks 107 GSR portfolio companies as of 14 November 2026: the GSR page and each company page list the team, rounds and co-investors, and GET https://api.naut.so/v1/investors/gsr returns the GSR fund with its team and portfolio rows. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial.
Who invests most often alongside GSR?
Wintermute shares 14 of GSR's 115 round records on NAUT, read on 14 November 2026, followed by OKX Ventures and LD Capital on 13 each.