Crypto market maker Wintermute lands SEC approval to trade equities and ETF blocks
The crypto market maker can now trade US stocks and options and support ETFs as crypto moves closer to traditional markets.
Crypto market maker Wintermute has received broker-dealer status from the U.S. Securities and Exchange Commission (SEC), enabling the firm to engage in Wall Street trading activities. Based in New York, Wintermute USA LLC has registered with the SEC and the Financial Industry Regulatory Authority (FINRA). This status allows Wintermute to operate as a proprietary trading firm, distinct from retail brokerage services.
The registration enables the firm to trade stocks, equity options, provide liquidity to exchanges and over-the-counter counterparts, and serve as an authorized participant for exchange-traded funds (ETFs), including those linked to cryptocurrencies. Authorized participants facilitate the creation and redemption of large ETF blocks, maintaining the alignment of ETF prices with their underlying assets.
Wintermute envisions market-making roles on exchanges such as the New York Stock Exchange and Nasdaq. The firm has already secured agreements with several ETF issuers. Wintermute's existing daily trading volume surpasses $10 billion across over 60 platforms, both centralized and decentralized. This approval follows Wintermute's expansion into the U.S. market, including the establishment of its headquarters in New York last year.
The firm sought SEC confirmation regarding the ability to trade tokenized securities for its own accounts, self-clear transactions, and hold proprietary positions using wallet software. Wintermute's entry into the regulated U.S. securities space joins other crypto firms, including Ripple, GSR, and Crypto.com, which have established or acquired regulated U.S. businesses as the gap between crypto markets and traditional finance narrows.
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