Wintermute, a London-based crypto market maker, plans to invest $1 billion over the next five years to expand its operations beyond cryptocurrency. The firm aims for non-crypto markets to account for over 50% of its revenue by 2027, a significant increase from the current 10%. This strategic shift comes as daily trading volumes in the crypto market have declined, with Wintermute's average daily trading volume dropping to approximately $10 billion this year from $15 billion in 2025, according to a report by Bloomberg.
Key Details
The investment will focus on high-frequency trading and artificial intelligence infrastructure, allowing Wintermute to enter sectors such as stocks, commodities, and foreign exchange. Founder and CEO Evgeny Gaevoy stated that the firm expects to fund this expansion through retained earnings. Wintermute was profitable in 2025 and anticipates maintaining profitability this year, although specific figures were not disclosed. During the 2021 crypto bull market, the company reported a profit of $582 million, as noted by Forbes.
Background
Wintermute's pivot aims to enhance its competitive position against major trading firms like Jane Street, Citadel Securities, and XTX Markets. XTX, which trades over $250 billion daily, announced plans last year to invest approximately $1.15 billion in new data centers in Finland, highlighting the competitive landscape in high-frequency trading.
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The shift in Wintermute's focus could influence trading volumes in the cryptocurrency sector as the firm reallocates resources to other markets. This diversification may also affect competition in high-frequency trading across various asset classes. Investors will watch for the firm's progress in achieving its revenue targets and any updates on its profitability in the coming quarters.
Based on reporting by: coindesk.com