Wintermute secures SEC broker-dealer approval to trade equities and crypto ETFs

Wintermute USA LLC has registered as an SEC broker-dealer and joined FINRA, allowing the crypto market maker to trade U.S. equities, equity options, and act as an authorized participant for crypto ETFs. Operating strictly as a proprietary trading firm, Wintermute aims to leverage its algorithmic infrastructure to bridge crypto and traditional finance. The move mirrors acquisitions by Ripple, GSR, and Crypto.com as digital asset firms systematically secure Wall Street licenses.

Wintermute SEC broker-dealer registration

• ▪Wintermute USA LLC registered as a broker-dealer with the SEC and joined FINRA on August 6, 2026.
• ▪Wintermute USA LLC hired Matthew Pizzo as senior counsel and chief compliance officer in July 2025 during its U.S. buildout.
• ▪Wintermute USA LLC is authorized to self-clear digital asset securities transactions for its proprietary accounts under its new registration.
• ▪The broker-dealer registration allows Wintermute USA LLC to trade traditional equities and equity options on U.S. national securities exchanges.

Authorized participant ETF role

• ▪Wintermute USA LLC's registration enables the firm to act as an authorized participant for exchange-traded products, including crypto-linked ETFs.
• ▪As an authorized participant, Wintermute USA LLC can create and redeem blocks of ETF shares directly with fund issuers to arbitrage price deviations.

Proprietary trading scope limitations

• ▪Wintermute USA LLC plans to initially focus on trading markets adjacent to digital assets, including commodities and crypto ETFs, before potentially expanding into tokenized stocks.
• ▪Wintermute USA LLC's broker-dealer registration is restricted to proprietary trading, meaning it will not offer retail or institutional brokerage services.

Crypto-TradFi infrastructure convergence

• ▪Crypto market maker GSR acquired broker-dealer Equilibrium Capital Services, and Crypto.com acquired SEC-registered broker-dealer Watchdog Capital in 2024.
• ▪Ripple acquired prime brokerage firm Hidden Road for $1.25 billion in 2025 as part of a broader trend of crypto firms entering regulated financial services.
• ▪The SEC approved a Nasdaq rule change in March 2026 that enables tokenized share trading on the exchange.

Wintermute daily trading volume

• ▪Wintermute facilitates an average daily trading volume of over $10 billion across more than 60 centralized and decentralized exchanges globally.
• ▪Wintermute processed approximately $3.5 trillion in total trading volume during the full year of 2023.