Wintermute Targets Over 50% of Revenue From Outside Crypto by 2027

Crypto trading firm Wintermute is seeking to generate more than half of its revenue outside digital assets by the end of 2027 as it builds businesses across traditional financial markets, Bloomberg reported, citing Chief Executive Evgeny Gaevoy.

The firm is entering equities, commodities, foreign exchange and prediction markets. Those businesses currently contribute about 10% of revenue, leaving Wintermute with a substantial shift to make to reach its 2027 target.

As part of the expansion, Wintermute expects to deploy roughly $1 billion over five years on high-frequency trading capabilities and infrastructure for AI data centers. The spending is expected to come from retained earnings.

The push comes as trading activity at the market maker has moderated. Gaevoy said average daily trading volume is about $10 billion this year, compared with approximately $15 billion last year. 

Wintermute is also building out its U.S. securities operations after its local affiliate secured broker-dealer registration. The approval gives the affiliate access to equity and equity-options trading, enabling it to serve as an authorized participant in exchange-traded products.

Staffing is set to increase alongside the expansion. The company intends to double its 17-member New York workforce next year and grow its global headcount by 40%.

Source: Bloomberg