Crypto trading infrastructure provider Keyrock acquired alternative investment fund manager Turing Capital for $27.8 million, establishing a new asset and wealth management unit to expand institutional digital asset services.

Executive Summary

Keyrock, a crypto trading infrastructure and investment firm, has acquired Turing Capital, an alternative investment fund manager, for $27.8 million. This strategic move establishes Keyrock Asset and Wealth Management, positioning the firm to broaden its offerings for institutional clients and private investors in the digital asset space. The acquisition integrates Turing Capital's crypto-native investment strategies with Keyrock's existing liquidity provision and trading capabilities.

The Acquisition in Detail

The acquisition, announced on Tuesday, facilitates Keyrock's entry into the asset and wealth management sector. Turing Capital, a Luxembourg-registered alternative investment fund manager, specializes in crypto-native investment strategies. Jorge Schnura, CEO and co-founder of Turing Capital, will lead the newly formed onchain wealth management unit and join Keyrock's executive committee. The deal, valued at $27.8 million, was confirmed by a Keyrock spokesperson. This expansion complements Keyrock's existing operations, which include OTC and options trading, catering to large-volume transactions for institutional clients and high-net-worth individuals.

Business Strategy and Market Positioning

Keyrock's expansion into asset and wealth management aligns with a broader industry trend of institutional players increasing their engagement with digital assets. The firm aims to serve institutional partners across the full spectrum of digital assets, from liquidity provision to long-term investment strategies. This move follows Keyrock's launch of a U.S. entity in 2025 to strengthen its global presence, with offices in Belgium, the UK, Switzerland, and France. The integration of Turing Capital's systematic, data-driven investment strategies supports Keyrock's ambition to bring asset management onchain while adhering to institutional standards for risk management and frameworks. Keyrock, founded in 2017, has raised a total of $79.4 million in funding across four rounds, including a $72 million Series B round in 2022.

Market Implications and Regulatory Context

This acquisition signals continued consolidation and growth within the institutional digital asset sector, potentially accelerating mainstream institutional participation. By offering more robust wealth management solutions, Keyrock addresses a growing appetite for onchain assets, such as tokenized equities, among institutional players. The firm is also exploring operations under the EU's Markets in Crypto-Assets (MiCA) regulatory regime, with reported intentions to expand into crypto portfolio management and advisory services through a filing with the Financial Market Authority of Liechtenstein. This regulatory focus underscores the industry's shift towards more regulated and compliant digital asset offerings, which can enhance investor confidence and facilitate broader adoption. The move reflects a trend of traditional financial institutions and crypto-native firms merging to provide sophisticated investment solutions in digital assets, as institutional capital increasingly integrates crypto into long-term portfolios.

Expert Commentary

Kevin de Patoul, CEO of Keyrock, stated, "We're proud to officially launch Keyrock Asset and Wealth Management and welcome the Turing Capital team into our fold. This expansion positions us to better serve our institutional partners across the full spectrum of digital assets, from liquidity provision to long-term investment strategies." Juan David Mendieta, Chief Strategy Officer of Keyrock, further noted that Turing Capital shares Keyrock's commitment to risk management and institutional-grade frameworks, making the firm a natural fit for the Keyrock Group.