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Wintermute targets non-crypto revenue as it plans a $1B AI push

Wintermute said it wants non-crypto markets to provide more than 50% of revenue by 2027, up from about 10% currently, as it expands into stocks, commodities and FX.

Reported · Written up by our desk · Market Structure

Wintermute plans to invest about $1 billion over five years in high-frequency trading and AI data-center infrastructure as it expands beyond crypto into markets including stocks, commodities and foreign exchange, according to CoinDesk citing Bloomberg.

The firm aims for non-crypto markets to drive more than 50% of revenue by the end of 2027, compared with roughly 10% now. CoinDesk reports the move follows weaker crypto activity, with Wintermute’s average daily trading volume falling to about $10 billion this year from $15 billion in 2025.

CoinDesk also reports that Wintermute, a London-based market maker, expects to fund the spending with retained earnings. The outlet said the company was profitable in 2025 and expects to stay profitable in 2026, and that institutions accounted for a record 72% of spot trading volume on its over-the-counter desk in the first half of 2026.

Wintermute is using the planned compute and infrastructure upgrades to train quantitative models on large market-data volumes and increase computing, storage and networking capacity. CoinDesk noted that Wintermute has already begun trading exchange-traded funds and perpetual futures tied to real-world assets since 2025, added 24-hour exposure to West Texas Intermediate crude in March, and opened a prediction-markets desk in early 2026.

Latest closeWTI crude $83.42 ▲1.6%

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