Wintermute has secured a U.S. broker-dealer license, allowing the crypto market maker to expand beyond digital assets into traditional financial markets. The approval allows Wintermute USA to pursue market-making roles for U.S. stocks and exchange-traded funds, although the company must obtain additional regulatory approvals before entering those markets.
The Wall Street Journal reported that Wintermute has already signed exchange-traded fund issuers as clients, giving the firm an early foothold as it expands its U.S. business. Chief Executive Evgeny Gaevoy said the company aims to compete with firms such as Citadel Securities, Jane Street and Jump Trading within the next three to five years.
Wintermute plans to begin by making markets for commodities and digital asset exchange-traded funds before expanding into tokenized equities. The company also aims to become a designated market maker on a major U.S. stock exchange as it builds its presence in U.S. equity markets.
“Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply,” Chief Executive Evgeny Gaevoy said.
The company opened its New York office in 2025 as part of its U.S. expansion, laying the groundwork for a broader push into American financial markets.
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