Wintermute registers as US broker dealer, targets Wall Street expansion
In brief
- Wintermute USA registered as broker dealer with SEC and FINRA, enabling expansion into regulated securities markets.
- Registration makes Wintermute eligible for designated market maker roles on NYSE and Nasdaq.
- CEO Evgeny Gaevoy plans initial focus on commodities and crypto ETFs, with tokenized stocks expansion potential.
- Wintermute targets competition with Jane Street, Jump Trading, and Citadel Securities within three to five years.
Regulated Market Maker Status
Wintermute's US division registered as a broker dealer, a regulatory milestone that opens new avenues for the crypto trading firm. The registration makes Wintermute USA eligible to become a designated market maker on the New York Stock Exchange and Nasdaq, expanding the firm's footprint in traditional equities markets.
Wintermute was founded in 2017 by Evgeny Gaevoy, a former trader at high frequency trading firm Optiver. The company processed approximately $3.5 trillion in trading volume last year and currently handles an average of about $10 billion per day. Its operations span more than 60 trading venues, ranging from the Chicago Mercantile Exchange to decentralized exchange Uniswap.
Initial Strategy and Future Plans
CEO Evgeny Gaevoy said the London-based company initially plans to trade in commodities and crypto exchange traded funds. The firm has lined up ETF issuers as clients for its US business. Wintermute may later expand into tokenized stocks if US regulators approve the products.
The company aims to compete with major market makers including Jane Street, Jump Trading, and Citadel Securities within three to five years. Matthew Pizzo was hired as senior counsel and chief compliance officer for Wintermute USA in July 2025, underscoring the firm's commitment to regulatory compliance as it scales its US operations.
Broader Crypto Market Consolidation
Wintermute's broker registration reflects a broader trend of crypto firms integrating into traditional finance. Ripple acquired prime brokerage firm Hidden Road for $1.25 billion, while crypto market maker GSR obtained a US presence by purchasing Equilibrium Capital Services. Crypto.com previously acquired SEC registered broker dealer Watchdog Capital.
These acquisitions and registrations signal that major crypto firms are no longer content operating at the periphery of traditional markets. Instead, they're moving toward the center, building the infrastructure and regulatory credentials needed to compete directly with established financial institutions.
