Wintermute Puts $1 Billion Behind AI-Powered Expansion Beyond Crypto

Crypto market maker Wintermute is planning to invest $1 billion over five years in high-frequency trading and artificial intelligence data-center infrastructure. This move aims to expand its presence into traditional markets, such as stocks, commodities, and foreign exchange.

The London-based firm wants non-crypto markets to generate more than 50% of revenue by the end of 2027, a significant increase from the current 10%. Wintermute expects to fund this spending with retained earnings.

This investment follows a decline in crypto activity. Wintermute's average daily trading volume fell to $10 billion this year from $15 billion in 2025 due to the drop in Bitcoin prices. However, institutions accounted for a record 72% of spot trading volume on its over-the-counter desk in the first half of 2026.

Firm founder and CEO Evgeny Gaevoy said competing in traditional markets requires more than just reducing execution times by microseconds. Wintermute began trading exchange-traded funds and perpetual futures tied to real-world assets in 2025, adding 24-hour exposure to West Texas Intermediate crude in March. It also opened a prediction-markets desk in early 2026.