Wintermute USA registered as an SEC broker dealer and FINRA member. The crypto market maker can now trade equities and ETFs and seek NYSE designated market maker status.
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Wintermute USA registered as a broker dealer with the Securities and Exchange Commission and joined FINRA on Aug. 6. The move gives the crypto market maker a regulated U.S. entity that can trade equities, options, and exchange-traded products for its own account.
The New York affiliate will focus on proprietary trading and ETP services, Wintermute said. The firm is now eligible to apply for designated market maker status on exchanges such as the New York Stock Exchange and Nasdaq, the Wall Street Journal reported. That status is not automatic. It would require additional exchange approvals.
Under the registration, Wintermute USA can provide liquidity to national securities exchanges and over-the-counter counterparties, act as an authorized participant for ETFs, and self-clear digital asset securities transactions for its proprietary book.
Wintermute stressed that the U.S. business is limited to proprietary trading and ETP services. The registration places the entity under SEC oversight and FINRA membership rules covering capital, supervision, recordkeeping, and trading conduct. Wintermute cautioned that FINRA registration should not be viewed as a regulatory endorsement.
The firm already appears in SEC filings as a trading counterparty for Fidelity's Bitcoin and Ether products. Jane Street and Virtu have served as authorized participants for those funds. Becoming a registered broker dealer creates a path for Wintermute USA to pursue roles that require securities market registration. Each fund or exchange relationship would still need separate agreements and approvals.
Wintermute USA has already secured ETF issuers as clients, the Wall Street Journal reported. CEO Evgeny Gaevoy said the company plans to start in markets close to its existing expertise, including commodities and digital asset ETFs. A broader move into tokenized equities would require regulatory permission, he said.
Gaevoy also set a competitive target. He said Wintermute wants to challenge Jump Trading, Jane Street, and Citadel Securities "within three to five years." The firm has not disclosed market share targets, expected U.S. revenue, or a timetable for obtaining designated market maker status.
Wintermute's global group handles more than $10 billion in average daily trading volume across more than 60 centralized and decentralized venues. That scale gives it experience in automated pricing and liquidity provision. Regulated U.S. equity market making has different operational, capital, and compliance requirements.
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 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.
Wintermute had already been building its U.S. presence. It opened a New York headquarters and appointed former Blockchain Association executive Ron Hammond to lead advocacy.
The immediate next step is execution. Wintermute USA can operate within the permissions described in its registration. Becoming an authorized participant for particular ETFs or a designated market maker on an exchange requires additional arrangements. 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.
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