One of the leading liquidity providers in the crypto space has now entered U.S. securities markets legally. On August 6, Wintermute announced that its New York-based entity, Wintermute USA LLC, had registered as a broker-dealer with the SEC and become a member of the Financial Industry Regulatory Authority (FINRA).

Wintermute said the authorization marks its “entry into U.S. regulated markets” and expands its ability to serve “institutional counterparties in the region.” The move is a major milestone for a market maker that reports more than $10 billion in average daily trading activity across more than 60 centralized and decentralized platforms.

Rather than operating only in crypto-native markets, Wintermute will now be able to operate in regulated markets widely used by Wall Street institutions.

What the registration allows Wintermute to do

The license is limited to proprietary trading. Wintermute USA will be able to act as principal and provide liquidity in over-the-counter transactions involving U.S. equities, options, and other security-based instruments while trading for its own account. It may also engage in self-clearing securities transactions involving digital assets held in its portfolio.

The approval is also notable because Wintermute is now an Authorized Participant (AP) for exchange-traded products, including digital asset ETFs. APs are responsible for creating and redeeming ETF shares, helping ensure that ETF prices stay aligned with the value of the underlying assets. That role places Wintermute closer to the market infrastructure that supports the development of crypto ETFs—an area that has expanded rapidly since the SEC approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later that year, opening a new channel for institutional and retail exposure to digital assets through traditional brokerage accounts.

The U.K.-based company said the license follows several years of work with U.S. authorities.

Why one regulated entity matters

A broker-dealer license is more than a regulatory formality. By housing crypto and traditional securities activities within a single company, Wintermute can simplify trading, settlement, and risk management. It may also make it easier for institutional investors to access both markets through one platform.

The approval also increases competition among market makers. Firms such as Jane Street and Citadel Securities dominate liquidity in equity and ETF markets, while Wintermute is best known for its crypto trading operations.

As tokenized securities and digital asset ETFs gain traction, firms that can provide liquidity across both traditional and blockchain-based markets may have an advantage over firms focused on only one side of the market. That convergence could reshape how institutional capital moves between the two markets.

Wintermute’s registration also points to the broader institutionalization of crypto markets. As more licensed digital asset products enter the market, firms that understand both traditional finance and crypto may become increasingly important. Their participation could improve liquidity, narrow spreads, and strengthen price discovery, creating more favorable conditions for institutional investors.

“Our long-term conviction has always been that digital asset markets will evolve in more than one direction,” founder and CEO Evgeny Gaevoy said. “Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.”

The tokenization wave behind the move

Wintermute’s expansion comes as tokenization gains momentum across financial markets. Citigroup’s Tokenization 2030: Wall Street On-Chain estimates roughly $17 billion in tokenized assets today and projects a $5.5 trillion base-case market by 2030. Meanwhile, a16zcrypto estimates that tokenized real-world assets have already exceeded $34 billion, excluding stablecoins.

The trend is becoming increasingly visible across the industry. The U.K.’s Tokenization Taskforce includes figures from both traditional finance and crypto-native companies such as Circle, Ripple, Coinbase, Kraken’s Payward entity, Chainalysis, Fireblocks, Digital Asset Holdings, GFO-X, and Wintermute.

Their involvement suggests that regulators are beginning to view blockchain-based finance as part of the capital markets ecosystem rather than as a separate alternative system.

Wintermute said that by securing broker-dealer registration, it “strategically positions Wintermute USA for the emerging tokenized securities landscape.” The move also aligns with its broader push into tokenized real-world assets.

Just a couple of months ago, the company launched OTC trading for tokenized gold products such as PAXG and XAUT, citing rising demand for round-the-clock settlement through blockchain payments and more efficient collateral movement. It has been reported that the tokenized gold market could grow significantly, reaching a minimum market value of $15 billion in 2026.

Regulators have also begun clarifying the legal framework. In January 2026, three divisions of the SEC said securities are not exempt from legal liability simply because they use a blockchain.

Wintermute’s move suggests the company wants to establish itself in regulated markets before tokenized securities become mainstream. If other major players in the global crypto market follow suit, the lines between Wall Street firms and crypto-native liquidity providers may continue to blur, further accelerating the integration of traditional finance and digital asset markets.