Wintermute Aims $1 Billion at AI-Powered Expansion Beyond Crypto
Crypto market maker Wintermute is expanding its reach beyond cryptocurrency with a major investment in artificial intelligence and high-frequency trading infrastructure. The London-based firm plans to spend around $1 billion over five years on data-center infrastructure, aiming to generate more than 50% of revenue from non-crypto markets by the end of 2027.
The company's founder and CEO, Evgeny Gaevoy, cited a decline in crypto activity as a reason for the expansion. Wintermute's average daily trading volume fell to around $10 billion this year from $15 billion in 2025, after Bitcoin's price dropped to roughly half its October peak above $126,000.
Despite the decrease in crypto activity, institutions accounted for a record 72% of spot trading volume on Wintermute's over-the-counter desk in the first half of 2026. Gaevoy stated that the privately held company was profitable in 2025 and expects to remain profitable this year, but did not provide specific figures.