Wintermute Registers as SEC Broker-Dealer, Expands Into Stocks, Options and Crypto ETFs

Crypto market maker Wintermute is expanding into traditional finance after registering a subsidiary as a broker-dealer with the U.S. Securities and Exchange Commission.

The Block reported on August 6 that Wintermute registered the unit with the SEC and the Financial Industry Regulatory Authority. The entity can provide liquidity on U.S. securities exchanges and in over-the-counter markets, and trade stocks and options for its own account. It can also self-clear digital-asset securities trades and act as an authorized participant for exchange-traded funds, including crypto-linked ETFs.

Founder and Chief Executive Officer Evgeny Gaevoy said Wintermute has long believed digital-asset markets would not evolve in only one direction. Digital assets and traditional finance will continue to develop in parallel, intersect in new ways and ultimately become more deeply integrated, he added.

Wintermute said its move into traditional assets aligns with the growth of the tokenization market. Earlier this year, the firm said it would begin market making in tokenized gold and provide two-way liquidity for prediction markets.

London-based Wintermute handles more than $10 billion in average daily trading volume and provides liquidity to more than 60 centralized and decentralized exchanges worldwide. Its U.S. unit, Wintermute USA, is to be established in New York.