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Wintermute Wins SEC Approval for Stocks and ETF Blocks

SEC and FINRA registration gives Wintermute access to U.S. stock, options, and ETF trading, including a role as an authorized participant for crypto ETFs.

By Zenz van der Wielen
• 2 min read
Wintermute Wins SEC Approval for Stocks and ETF Blocks

Key Takeaways

  • Wintermute USA LLC has received broker-dealer status from the SEC and FINRA.
  • The U.S. arm can trade stocks, equity options, and ETF blocks as a proprietary trading firm and provide liquidity.
  • The registration fits into a broader trend of crypto companies looking for regulated access to U.S. capital markets.

Crypto market maker Wintermute has secured broker-dealer status in the U.S., giving it a regulated route into Wall Street. The approval puts the firm closer to traditional markets and expands its ability to take part in trading around stocks and ETFs.

New Role in the U.S.

Wintermute USA LLC is now registered with both the Securities and Exchange Commission and FINRA. The U.S. entity will operate as a proprietary trading firm rather than a retail broker. In practice, that means Wintermute can trade stocks and equity options, supply liquidity to exchanges and OTC counterparties, and serve as an authorized participant for ETFs, including crypto-linked funds.

Authorized participants create and redeem large ETF share blocks directly with fund issuers. That process helps keep an ETF's market price aligned with the value of its underlying assets. Wintermute also said the new entity will trade only for its own account and will not provide retail brokerage services.

A Broader Pattern in the Industry

The approval is part of a wider push by crypto companies to gain more formal access to U.S. capital markets. Wintermute had already opened its main office in New York earlier, and later asked the SEC for guidance on whether broker-dealers can trade tokenized securities for their own account, settle transactions themselves, and hold proprietary positions through wallet software.

According to the company, Wintermute handles more than $10 billion (€8.7 billion) in average daily trading volume across more than 60 centralized and decentralized venues. The registration could also help the firm pursue market-making roles on exchanges such as the New York Stock Exchange and Nasdaq. Ripple, GSR, and Crypto.com have also moved toward regulated U.S. securities activity, underscoring how the gap between crypto and traditional finance keeps narrowing.

Why This Matters

For European crypto readers, the bigger takeaway is that more companies in the sector are plugging directly into the existing U.S. market structure. That could shape how liquidity, ETF infrastructure, and trading in tokenized assets develop in the months ahead. It also shows that regulated access to traditional markets remains an important strategic path for more crypto firms.

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