Wintermute has entered regulated U.S. securities markets through a broker-dealer registration, giving the crypto market maker access to stocks, options, exchange-traded products and digital asset securities.
Key Points:
- Its U.S. affiliate can trade equities and options, provide ETP liquidity and self-clear digital asset securities for its own account.
- The firm says institutions already account for 72% of its OTC flows.
- The registration gives Wintermute a regulated foothold as tokenized securities activity expands.
Wintermute Broker-Dealer
Wintermute USA LLC registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, allowing the New York affiliate to operate as a proprietary trading firm. It can now provide liquidity to national exchanges and over-the-counter counterparties.
The registration also lets the firm trade equities and options for its own account, self-clear digital asset securities and serve as an Authorized Participant for exchange-traded products. Authorized Participants create and redeem large blocks of ETF shares, helping keep market prices aligned with underlying assets.
Wintermute can also pursue market-making roles on Nasdaq and the New York Stock Exchange. The Wall Street Journal reported that the subsidiary has lined up several ETF issuers to work with in the coming week.
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Gaevoy Tokenization Outlook
Wintermute says it handles more than $10 billion in average daily trading volume, while institutions accounted for 72% of its OTC flows in its latest report. CEO Evgeny Gaevoy said the registration reflects the firm’s view that digital assets and traditional finance will increasingly intersect.
“Our long-term conviction has always been that digital asset markets will evolve in more than one direction,” Gaevoy said. “Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.”
The firm has already moved beyond conventional crypto markets through market-making for tokenized gold and liquidity provision for prediction markets. It said a regulated U.S. presence could position it for tokenized securities, where blockchain-based products connect with established securities infrastructure.
Tokenized equity trading volumes have increased in 2026, and industry forecasts cited in the announcement expect the sector to reach a trillion-dollar valuation by the decade’s end.
That outlook gives regulated trading access greater strategic importance.
The expansion follows similar moves by crypto companies into U.S. securities businesses. In 2025, Ripple completed its $1.25 billion purchase of prime broker Hidden Road, while Crypto.com acquired Watchdog Capital, showing the broader shift toward regulated traditional-market infrastructure.
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