Wintermute, a major cryptocurrency market maker, has registered its U.S. business as a broker-dealer, marking a significant expansion into traditional finance and positioning the firm for the emerging tokenized equities market.

The registration enables Wintermute USA to operate under the oversight of U.S. securities regulators and to pursue roles such as designated market maker on major stock exchanges. The broker-dealer license also allows the company to broaden its institutional services while establishing the foundation for future participation in tokenized securities, contingent upon regulatory approval.

Initial Focus on Crypto-Adjacent Traditional Markets

Chief Executive Evgeny Gaevoy stated that Wintermute will initially concentrate on crypto-related traditional markets, including commodities and digital asset exchange-traded funds. The firm's longer-term objective is to support tokenized stocks, should U.S. regulators authorize broader trading of blockchain-based equity products.

The approach reflects Wintermute's strategy of preparing for multiple market scenarios as digital assets and traditional finance increasingly converge. The company already supplies liquidity across both centralized and decentralized crypto markets, and the new license creates additional avenues within regulated financial markets.

Founded in 2017 and headquartered in London, Wintermute has become one of the largest digital asset trading firms. The company processed approximately $3.5 trillion in trading volume last year and currently averages about $10 billion in daily trading activity across more than 60 venues.

Competing on Wall Street

Wintermute intends to leverage its new regulatory status to compete with established market-making firms in the United States over the coming years. The company has already built relationships with exchange-traded fund issuers and has been expanding its U.S. operations since opening its New York headquarters in 2025.

The move places Wintermute among a growing group of crypto-native firms pursuing broker-dealer status as a bridge between digital asset markets and regulated securities infrastructure. Coinbase, for example, secured broker-dealer credentials through its 2018 acquisition of some assets of a licensed firm, reflecting how digital asset companies have sought to expand into traditional securities services.

The broader trend extends beyond crypto firms. Major financial institutions have also signaled interest in blockchain-based asset tokenization. BlackRock launched a tokenized fund on the Ethereum blockchain in 2024, and other asset managers have explored similar initiatives aimed at streamlining settlement and expanding access to traditional financial products.

For Wintermute, the broker-dealer registration offers a pathway to diversify revenue beyond crypto market-making at a time when digital asset trading volumes can be cyclical. Tokenized stocks remain a particular area of interest, as they could enable blockchain-based trading of equity exposure with faster settlement and round-the-clock availability. However, the U.S. regulatory framework for such products continues to evolve, and firms like Wintermute are positioning themselves early while awaiting clearer SEC guidance on tokenized securities.

Key developments to watch include any SEC rulemaking or no-action letters addressing tokenized equities, as well as potential exchange applications for listing blockchain-based stock products.