Wintermute gains U.S. broker status, eyes tokenized stocks

Wintermute USA has registered as a broker dealer with the U.S. Securities and Exchange Commission and joined FINRA, giving the crypto market maker a regulated foothold in American securities markets. 

Wintermute announced the registration on Aug. 6, saying the New York based affiliate will focus on proprietary trading and exchange traded product services.

The move brings Wintermute closer to traditional market making roles that were previously unavailable to its U.S. operation. The Wall Street Journal reported that the firm is now eligible to seek designated market maker status on exchanges including the New York Stock Exchange and Nasdaq. That status is not automatic and would require additional exchange approvals.

Wintermute USA gains access to regulated securities trading

Under the new registration, Wintermute USA can trade traditional equities and equity options for its own account, provide liquidity to national securities exchanges and over the counter counterparties, and act as an authorized participant for exchange traded products. The company also said the unit can self clear digital asset securities transactions for its proprietary account.

Wintermute stressed that the U.S. business is focused exclusively on proprietary trading and ETP services. The registration places the entity under SEC oversight and FINRA membership requirements, including rules covering capital, supervision, recordkeeping and trading conduct. Wintermute also cautioned that FINRA registration should not be viewed as a regulatory endorsement.

The firm already has experience around U.S. crypto funds. SEC filings for Fidelity’s Bitcoin and Ether products have listed Wintermute Trading Ltd as a trading counterparty, while firms such as Jane Street and Virtu have served as authorized participants. Becoming a registered U.S. broker dealer creates a route for Wintermute USA to pursue roles that require securities market registration, although each fund or exchange relationship would still require separate agreements and approvals.

Wintermute wants a larger role in ETF market making

The Wall Street Journal reported that Wintermute USA has already secured ETF issuers as clients. CEO Evgeny Gaevoy said the company plans to start in markets close to its existing expertise, including commodities and digital asset ETFs, before considering a broader move into tokenized equities if regulators permit it.

Gaevoy also set an ambitious competitive target. He said Wintermute wants to challenge established firms including Jump Trading, Jane Street and Citadel Securities “within three to five years.” That goal remains forward looking. Wintermute has not disclosed market share targets, expected U.S. revenue or a timetable for obtaining designated market maker status.

The company says its global group handles more than $10 billion in average daily trading volume across more than 60 centralized and decentralized venues. That scale gives Wintermute experience in automated pricing and liquidity provision, but regulated U.S. equity market making has different operational, capital and compliance requirements.

Tokenized equities form the longer term opportunity

Wintermute’s interest in tokenized stocks predates the broker dealer registration. In September 2025, the firm submitted feedback to the SEC Crypto Task Force asking regulators to clarify how registered dealers can trade tokenized securities for their own accounts, self custody those assets and settle transactions onchain.

The registration therefore gives Wintermute a regulated entity that could participate if U.S. rules for tokenized securities continue developing. NYSE has also pursued a framework for tokenized securities to trade alongside conventional shares while using established clearing infrastructure. Those initiatives show how crypto native trading firms and traditional exchanges are moving toward overlapping market structures.

Wintermute had already been building its U.S. presence before securing the registration. As crypto.news reported in May 2025, it opened a New York headquarters and appointed former Blockchain Association executive Ron Hammond to lead advocacy.

What happens next for Wintermute USA

The immediate next step is execution rather than another automatic regulatory milestone. Wintermute USA can operate within the permissions described in its registration, but becoming an authorized participant for particular ETFs or a designated market maker on an exchange requires additional arrangements.

Likewise, the planned tokenized equity expansion depends on regulatory permission and market infrastructure that is still evolving. Wintermute’s own release described its tokenization ambitions as part of a future strategy rather than an approved business line.

For now, the broker dealer registration gives Wintermute a regulated platform for proprietary securities trading and ETP services in the U.S. It also narrows a structural gap between the firm’s crypto market making operation and traditional Wall Street firms that already sit inside ETF creation, redemption and exchange market making systems.