Wintermute invests $1 billion in AI infrastructure: crypto market maker aims for the leagues of Jane Street and Citadel
Crypto market maker Wintermute has announced plans to allocate approximately $1 billion to developing infrastructure for high-frequency trading and artificial intelligence systems over the next five years. This is a strategic move that fundamentally changes the company's positioning in the market.
Ambitious Business Transformation
Funding will come from retained earnings, underscoring management's confidence in its own capabilities. CEO Evgeny Gaevoy notes that entering traditional markets requires enormous resources — Wintermute will have to compete with players who have spent decades perfecting their trading systems and infrastructure.
Currently, non-crypto-related areas generate about 10% of the company's revenue. However, by the end of 2027, this figure is expected to exceed 50%. Notably, Wintermute's average daily trading volume in 2026 fell to $10 billion, down from $15 billion a year earlier — an additional incentive for diversification.
Investments in Data Centers and Talent
A key focus of investment will be data centers for AI and quantitative model operations. Modern trading strategies require not only minimal latency in trade execution but also continuous model training on large volumes of market data. This demands serious computing power, storage systems, and network infrastructure.
In parallel, the company is expanding its team: in 2027, the headcount of the New York office (currently 17 people) is planned to double, while global staffing is expected to increase by approximately 40%.
Expanding Beyond Crypto
Expansion into traditional assets began earlier this year. In February, Wintermute added tokenized gold PAXG and XAUT to its OTC platform, offering clients settlements 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.
Company 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 on August 7, Wintermute entered the regulated U.S. securities market: affiliated entity Wintermute USA LLC registered with the SEC as a broker-dealer.
My take: This step is a logical evolution for a major market maker that sees the crypto market consolidating and institutionalizing. However, competing with giants like Jane Street and Citadel Securities is a challenge of an entirely different magnitude. Success will depend not only on technology but also on the ability to attract top talent from Wall Street, which may prove to be the hardest task of all.