Institutional Crypto Play: Keyrock Merges Trading and Asset Management onchain

Keyrock, a global cryptocurrency investment firm, has expanded its services into asset and wealth management by acquiring Turing Capital, a Luxembourg-based alternative investment fund manager, for $27.8 million. The acquisition, announced on September 16, 2025, positions Keyrock to offer a more comprehensive suite of services to institutional clients and private investors in digital assets. The newly launched division operates as a distinct business unit within Keyrock and is led by Jorge Schnura, Turing Capital’s CEO and co-founder, who has been appointed President of Keyrock Asset and Wealth Management.

This strategic move aligns with broader industry trends of institutional players deepening their engagement with digital assets, driven by improved market infrastructure and evolving regulatory clarity. The acquisition integrates Turing Capital’s systematic, data-driven investment strategies and onchain capabilities into Keyrock’s existing strengths in market making, over-the-counter (OTC) trading, and options trading for digital assets. Kevin de Patoul, CEO of Keyrock, emphasized that the expansion would enable the firm to better serve institutional partners across the full spectrum of digital assets, from liquidity provision to long-term investment strategies.

Turing Capital’s addition to Keyrock’s portfolio also supports the firm’s long-term ambition to bring asset management onchain in a manner that aligns with institutional standards. Juan David Mendieta, Chief Strategy Officer of Keyrock, 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. The acquisition follows a series of strategic developments for Keyrock, including its launch of a U.S. entity in 2025 to strengthen its global presence and access to institutional markets.

Keyrock, founded in 2017, has raised a total of $79.4 million in funding across four rounds, with its most recent Series B round in 2022 led by SIX and other major investors. The firm provides liquidity solutions for digital assets, including market making across major exchanges, OTC trading, and customized options structures for hedging and diversification. Its 183 employees operate in 37 countries, and the firm has been expanding its regulatory footprint, with recent filings under the EU’s Markets in Crypto-Assets (MiCA) framework.

The acquisition of Turing Capital also reflects a broader industry trend of traditional financial institutions and crypto-native firms merging to provide more sophisticated investment solutions in digital assets. As noted in recent market analysis, institutional capital has been increasingly integrating crypto into long-term portfolios, with a focus on diversification beyond Bitcoin into Ethereum and select altcoins. This trend is supported by the rise of institutional-grade infrastructure, including custody solutions, risk management tools, and compliance frameworks, which are critical to supporting large-scale participation in the digital asset market.

With the acquisition now complete, Keyrock aims to leverage Turing Capital’s expertise to further solidify its role as a leader in the digital asset space. As the market continues to evolve, the firm’s expanded offerings position it to meet growing demand from institutions seeking to allocate capital in a regulated, secure, and scalable manner.