The crypto market maker registered as a broker-dealer, giving it a regulated route into Wall Street and the ability to act as an ETF authorized participant.
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Crypto market maker Wintermute has secured broker-dealer status in the U.S., giving the firm a regulated route into Wall Street. Crypto and traditional securities markets are drawing closer together.
New York-based Wintermute USA LLC registered with the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The unit will operate as a proprietary trading firm rather than a retail broker, the company said.
The registration lets Wintermute trade stocks and equity options. The firm can also provide liquidity to exchanges and over-the-counter counterparties. It can act as an authorized participant for exchange-traded funds, including crypto-linked funds. Authorized participants create and redeem large blocks of ETF shares, a process that helps keep a fund's market price close to the value of its holdings.
Until now, authorized participants for crypto ETFs have been traditional market makers like Jane Street and Virtu Financial. Wintermute's entry gives ETF issuers a new liquidity provider with deep crypto market expertise, potentially narrowing bid-ask spreads on funds such as the Grayscale Bitcoin Trust or the iShares Bitcoin Trust. The firm has already lined up ETF issuers to work with, the Wall Street Journal reported.
Wintermute handles more than $10 billion in average daily trading volume across over 60 centralized and decentralized venues, according to the company. The registration also lets Wintermute seek market-making roles on exchanges including the New York Stock Exchange and Nasdaq.
The approval follows a longer U.S. buildout. Wintermute opened its New York headquarters last year. It later asked the SEC to confirm that broker-dealers could trade tokenized securities for their own accounts. The firm also sought confirmation on self-clearing transactions and holding proprietary positions through wallet software.
Wintermute joins a group of crypto firms that have built regulated U.S. securities businesses. Ripple completed its $1.25 billion purchase of prime broker Hidden Road in 2025. GSR acquired broker-dealer Equilibrium Capital Services. Crypto.com bought Watchdog Capital in 2024.
The SEC approval gives Wintermute a direct on-ramp to trade traditional equities and ETFs, a step that could accelerate the blending of crypto and mainstream market infrastructure.
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