Crypto market maker Wintermute targets 50% revenue from equities, FX, and commodities by 2027 with $1B infrastructure investment.
Wintermute will invest $1 billion over five years in high-frequency trading and AI infrastructure, funded by retained earnings. The move aims to expand beyond crypto into equities, commodities, foreign exchange, and prediction markets.
The firm’s average daily trading volume has declined from $15 billion last year to $10 billion in 2024. Non-crypto markets currently contribute 10% of revenue, with a goal to exceed 50% by the end of 2027. Wintermute’s U.S. affiliate has registered as a broker-dealer, enabling equity and options trading.
Wintermute plans to double its 17-person New York team next year and increase global headcount by 40% as part of the expansion strategy.