Key highlights:

  • Wintermute USA has registered as a broker-dealer with the SEC and FINRA, expanding the crypto market maker into regulated US securities markets
  • The firm can now trade equities and options, provide ETP liquidity, and self-clear digital asset securities for its own account
  • Wintermute says the move positions it for deeper convergence between traditional finance and digital assets as tokenization accelerates

Wintermute has expanded into the regulated US securities markets after its affiliate, Wintermute USA LLC, registered with US regulators as a broker-dealer. The move gives the digital asset market maker access to traditional equities, equity options, exchange-traded products, and digital asset securities.

Wintermute expands beyond crypto

Wintermute USA LLC secured registration with the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The New York-based subsidiary will operate as a proprietary trading firm, providing liquidity to national securities exchanges and over-the-counter (OTC) counterparties. 

Per the announcement, it can also trade stocks and options for its own account and serve as an Authorized Participant for exchange-traded products. An Authorized Participant can create and redeem large blocks of ETF shares, helping keep an exchange-traded product’s market price aligned with the value of its underlying assets.  The registration with the SEC and FINRA empowers Wintermute to seek market-making roles on exchanges like the Nasdaq and the New York Stock Exchange. According to the Wall Street Journal, the New York-based subsidiary has lined up several ETF issuers to work with in the coming week.

Wintermute currently handles over $10 billion in average daily trading volume, with the firm’s latest report noting that institutions accounted for 72% of its OTC flows. Wintermute said the latest registration represents a broader push to institutional trading capabilities across traditional and digital markets.“Our long-term conviction has always been that digital asset markets will evolve in more than one direction,” said Wintermute CEO Evgeny Gaevoy. “Digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.”

Tokenization creates new opportunity for emerging players

Wintermute’s US expansion comes as financial institutions increasingly explore tokenized versions of traditional assets. The firm has expanded its trading infrastructure beyond conventional crypto markets, including market-making for tokenized gold and liquidity provision for prediction markets.

In its statement, Wintermute noted that its regulated US presence positions it for emerging tokenized securities markets, where blockchain-based financial products intersect with established securities infrastructure. Already, tokenized equities have recorded a spike in trading volumes in 2026, underscoring the growing trend in the sector. Experts are tipping the industry growth to pick up even more steam to reach a trillion-dollar valuation by the end of the decade.

Growth of tokenized stocks chart

Source: a16z

Meanwhile, Wintermute joins a growing list of cryptocurrency firms racing to build or acquire regulated US securities businesses. Back in 2025, Ripple completed its $1.25 billion purchase of prime broker Hidden Road while Crypto.com acquired Watchdog Capital.