Wintermute, a prominent crypto market maker, has obtained broker-dealer status from the SEC, allowing it to engage in trading U.S. stocks and options while also supporting ETFs, marking a significant step toward integrating cryptocurrency with traditional financial markets.
The firm’s U.S. division, Wintermute USA LLC, has officially registered with both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This registration establishes Wintermute as a proprietary trading entity, rather than a retail brokerage.
With this approval, Wintermute is now authorized to trade stocks and equity options, supply liquidity to both exchanges and over-the-counter markets, and operate as an authorized participant for exchange-traded funds (ETFs), which may include crypto-linked options.
Authorized participants play a crucial role in managing ETF shares, ensuring that the market price remains aligned with the actual value of the fund’s assets.
Wintermute has clarified that its operations will focus on proprietary trading and has not announced plans to offer retail brokerage services.
This registration also opens up opportunities for Wintermute to act as a market maker on major exchanges like the New York Stock Exchange and Nasdaq. Reports indicate that the firm has already established partnerships with ETF issuers.
According to the company, Wintermute handles an impressive average daily trading volume exceeding $10 billion across more than 60 centralized and decentralized trading platforms.
This milestone comes after a period of expansion in the U.S. market, during which Wintermute opened its New York office last year and sought SEC confirmation regarding the ability of broker-dealers to trade tokenized securities for their own accounts and self-clear transactions using wallet software.
Wintermute now joins other crypto firms, including Ripple, GSR, and Crypto.com, which have also established regulated U.S. securities operations as the boundary between cryptocurrency and traditional finance continues to blur. For instance, Ripple completed its $1.25 billion acquisition of prime broker Hidden Road in 2025, while GSR purchased broker-dealer Equilibrium Capital Services, and Crypto.com acquired Watchdog Capital in 2024.