Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$8.27KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $8.27K | -- | -- | -- |
| Sep 2026 | $14.04K | -- | -- | -- |
| Aug 2026 | $4.78K | -- | -- | -- |
| Jul 2026 | $0 | -- | -- | -- |
| Jun 2026 | $0 | -- | -- | -- |
| May 2026 | $0 | -- | -- | -- |
Comparison
Team
Investment
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Follow Updates
Follow Lists
People
About Wintermute
Wintermute is a cryptocurrency market maker that provides liquidity across centralized and decentralized exchanges, OTC trading, and derivatives. Its core business involves algorithmic trading and risk management to ensure assets can be bought or sold efficiently.
The company's key strength lies in bridging traditional finance and digital assets. By registering as a US broker-dealer, it now offers services in stocks, options, commodities, and crypto ETFs, positioning itself as a versatile liquidity provider. Wintermute addresses market pain points such as fragmented liquidity, high execution costs, and limited institutional access to crypto markets. Its OTC desk allows large trades without impacting public order books, while derivatives tools help clients hedge risks or generate yield.
In the past six months (Feb-Aug 2026), Wintermute expanded into traditional finance by securing the broker-dealer license, enabling ETF participation and securities trading. Institutional OTC flow reached a record 72% of total volume, reflecting growing professional adoption. The firm also saw a 3.4x surge in altcoin options notional value, driven by yield-seeking strategies. However, broader market activity remained selective, with Bitcoin and Ethereum outperforming smaller tokens.
A notable concern is that Wintermute's institutional dominance may signal reduced retail participation, potentially limiting market depth. Regulatory scrutiny on crypto derivatives and tokenized securities also poses ongoing compliance risks.
Wintermute, founded in 2017 by Evgeny Gaevoy, has evolved from a crypto market maker into a comprehensive digital asset trading firm. Key milestones include:
In 2020, the company completed a seed round, followed by a $2.8M Series A in July 2020 and a $20M Series B in January 2021, fueling its expansion into algorithmic trading and OTC services.
A significant setback occurred in September 2022 when Wintermute suffered a $162M hack, one of the largest DeFi exploits at the time, which tested its resilience and led to enhanced security measures.
In 2026, Wintermute launched Armitage, a DeFi vault curation platform, marking its strategic entry into on-chain lending and collateral management. This initiative aims to bring institutional-grade risk management to decentralized finance.
Additionally, Wintermute registered as a US broker-dealer with the SEC and FINRA, enabling it to provide liquidity for ETFs and trade securities, bridging traditional finance with digital assets.
These events highlight Wintermute's evolution from a market maker to a diversified player in both crypto and traditional financial markets.
In the past six months, Wintermute has accelerated its push into traditional finance. In August 2026, its affiliate Wintermute USA LLC registered as a broker-dealer with the SEC and FINRA, based in New York, allowing it to trade equities and options for its own account, act as an authorized participant for digital asset ETPs, and self-clear digital asset securities, positioning for tokenized securities. In March 2026, it launched 24/7 WTI crude oil CFD trading, leveraging digital asset infrastructure for weekend liquidity; in May, it entered prediction markets, providing two-sided liquidity for event contracts, a segment surpassing $60B in volume in 2026. Additionally, its report showed institutions accounted for 72% of OTC spot flow in H1 2026, with altcoin options notional up ~3.4x, signaling institutionalization.
Looking ahead, Wintermute announced a ~$1B five-year investment in HFT and AI data center infrastructure to expand into traditional markets such as equities, commodities, and FX, competing with Jane Street and Citadel Securities. Non-crypto revenue currently represents 10% of total, with a target of over 50% by end-2027, and a planned ~40% global headcount increase.
Evgeny Gaevoy: Founder & CEO. Previously built and ran Optiver's European ETF business.
Yoann Turpin: Co-Founder. Former high-frequency trader at Optiver, worked in London hedge funds and family offices.
Valentine Samko: CTO. Over 20 years in software architecture, including 15 years at top banks and trading firms like Barclays, Morgan Stanley, and XTX.
Marina Gurevich: COO. Former growth strategy consultant, founded System2Labs, with 10+ years in management consulting for Fortune 100 companies.
Katryna Hanush Rosoman: Director of Business Development & Partnerships.
Jonas Kristensen: Director of Investments & M&A.