Wintermute enters U.S. securities market as registered broker-dealer

The New York-based affiliate will focus on proprietary trading and exchange-traded product services, moving beyond its crypto-native roots. By obtaining this status, the company is now eligible to act as an authorized participant for exchange-traded funds, including those tied to digital assets. CEO Evgeny Gaevoy has signaled an aggressive long-term strategy, aiming to compete directly with established firms like Citadel Securities, Jump Trading, and Jane Street within the next three to five years.

While the registration provides a regulated platform, it does not grant automatic access to every market function. The firm must still secure individual agreements to act as a designated market maker on platforms like the New York Stock Exchange or Nasdaq. Beyond traditional equities, Wintermute is eyeing the potential for tokenized stocks, having previously lobbied the SEC for clarity on how registered dealers might settle such transactions on-chain. For now, the firm’s immediate priority remains executing its proprietary trading mandate under the oversight of SEC capital and supervision requirements.