One of the largest market makers in the crypto market is now targeting a much broader arena. Wintermute plans to invest approximately $1 billion to build high-frequency trading (HFT) infrastructure and artificial intelligence (AI) data centers over the next five years. Its goal is clear: to break into non-crypto markets such as stocks, commodities, and foreign exchange (forex).
This massive funding is sourced entirely from retained earnings, without external fundraising. CEO Evgeny Gaevoy stated that the company has been profitable throughout 2025 and is projected to remain so in 2026, though he has not publicly disclosed the figures. As a track record, Wintermute reportedly recorded a profit of $582 million during the 2021 bull market. This capital strength gives them the room to fund this investment without external interference.
Why the Need for a New AI Data Center
The construction of the AI infrastructure is aimed at training quantitative models tasked with digesting large volumes of market data. The five-year project will increase the company’s computing, storage, and network capacities to keep pace with the demands of high-speed data exchange.
In this new arena, Wintermute will face established players like Jane Street, Citadel Securities, and XTX Markets. Competition there demands significant capital. For illustration, XTX Markets, which handles trading volumes exceeding $250 billion per day, has already invested €1 billion to build five data centers in Finland.
Currently, the non-crypto sector accounts for only 10% of Wintermute’s total revenue. Through this new engine, Gaevoy targets the stock, commodity, and forex markets to reverse this, contributing more than 50% of revenue by the end of 2027.
Path to Traditional Exchanges
The shift in Wintermute’s business direction has been visible since 2025, when they launched ETF and perpetual futures trading tied to real-world assets (RWA). Entering early 2026, the company opened a prediction market trading desk, followed by adding exposure to West Texas Intermediate crude oil last March.
They established their biggest foothold last week. Wintermute’s affiliate in the United States officially obtained broker-dealer status. This license immediately opens the door for them to enter stock and options trading, as well as take on the role of an authorized participant for ETFs.
Amid this outward expansion, their crypto business is becoming increasingly dominated by large players. Data from the first half of 2026 recorded a record 72% contribution from institutions to the total spot trading volume at Wintermute’s over-the-counter (OTC) desk. This type of institutional client profile smooths their path to conventional exchanges.
The line between crypto firms and Wall Street institutions is increasingly blurring. As conventional financial players slowly explore digital assets, crypto players are pushing forward with billions of dollars in capital, bringing HFT technology to strike back on their home turf.
As reported by CoinDesk.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
