Crypto market maker Wintermute has taken a major step into traditional finance after registering its U.S. business as a broker-dealer, positioning the firm to expand beyond digital assets and prepare for the emerging market for tokenized equities.
The registration allows Wintermute USA to operate under the oversight of U.S. securities regulators and pursue roles such as a designated market maker on major stock exchanges. The move also enables the company to broaden its institutional services while laying the groundwork for future participation in tokenized securities, subject to regulatory approval.
Expanding Beyond Crypto
Chief Executive Evgeny Gaevoy said the company will initially focus on crypto-related traditional markets, including commodities and digital asset exchange-traded funds. However, Wintermute ultimately wants to support tokenized stocks if U.S. regulators permit broader trading of blockchain-based equity products.
The strategy reflects the firm’s effort to prepare for multiple market outcomes as digital assets and traditional finance continue to converge. Wintermute already provides liquidity across centralized and decentralized crypto markets, and the broker-dealer license opens additional opportunities within regulated financial markets.
Founded in 2017, the London-based company has grown into one of the largest digital asset trading firms. It processed approximately $3.5 trillion in trading volume last year and currently averages about $10 billion in daily trading activity across more than 60 venues.
Building a Wall Street Presence
Wintermute plans to use its new regulatory status to compete with established market-making firms in the United States over the next several years. The company has already established relationships with exchange-traded fund issuers and continues expanding its U.S. operations after opening its New York headquarters in 2025.
The move also highlights a broader industry trend. As cryptocurrency markets mature and revenue becomes more cyclical, several digital asset firms are seeking growth through regulated financial services, including equities, ETFs, and wealth management.
Tokenized stocks remain an area of growing interest because they could allow blockchain-based trading of equity exposure with faster settlement and around-the-clock availability. However, the U.S. regulatory framework for such products is still evolving, meaning firms like Wintermute are positioning themselves early while awaiting clearer rules.
