Crypto market maker Wintermute will invest around $1 billion over five years in high-frequency trading and AI data centers to enter traditional markets amid a prolonged crypto downturn. The company aims to become a dealer in stocks, commodities, and currencies, following the model of Jane Street and Citadel Securities.
The funds will come from its own profits. The crypto market is currently in decline: Bitcoin has fallen to half its October peak, and Wintermute’s trading volumes have dropped from $15 billion to $10 billion per day.
Right now, non-crypto markets account for only 10% of the company’s revenue; the goal is to increase this share to over 50% by the end of 2027. Wintermute already trades ETFs and perpetual futures on real assets, and last week it obtained broker-dealer status in the U.S. for stock trading.