Wintermute Secures SEC Broker-Dealer Status to Trade US Stocks and ETF Blocks

Wintermute has obtained broker dealer registration in the United States, giving the firm a regulated pathway into traditional stock and ETF markets as crypto trading continues moving closer to Wall Street.

New Regulatory Status Unlocks Broader Access

The firm’s New York based unit, Wintermute USA LLC, registered with both the SEC and FINRA, operating as a proprietary trading firm rather than a retail broker. The registration allows Wintermute to trade equities and equity options, supply liquidity to exchanges and OTC counterparties, and act as an authorized participant for ETFs, including crypto-linked funds. Authorized participants play a key role in creating and redeeming large blocks of ETF shares, helping keep fund prices aligned with their underlying holdings.

Expanding US Presence

The approval also opens the door for Wintermute to pursue market-making roles on major exchanges like the NYSE and Nasdaq, with ETF issuer partnerships already reportedly lined up. Wintermute currently handles more than $10 billion in average daily trading volume across over 60 venues. The move builds on the firm’s earlier US expansion, including opening its New York headquarters last year and requesting SEC clarity on trading tokenized securities.

Part of a Broader Industry Trend

Wintermute joins other crypto firms like Ripple, GSR, and Crypto.com in building regulated US securities operations, following Ripple’s $1.25 billion Hidden Road acquisition, GSR’s purchase of Equilibrium Capital Services, and Crypto.com’s Watchdog Capital deal.