Wintermute Wins US Broker-Dealer Status, Eyes Wall Street Trades

Crypto market maker Wintermute has secured broker-dealer status in the U.S., paving the way for the firm to trade equities and exchange-traded funds (ETFs) with Wall Street.

New York-based Wintermute USA LLC registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), allowing it to operate as a proprietary trading firm rather than a retail broker.

The registration lets Wintermute trade stocks and equity options, provide liquidity to exchanges and over-the-counter counterparties, and act as an authorized participant for ETFs, including crypto-linked funds. Authorized participants create and redeem large blocks of ETF shares directly with fund issuers, helping keep fund prices aligned with their underlying assets.

The firm has already lined up ETF issuers to work with, according to the Wall Street Journal, and will seek market-making roles on exchanges including the New York Stock Exchange (NYSE) and Nasdaq.