DWF Labs’ physical gold trade signals crypto capital’s move into commodities

DWF Labs, a cryptocurrency-focused market maker, has expanded into physical commodities after settling its first physical gold transaction, a rare move for a crypto-native company as precious metal prices continue to break record highs.

On Monday, managing partner Andrei Grachev said DWF Labs had “just settled our first gold trade,” describing it as a test tranche involving a single 25-kilogram gold bar. Grachev said the company plans to scale the operation, with ambitions to trade physical silver, platinum and cotton.

Notably, the transaction was completed using conventional bullion custody and settlement infrastructure, rather than blockchain-based rails.

The move stands out at a time when many crypto-native companies are focused on tokenizing real-world assets. DWF Labs, by contrast, has engaged directly in the legacy commodities market in its gold transaction.

The timing reflects strong momentum in commodities markets this year. Gold and silver prices have outperformed much of the crypto sector, as investors seek hedges against macroeconomic uncertainty.

Gold futures recently reached new all-time highs above $4,500 per troy ounce, extending a year-long rally driven by central bank buying, geopolitical risk and expectations of eventual interest-rate cuts. By comparison, Bitcoin (BTC) and broader crypto markets have seen more muted price action over the same period.

Beyond commodities, DWF Labs has expanded its footprint in digital assets. The company has launched multiple investment vehicles aimed at supporting crypto adoption, including a $250 million Liquid Fund focused on helping mid-cap blockchain projects scale, as well as a $75 million institutional DeFi fund.

Related: Tether Gold rides bullion boom as central banks, ETFs rush to accumulate

Is crypto blending into brick and mortar?

DWF Labs’ move into physical commodities appears to reflect a broader trend of crypto-native companies gradually extending into legacy markets to diversify revenue, reach new customers and broaden their operating scope beyond purely digital assets.

Other companies are pursuing parallel, though distinct, strategies. Coinbase, for instance, has outlined ambitions to become what it calls an “everything exchange,” with plans to let companies tokenize their shares for round-the-clock trading.

“In time, we believe everything will be tokenized, and bringing stocks to Coinbase is an important milestone toward enabling tokenized stocks,” Coinbase said in a blog post.

Deutsche Bank Research analysts said the move could “substantially widen [Coinbase’s] addressable market” across both retail and institutional clients, while helping to offset potential future pressure on retail crypto trading volumes, according to Bloomberg.

Several cryptocurrency companies have also sought entry into the traditional banking system through bank or trust charters, including stablecoin issuer Circle and digital asset custodian BitGo, which have pursued regulated banking or trust structures to expand their financial services offerings.

Related: Coinbase ‘cautiously optimistic’ on 2026 as crypto nears institutional inflection point