Wintermute, a cryptocurrency market maker, plans to invest about US$ 1 billion over the next five years in artificial intelligence (AI) infrastructure and high-frequency trading, according to Bloomberg.
The goal is to reduce dependence on digital assets: the company wants traditional markets to generate more than half of revenue by the end of 2027. Currently, businesses outside crypto account for about 10% of revenue.
The investment program will focus on computing capacity, storage, networks, and data center infrastructure. These systems are expected to support quantitative strategies that rely on large datasets and continuously trained models.
Diversification beyond crypto
The company plans to expand into equities, commodities, foreign exchange, and prediction markets, which should put it in more direct competition with Jane Street and Citadel Securities.
Wintermute's average daily trading volume fell to about US$ 10 billion this year, from US$ 15 billion last year. The downturn in crypto markets reinforced the need to diversify revenue sources.
Founder and CEO Evgeny Gaevoy said the company intends to fund the investment with retained earnings. Wintermute was profitable in 2025 and remains on track to repeat that result this year.
Wintermute's American affiliate registered as a broker-dealer, allowing it to trade stocks and stock options for its own account and act as an authorized participant in exchange-traded products. The company already operates with ETFs, real-world asset perpetuals, and prediction markets.
