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Wintermute registers broker-dealer status to join crypto ETF pipeline

The SEC-registered Wintermute USA LLC also became a FINRA member, enabling Wintermute to self-clear digital asset securities transactions for its own account.

Reported · Written up by our desk · Market Structure

Crypto trading firm Wintermute secured a key step toward broader participation in US crypto exchange-traded products, announcing that its subsidiary Wintermute USA LLC is now registered as a broker-dealer with the SEC and has gained membership with FINRA.

The firm said the new status allows its proprietary trading entity to trade equities and equity options for its own account, provide liquidity to exchange and over-the-counter markets, and serve as an authorized participant for exchange-traded products, including those tied to digital assets.

Wintermute also said it can self-clear digital asset securities transactions for its own account. The registration does not include customer brokerage or custody services, and it has not yet named an ETF issuer that has appointed it as an authorized participant.

The company said the move closes a gap in its institutional business. Wintermute already provides crypto liquidity for products such as Fidelity’s Wise Origin Bitcoin Fund, and it has market-making experience tied to tokenized securities, including quotes for swaps involving BlackRock’s BUIDL tokenized money market fund through UniswapX, where eligible investors can exchange BUIDL for USDC.

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