Wintermute, a major crypto market maker, plans to invest roughly $1 billion over five years to build out high-frequency trading and AI data center infrastructure, according to Bloomberg. Founder and CEO Evgeny Gaevoy says the company aims to evolve into a comprehensive trading house similar to Jane Street or Citadel Securities, requiring heavy spending to compete with institutions that have honed their systems for decades. The investment, funded mainly from retained earnings, will target lower execution latency, advanced quantitative models, and expanded computing, storage and network capacity. Wintermute's daily trading volume has slipped to about $10 billion this year from $15 billion last year amid the crypto downturn. Non-crypto revenue currently makes up about 10% of the total, and the firm wants to push that past 50% by the end of 2027. It already trades ETFs and perpetual swaps linked to real-world assets, and launched prediction markets in early 2026. Last week, Wintermute's U.S. subsidiary registered as a broker-dealer, enabling stock and stock option trading and an authorized participant role for exchange-traded products. The company employs 17 people in New York, plans to double that next year, and expects global headcount to rise 40%.
BlockBeats, Aug 12 – Crypto market maker Wintermute plans to invest around $1 billion over the next five years in high-frequency trading and AI data center infrastructure, according to Bloomberg. The firm is also expanding into traditional financial markets, including equities, commodities, and foreign exchange.
Founder and CEO Evgeny Gaevoy said the company wants to gradually transform into a comprehensive trading firm similar to Jane Street or Citadel Securities. Competing with institutions that have spent decades optimizing technology and infrastructure in traditional markets requires substantial investment, he added.
Beyond lowering execution latency, Wintermute needs to keep training and retraining more complex quantitative models on massive market data, and secure enough computing, storage, and network resources. The infrastructure spending is expected to be funded mostly from retained earnings.
Crypto market weakness has taken a toll: Wintermute's average daily trading volume fell to about $10 billion this year from roughly $15 billion last year. Around 10% of revenue now comes from non-crypto markets, and the company targets raising that share above 50% by the end of 2027. It has already started trading ETFs and perpetual swaps tied to real-world assets, and launched a prediction market trading business in early 2026.
Last week, Wintermute said its U.S. subsidiary had registered as a broker-dealer, allowing it to trade stocks and stock options and serve as an authorized participant for exchange-traded products. The company has 17 employees in New York and plans to double that number next year, while global headcount is expected to grow 40%.
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