Wintermute Becomes First Crypto Firm to Register as Broker Dealer

Wintermute USA LLC has registered as a broker dealer with the SEC and FINRA on August 6, 2026. This move marks a significant shift in the crypto market infrastructure, as Wintermute is now able to trade traditional equities, equity options, and exchange traded products tied to digital assets.

The registration enables Wintermute to act as an authorized participant (AP) for crypto ETPs, allowing it to create and redeem ETF shares directly with issuers. This role gives the firm structural access to the arbitrage mechanism that keeps ETF prices aligned with their underlying assets.

Wintermute facilitates over $10 billion in average daily trading volume across more than 60 centralized and decentralized exchanges globally, making it one of the largest liquidity providers in crypto. The firm's registration as a broker dealer is restricted to proprietary trading, meaning it will trade only for its own account and not offer brokerage services to retail or institutional clients.

This move follows a broader pattern where crypto native firms are acquiring or building traditional market infrastructure rather than waiting for traditional firms to enter the crypto space. Crypto.com acquired Watchdog Capital in 2024, and Nasdaq's March 2026 SEC approval for a tokenized share trading rule has paved the way for further integration.