Crypto market maker Wintermute lands SEC approval to trade equities and ETF blocks
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Crypto market maker Wintermute USA LLC has received broker-dealer approval from the U.S. Securities and Exchange Commission (SEC) and joined the Financial Industry Regulatory Authority (FINRA). This authorization permits the firm to trade U.S. stocks and options, provide liquidity for exchange-traded funds (ETFs), including crypto-linked ETFs, and self-clear digital asset securities for its proprietary accounts. Wintermute plans to initially focus on crypto-linked markets with intentions to expand into tokenized stocks upon receiving further regulatory approvals.
Why it matters
The approval signals Wintermute’s regulated entry into traditional Wall Street markets alongside crypto trading, illustrating the increasing convergence of crypto markets and traditional securities. It enables Wintermute to act as an authorized participant in ETF markets, supporting price alignment between ETF shares and their underlying holdings. The move highlights growing regulatory integration for crypto firms and their institutional trading operations in the U.S.
Key context
Wintermute established its New York headquarters in 2025 and sought SEC confirmation on trading tokenized securities, self-clearing, and holding positions via wallet software. The firm now operates as a proprietary trading entity rather than a retail broker. Other crypto firms—Ripple, GSR, and Crypto.com—have similarly acquired or built regulated U.S. securities businesses, reflecting a broader industry trend toward regulatory compliance and mainstream market access.
Key numbers and entities
Wintermute manages more than $10 billion in average daily trading volume across more than 60 centralized and decentralized venues. The firm is authorized to trade on exchanges including the New York Stock Exchange and Nasdaq. Comparable firms mentioned include Ripple, which acquired Hidden Road for $1.25 billion in 2025; GSR, which acquired Equilibrium Capital Services; and Crypto.com, which purchased Watchdog Capital in 2024.
What remains unclear
The source does not flag open questions or uncertainties about Wintermute’s operations or future plans beyond noting that scaling into tokenized stocks depends on further regulatory approvals.