Wintermute plans $1 billion AI push beyond crypto: Bloomberg
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Summary
Wintermute plans to invest $1 billion over the next five years to expand its business beyond crypto trading into high-frequency trading and AI infrastructure. The firm aims for non-crypto markets such as stocks, commodities, and foreign exchange to generate more than 50% of its revenue by 2027, up from 10% currently. This strategic shift follows a decline in crypto trading volumes and activity.
Why it matters
According to the source, Wintermute’s move reflects a response to falling crypto market activity and volumes, signaling a diversification strategy that could influence market dynamics. The investment in AI and data-center infrastructure positions Wintermute to compete with established high-frequency trading firms in traditional markets, potentially impacting liquidity and trading patterns outside crypto.
Key context
Wintermute’s daily trading volume decreased from $15 billion in 2025 to $10 billion in 2026 amid a significant drop in bitcoin’s price. The firm recorded $582 million profit during the 2021 crypto bull market and was profitable in 2025, with expectations to remain so in 2026. Wintermute has already expanded into products like exchange-traded funds and perpetual futures on real-world assets, and recently obtained broker-dealer status in the U.S. to trade stocks and stock options.
Key numbers and entities
Wintermute plans a $1 billion investment over five years. Its target is for non-crypto revenue to exceed 50% by 2027, up from 10%. Daily trading volumes dropped from $15 billion in 2025 to $10 billion in 2026. Founder and CEO is Evgeny Gaevoy. Wintermute made $582 million profit in 2021. Competitors mentioned include Jane Street, Citadel Securities, and XTX Markets, the latter trading $250 billion daily and investing about $1.15 billion in Finnish data centers.
What remains unclear
The source does not provide specific profit figures for Wintermute’s current or projected financials beyond general statements of profitability. Details about the exact deployment of the $1 billion investment and precise product strategies beyond examples given remain unspecified. CoinDesk has reached out to Wintermute for further comment but no additional information is provided.