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.

In a release shared with crypto.news, Wintermute said on Aug. 6 that its New York based affiliate can provide liquidity to national securities exchanges and over the counter counterparties. The registration also allows the firm to trade traditional equities and equity options for its own proprietary account, act as an authorized participant for exchange traded products and self clear digital asset securities transactions.

The move brings Wintermute closer to traditional market making roles that were previously unavailable to its U.S. operation. 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 company said the registration marks its formal entry into regulated U.S. securities markets and follows continued investment in its American operations and engagement with regulators and policymakers.

CEO Evgeny Gaevoy said the move reflects Wintermute’s expectation that crypto and traditional finance will increasingly overlap.

“Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.”

Gaevoy added that firms positioned to succeed will need the technical and operational capability to work across both markets. His comments describe Wintermute’s long term strategy and should be treated as forward looking rather than an assured outcome.

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.

Moreover, the release shared with crypto.news also said the broader Wintermute group facilitates more than $10 billion in average daily trading volume across more than 60 centralized and decentralized exchanges. The company framed the U.S. launch as part of a broader shift in market structure as institutional trading increasingly spans asset classes, venues and settlement systems.

However, Wintermute cautioned that those global figures describe the historical activity of its affiliates and “are not intended as a guarantee or prediction” of Wintermute USA’s future performance. It also noted that FINRA registration does not represent regulatory endorsement.

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.