Wintermute wins US licence for Wall Street push

Wintermute has secured US broker-dealer registration, opening the door for the digital-asset market maker to trade equities and equity options and take a bigger role in exchange-traded products as the boundaries between crypto and conventional securities markets narrow.

The expansion is being carried out through Wintermute USA LLC, its New York-based affiliate, which is registered with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. The regulatory footing allows the business to operate directly within the US securities framework rather than limiting its activities to cryptocurrency markets.

Wintermute USA plans to conduct proprietary trading in US equities and equity options and provide liquidity across regulated markets. It can also act as an authorised participant for exchange-traded products, including funds offering exposure to digital assets. Authorised participants play a central role in keeping ETF prices aligned with the value of their underlying holdings by creating and redeeming large blocks of shares.

The move gives Wintermute a regulated route into a segment dominated by established electronic trading groups such as Citadel Securities, Jane Street, Virtu Financial, Flow Traders and other specialist market makers. These firms provide liquidity across equities, options, ETFs, futures and other instruments, using technology and balance-sheet capacity to exploit small price discrepancies and keep markets functioning efficiently.

Wintermute has built its business around algorithmic trading and liquidity provision in digital assets, operating across centralised exchanges, decentralised venues and over-the-counter markets. Its expansion into securities represents a significant broadening of that model at a time when cryptocurrency trading infrastructure is becoming increasingly connected with regulated capital markets.

ETFs are one of the most important points of convergence. US-listed spot Bitcoin funds have turned regulated securities exchanges into a major gateway for cryptocurrency exposure, while products tied to Ether and other digital assets have widened institutional access. The creation and redemption process behind those funds depends on trading firms capable of moving between ETF shares, cash and the underlying assets.

Wintermute already has experience supplying liquidity and trading digital assets with institutional counterparties. Formal broker-dealer status gives its US affiliate greater scope to participate directly in securities transactions around those products, rather than operating solely as a crypto trading counterparty.

The company is also positioning itself for a market in which tokenised securities could eventually blur the distinction between conventional shares and blockchain-based assets. Banks, asset managers, exchanges and financial technology companies are experimenting with tokenised equities, funds, bonds and collateral as they explore whether blockchain settlement can reduce costs and speed up transactions.

That development could favour trading firms capable of operating across both traditional and digital infrastructure. Market makers increasingly need connectivity to securities exchanges, cryptocurrency venues, derivatives platforms and blockchain networks as institutional portfolios become more varied.

Wintermute’s US expansion comes as regulators and exchanges reshape market infrastructure around digital assets. The emergence of regulated crypto ETFs has already pushed major Wall Street trading firms deeper into cryptocurrency-linked markets. At the same time, crypto-native companies have been seeking licences that allow them to offer services traditionally provided by securities brokers and other regulated financial intermediaries.

The broker-dealer structure also brings additional compliance obligations. Firms operating in the US securities market are subject to capital requirements, record-keeping standards, supervisory rules and market-conduct requirements, alongside oversight designed to protect the integrity of regulated trading.

Wintermute USA was established in 2025 as the group prepared for a broader US presence. The company has since been building trading, compliance and business-development capabilities in New York, creating a regulated operation separate from other Wintermute entities that conduct digital-asset activities internationally.

Wintermute’s wider business remains heavily focused on crypto. It provides spot and derivatives liquidity, operates an over-the-counter trading desk and participates across hundreds of digital assets and trading venues. Its institutional counterparties include exchanges, asset managers, cryptocurrency projects and other professional market participants.

The US securities push is therefore an extension rather than a replacement of its core operation. Equities and options give the firm access to much larger pools of conventional market activity, while authorised-participant capabilities offer a direct link between its established digital-asset expertise and the expanding ETF market.

Arabian Post – Crypto News Network