Wintermute Secures Broker-Dealer Approval, Expanding into Stock and ETF Trading

Wintermute, a cryptocurrency market maker, has completed its official registration with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), obtaining broker-dealer qualifications. This allows Wintermute to legally enter the U.S. traditional securities market, expanding beyond the cryptocurrency market and securing a regulatory pathway. Wintermute USA LLC, established in New York, operates as a firm specializing in proprietary trading, not retail brokerage. With this registration, the company can now engage in trading U.S. stocks and stock options, provide liquidity to exchanges and over-the-counter (OTC) counterparties, act as an authorized participant for ETFs, and hold positions in digital asset securities through its own clearing and wallet software. Authorized participants play a crucial role in the ETF market, directly handling the creation and redemption of large volumes of ETF shares, helping to ensure that the fund's market price remains close to the value of its underlying assets. Wintermute is a major market maker, currently processing an average of over $10 billion in trading volume daily across more than 60 centralized and decentralized exchanges. The company is actively pursuing market-making roles on the New York Stock Exchange (NYSE) and Nasdaq, and according to the Wall Street Journal, it has already established partnerships with several ETF issuers. Initially, the company will focus on markets linked to cryptocurrencies, and subsequently plans to expand into the tokenized equity sector after obtaining the necessary regulatory approvals. This approval is the result of Wintermute's efforts to expand its business in the United States. Last year, Wintermute opened its headquarters in New York and has actively communicated with regulatory authorities, including formally inquiring with the SEC about the permissibility of broker-dealer activities related to tokenized securities, proprietary trading, and holding positions through its own clearing and wallet software. Wintermute's move aligns with the broader trend of the cryptocurrency industry entering traditional finance. Ripple acquired Prime Brokerage Hidden Road for $1.25 billion in 2025, GSR acquired broker-dealer Equilibrium Capital, and Crypto.com acquired Watchdog Capital in 2024. As the boundaries between the cryptocurrency market and traditional finance rapidly narrow, Wintermute's SEC approval demonstrates the emergence of a new structure where institutional-grade market makers can operate across both markets.