Crypto's Biggest Market Maker Is Spending $1B to Go Trade Stocks
BlackRock is moving funds onto Solana. Wintermute is spending a billion dollars to go trade equities. The traffic runs both ways now, and the wall in the middle is getting thin.
Key takeaways
- Wintermute, one of crypto's largest market makers, plans to invest around $1 billion over five years in high-frequency trading and AI data-centre infrastructure.
- The goal is to trade equities, commodities and foreign exchange, in the mould of Jane Street or Citadel Securities.
- Non-crypto revenue is meant to go from about 10 percent today to more than 50 percent by the end of next year.
- Its average daily volume has fallen from about $15 billion last year to $10 billion this year, which is the pressure behind the pivot.
- The spending comes from retained earnings; the firm was profitable in 2025 and says it is on track again this year.
Ten days ago BlackRock filed to put fund shares on Solana. This week one of crypto's biggest market makers said it is spending a billion dollars to go trade equities on Wall Street. The traffic is moving in both directions now, and the wall in the middle is getting thin.
What Wintermute is doing
- Roughly $1 billion over five years into high-frequency trading and AI data-centre infrastructure, per founder and CEO Evgeny Gaevoy speaking to Bloomberg.
- The aim is to become a dealer in equities, commodities and foreign exchange, in the mould of Jane Street or Citadel Securities.
- Non-crypto revenue is targeted to rise from about 10 percent today to more than 50 percent by the end of next year, per Crypto Briefing.
- Funded from retained earnings. Profitable in 2025, on track again this year.
- Wintermute USA is now an SEC-registered broker-dealer and FINRA member, announced August 7, 2026.
The number behind the pivot
Average daily trading volume fell from about $15 billion last year to $10 billion this year. That is the real story: a firm built for crypto volatility watching its core market shrink, and deciding the answer is not to wait for the next cycle but to go compete where the volume actually is. Gaevoy's framing to Bloomberg was blunt, that beating traditional firms takes more than shaving microseconds, it takes continuously retraining large quantitative models and owning the compute to do it.
Both directions at once
Put the two stories side by side. BlackRock is moving regulated fund ownership onto public chains, which we covered in BlackRock is putting fund shares on Solana. Wintermute is moving crypto trading expertise into equities and FX. One is TradFi adopting crypto rails, the other is crypto talent buying into TradFi markets. Neither is a takeover. Both point at the same end state, which is one market with different plumbing underneath.
The honest read
This is a plan, not a result. Going from 10 percent non-crypto revenue to over 50 percent in about a year is an aggressive target against incumbents who have spent decades and enormous sums on exactly this problem. Jane Street and Citadel Securities are not waiting to be caught. It is also worth naming the unglamorous driver: this pivot is happening because crypto volumes fell, not because crypto won.
What it means if you just use crypto
Almost nothing changes in your week. But the direction matters for anyone holding stablecoins: as serious institutions build on both sides, the rails you already use for everyday payments get deeper liquidity and more professional infrastructure. The part that stays yours is custody. Institutions can merge, pivot and rebuild around you; a balance you hold the keys to is unaffected by any of it. That is the position Fizen is built for: USDT in a self-custody wallet, spendable by Visa card and QR, whichever way the industry consolidates.
Frequently asked questions
What did Wintermute announce?
Founder and CEO Evgeny Gaevoy told Bloomberg the firm plans to invest roughly $1 billion over five years into high-frequency trading and AI data-centre infrastructure, so it can compete in traditional markets such as equities, commodities and foreign exchange.
Why is a crypto market maker moving into TradFi?
Crypto trading volumes fell. Wintermute's average daily volume dropped from about $15 billion last year to $10 billion this year. Diversifying into larger, steadier traditional markets reduces the dependence on crypto cycles.
How is the $1 billion being funded?
From retained earnings rather than outside capital. Gaevoy said the firm was profitable in 2025 and is on track to be profitable again this year.
Is Wintermute regulated in the US?
Wintermute USA announced in August 2026 that it is an SEC-registered broker-dealer and a FINRA member, which is what lets it deal with regulated institutional counterparties there.
What does this mean for ordinary crypto users?
Directly, very little. Indirectly, it is another sign that the wall between crypto and traditional finance is coming down from both sides, which tends to mean deeper liquidity and more professional infrastructure over time.
Your balance, whichever way the industry goes
Fizen keeps your USDT in a self-custody wallet you control, spendable by Visa card and QR across 150+ countries. Backed by an investment from Tether.
This is news coverage, not investment advice. Fizen is a self-custody app, backed by an investment from Tether.
