Wintermute takes aim at Wall Street’s crypto ETF gatekeepers
Wintermute USA LLC has registered as a broker-dealer with the SEC and joined FINRA, giving Wintermute a regulated U.S. securities platform and clearing a key hurdle toward becoming an authorized participant for digital asset exchange-traded products. The new status allows it to trade equities and equity options for its own account, provide liquidity in exchanges and OTC markets, and self-clear digital asset securities transactions for its own account. It does not include customer brokerage or custody services. Wintermute already supplies crypto liquidity globally and has experience around crypto ETFs and tokenized assets, including liquidity support for Fidelity’s Bitcoin ETF and market participation around BlackRock’s BUIDL tokenized fund. The move strengthens its bid to compete with traditional market makers in ETF infrastructure, especially after the SEC allowed in-kind Bitcoin and Ethereum ETP creations and redemptions in July 2025. Further steps, including DTC membership and a fund-specific AP agreement, are still needed.
