- Wintermute’s U.S. broker license opens the door to stock and ETF market making.
- The crypto market maker plans to challenge major Wall Street trading firms.
- Institutional demand is fueling Wintermute’s push beyond digital assets.
Wintermute has secured a U.S. broker-dealer license, allowing the crypto market maker to expand beyond digital assets into traditional financial markets. The approval allows Wintermute USA to pursue market-making roles for U.S. stocks and exchange-traded funds, although the company must obtain additional regulatory approvals before entering those markets.
The Wall Street Journal reported that Wintermute has already signed exchange-traded fund issuers as clients, giving the firm an early foothold as it expands its U.S. business. Chief Executive Evgeny Gaevoy said the company aims to compete with firms such as Citadel Securities, Jane Street and Jump Trading within the next three to five years.
Expansion Plans
Wintermute plans to begin by making markets for commodities and digital asset exchange-traded funds before expanding into tokenized equities. The company also aims to become a designated market maker on a major U.S. stock exchange as it builds its presence in U.S. equity markets.
Related: Why Capital Is Moving From Crypto Speculation to Tokenized RWAs
“Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply,” Chief Executive Evgeny Gaevoy said.
Institutional Growth Supports Expansion
Wintermute handles more than $10 billion in daily trading volume across more than 60 trading venues worldwide. Institutional clients accounted for 72% of the firm’s spot over-the-counter trading volume in the first half of 2026, reflecting growing demand from professional investors.
The company opened its New York office in 2025 as part of its U.S. expansion, laying the groundwork for a broader push into American financial markets.
Related: Why DEXs Are Racing to Build Crypto Launchpads Beyond Token Trading
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