Wintermute directs $1 billion toward AI infrastructure and storming traditional markets
Major cryptocurrency market maker Wintermute has announced plans to invest about $1 billion over the next five years. The funds will go toward developing infrastructure for high-frequency trading and implementing artificial intelligence. Financing will come from the company's retained earnings, underscoring management's confidence in its own financial performance.
CEO Evgeny Gaevoy explained that entering traditional markets is a challenge requiring enormous resources. We will have to compete with players who have spent decades perfecting their trading algorithms and technological foundations. Without serious investment, there is nothing to do in this segment.
Currently, non-crypto-related areas generate about 10% of Wintermute's revenue. However, by the end of 2027, the company expects to increase this share to more than 50%. Notably, the market maker's average daily trading volume in 2026 fell to $10 billion, compared with $15 billion a year earlier. This decline likely became one of the catalysts for the strategic pivot toward diversification.
Gaevoy intends to gradually transform Wintermute from a predominantly crypto-focused player into a universal trading firm comparable in scale to giants like Jane Street or Citadel Securities. A key investment focus will be data centers oriented toward AI and quantitative models. Modern strategies require not only minimal latency in trade execution but also continuous training of algorithms on vast arrays of market data.
In parallel, the company is actively expanding its team. In 2027, the staff of the New York office is planned to be doubled (currently 17 people work there), with global headcount increasing by approximately 40%.
Expanding Beyond Cryptocurrencies
The expansion into traditional assets began earlier this year. In February, Wintermute added tokenized gold PAXG and XAUT to its OTC platform, giving clients the ability to settle in cryptocurrencies, stablecoins, and fiat. In March, the Asian division launched 24/7 OTC trading of CFD contracts on WTI oil, including weekends and holidays.
Wintermute analysts also note intensifying competition between equities and digital assets for retail capital. Investors are increasingly reallocating funds between these asset classes rather than building positions in both simultaneously.
Recall that in August, the affiliated entity Wintermute USA LLC registered with the SEC as a broker-dealer, granting the company access to the regulated U.S. securities market.
My comment: This move by Wintermute is a vivid signal that the crypto industry is maturing. A $1 billion investment in AI and infrastructure is not just diversification but a bet that the future of trading lies at the intersection of digital and traditional assets. The only question is whether other market makers will follow this example, or whether we will witness market consolidation around a few large universal players.