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Crypto market maker Wintermute has launched Wintermute USA LLC as a U.S. broker-dealer, expanding the firm into regulated securities trading and traditional financial market making.
The new entity is registered with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. Wintermute plans to focus on proprietary equities and equity-options trading, liquidity provision and exchange-traded products, including those linked to digital assets.
Wintermute USA Targets Equities, Options, and Market Making
Wintermute USA plans to conduct proprietary trading in U.S. equities and equity options and provide liquidity to exchanges and over-the-counter counterparties.
Its broker-dealer status also makes the entity eligible to pursue designated market-maker roles on securities exchanges including the New York Stock Exchange and Nasdaq. Those appointments would require the relevant exchange arrangements rather than following automatically from registration.
The expansion builds on Wintermute’s algorithmic trading business across centralized exchanges, decentralized platforms and institutional markets. CEO Evgeny Gaevoy said the firm processed about $3.5 trillion in trading volume in 2025 and currently averages roughly $10 billion per day across more than 60 venues.
Wintermute Processed $3.5T in Trading Volume in 2025
Wintermute USA also plans to act as an Authorized Participant for exchange-traded products, including products linked to digital assets. Authorized Participants work with fund issuers to create and redeem ETP shares.
Gaevoy told the Wall Street Journal that Wintermute USA has already lined up ETF issuers as clients and initially intends to focus on crypto-adjacent markets, including digital asset ETFs.
Wintermute’s existing entities already participate in U.S. crypto investment products as trading counterparties. SEC filings have listed Wintermute Trading Ltd. among counterparties used by U.S. Bitcoin, Ether, and Solana trusts.
Tokenized Securities Plans Still Depend on US Regulation
Wintermute is also positioning the broker-dealer for tokenized securities if U.S. regulation permits broader trading of blockchain-based stocks and other securities.
The firm has previously asked the SEC to confirm that broker-dealers may trade tokenized securities for their own accounts and self-clear and settle proprietary transactions using dealer-operated wallet infrastructure. Those regulatory questions remain separate from the broker-dealer launch.
Wintermute established its U.S. headquarters in New York in May 2025. Gaevoy said Wintermute USA aims to compete with established market makers including Jump Trading, Jane Street and Citadel Securities within three to five years.
