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FollowingWintermute enters the U.S. regulated securities market through registration as a broker-dealer
Wintermute, a cryptocurrency market maker, officially enters the U.S. regulated securities market by registering a broker-dealer. The move allows it to trade stocks, options, exchange-traded products and digital asset securities.
Core Points
Its U.S. affiliates can independently trade stocks and options, provide liquidity for exchange-traded products, and liquidate digital asset securities themselves. The company said institutional clients already accounted for 72% of its over-the-counter traffic. As the tokenized securities business expands, this registration provides Wintermute with a foothold in the U.S. regulated market.
Wintermute broker-dealer business
Wintermute USA LLC has completed registration with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority to allow the New York affiliate to operate as a proprietary trading company. It can now provide liquidity to national exchanges and over-the-counter counterparties. The registration also allows the company to independently trade stocks and options, self-liquidate digital asset securities, and serve as an authorized participant in exchange-traded products. Empowering participants to create and redeem a large number of ETF shares helps maintain market prices consistent with the underlying assets. Wintermute can also conduct market-making operations on Nasdaq and the New York Stock Exchange. According to reports, the subsidiary has reached cooperation with multiple ETF issuers and will begin operations next week.
Gaevoy's outlook on tokenization
Wintermute said its average daily trading volume exceeds $10 billion, and the latest report shows that institutional clients account for 72% of its over-the-counter trading traffic. CEO Evgeny Gaevoy said the registration reflects the company's expectations for the increasing integration of digital assets and traditional finance. "Our long-standing belief is that the digital asset market will develop in multiple directions," Gaevoy said."Digital assets and traditional finance will continue to develop in parallel, meet in new ways, and ultimately achieve deeper integration." The company has surpassed the traditional cryptocurrency market by providing market-making services for tokenized gold and providing liquidity for the forecast market. It said a regulated presence in the United States would help it lay out the tokenized securities space, where blockchain-based products interface with existing securities infrastructure. In 2026, the trading volume of tokenized stocks will increase, and industry forecasts cited in the announcement show that the valuation of this sector is expected to reach a trillion dollars by the end of the decade. This prospect makes the strategic significance of regulated trading channels even more prominent.
This expansion is the latest move by cryptocurrency companies into the U.S. securities business. In 2025, Ripple completed a $1.25 billion acquisition of leading broker Hidden Road, while Crypto.com acquired Watchdog Capital, reflecting the industry's broad transformation to a regulated traditional market infrastructure.
