TLDR
- Wintermute USA registered as a broker-dealer with the SEC and FINRA.
- The firm plans to trade commodities and digital asset ETFs in the U.S.
- Wintermute can provide liquidity to U.S. securities exchanges and OTC markets.
- The company may expand into tokenized stocks if regulators approve the products.
- Wintermute aims to compete with major market makers within three to five years.
Wintermute USA has registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), opening a path into regulated U.S. securities markets.
The New York-based subsidiary plans to begin with commodities and digital asset exchange-traded funds (ETFs), while potentially expanding into tokenized stocks if regulators approve the products. The registration also allows the firm to provide liquidity to U.S. securities exchanges and over-the-counter counterparties.
Wintermute Expands Beyond Crypto Markets
Wintermute USA can trade stocks and options for its own account and provide liquidity across U.S. securities markets. The company can also self-clear digital asset securities transactions and serve as an Authorized Participant for certain exchange-traded products.
Wintermute CEO Evgeny Gaevoy said,
“Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.”
The company has also said that tokenization is creating new links between digital assets and traditional financial markets.
Wintermute currently operates across more than 60 centralized and decentralized trading venues. The company reported average daily trading volume of more than $10 billion and approximately $3.5 trillion in total trading volume last year.
Commodities and ETFs Form the Initial Focus
Wintermute plans to enter traditional markets through assets that remain close to its existing digital asset operations. Commodities and digital asset ETFs are expected to form part of the company’s initial U.S. trading strategy.
The firm has already signed ETF issuers as clients for its U.S. business. The registration also gives Wintermute USA the ability to seek market-making roles on major American exchanges, although additional approvals and exchange requirements still apply.
Wintermute has targeted a three-to-five-year period to compete with established market makers such as Jane Street, Jump Trading and Citadel Securities. The company is also seeking to expand its role in regulated financial markets as institutional demand for digital assets grows.
Tokenized Stocks Remain a Future Target
Tokenized equities are another area Wintermute may pursue as U.S. regulations develop. The company has previously asked regulators to clarify how broker-dealer requirements should apply to the trading, settlement and custody of tokenized securities.
The SEC has allowed some blockchain-based financial market activity while maintaining that securities laws continue to apply to securities issued or traded on blockchain networks. Wintermute would therefore require the relevant approvals before offering broader tokenized stock services.
The company has already expanded its activities in tokenized markets. Earlier this year, Wintermute said it would provide market-making services for tokenized gold and liquidity for prediction markets.
Wintermute Builds Its U.S. Financial Operations
Wintermute began developing its U.S. operation before securing the broker-dealer registration. The company opened a New York headquarters in 2025 and hired Matthew Pizzo as senior counsel and chief compliance officer for Wintermute USA.
The expansion comes as other crypto companies move toward regulated financial services. Several digital asset firms have pursued broker-dealer registrations or acquired regulated financial businesses to gain access to traditional markets.
Wintermute’s registration places its U.S. business under SEC and FINRA supervision while allowing it to pursue additional market-making activities. The company has not said that every planned service will launch immediately, with some activities dependent on regulatory and exchange approvals.
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