Wintermute plans $1 billion AI push beyond crypto: Bloomberg
The firm aims for non-crypto markets to drive over 50% of revenue by 2027, up from 10% currently, as it seeks to diversify its business.
Wintermute, a London-based crypto market maker, has announced plans to invest approximately $1 billion in high-frequency trading and artificial intelligence infrastructure over the next five years. This expansion is part of the firm's strategy to diversify away from crypto and into stocks, commodities, and foreign exchange. Wintermute aims to generate more than 50% of its revenue from these traditional markets by the end of 2027, up from the current 10%.
The company's founder and CEO, Evgeny Gaevoy, revealed these plans to Bloomberg, stating that non-crypto markets will drive most of their revenue growth. Wintermute expects to fund this substantial investment using its retained earnings, as crypto activity has recently declined. The firm's average daily trading volume in crypto fell to around $10 billion this year, down from $15 billion in 2025, due to Bitcoin's drastic price drop.
Despite this shift, Wintermute remains profitable. The investment will enable Wintermute to compete with other firms, such as Jane Street and Citadel Securities, which are also building data centers. Wintermute's investment strategy extends beyond mere execution speed improvements; it aims to train quantitative models on vast market data and enhance its computing, storage, and networking capabilities.
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