Wintermute USA LLC, the New York-based division of the leading crypto market maker, has officially received broker-dealer status from the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority. This milestone enables the company to engage in U.S. stock and options trading, contribute liquidity to exchange-traded funds, and handle the settlement of digital asset securities in proprietary accounts. The approval marks a critical step in its effort to align more closely with traditional financial frameworks.
Initial focus on crypto-linked assets
The firm’s immediate goals revolve around markets tied to cryptocurrency. Wintermute intends to begin operations centered on these assets before considering expansion into tokenized stocks. However, this next phase will depend on receiving the required regulatory clearances. The approach supports Wintermute’s ambition to act as a bridge between conventional financial markets and the rapidly growing crypto space.
Liquidity and market-making roles
Wintermute’s registration now allows it to serve as an authorized participant for ETFs. This role is essential, as it involves creating and redeeming large blocks of fund shares directly with issuers, ensuring that fund prices remain close to their actual asset values. The company also plans to pursue market-making opportunities on prominent exchanges such as the New York Stock Exchange and Nasdaq.
The firm is already handling more than $10 billion in daily trading volume across over 60 different platforms—both centralized and decentralized. CoinDesk reports that Wintermute has already formed partnerships with several ETF issuers. These collaborations will likely play a key role in shaping its new operations.
The recent approval is the result of a long-term plan to establish a stronger U.S. presence. Wintermute opened a New York headquarters last year and submitted formal questions to the SEC regarding its ability to trade tokenized securities in its own accounts, clear such trades internally, and hold assets using wallet software. The outcome of these inquiries helped shape the current regulatory strategy.
Wintermute is among a growing number of crypto firms seeking to solidify their positions in traditional finance. Ripple, GSR, and Crypto.com have all pursued or completed similar strategies, such as acquiring regulated brokerage services. Ripple acquired the prime broker Hidden Road in 2025, while GSR took over Equilibrium Capital Services. Crypto.com completed its purchase of Watchdog Capital in 2024.
This shift signals a broader trend as the lines between crypto and conventional financial systems continue to blur. Wintermute’s move reinforces the notion that the future of investing may increasingly integrate both digital assets and traditional securities.
