Wintermute USA LLC has registered as a broker-dealer with the SEC and FINRA, enabling the firm to settle digital-asset trades directly.

Regulatory registration and capabilities

The registration permits Wintermute to carry out settlements for trades in digital assets and to serve as an authorized participant for crypto ETFs.

In particular, the company indicated its intent to support ETFs linked to BTC, opening possibilities for direct involvement in ETF creation and redemption processes.

Potential role in bitcoin ETF settlements

Wintermute stated that, until now, no crypto-native firm participated in settlement operations for BlackRock’s bitcoin ETF, and the company seeks to become the first to do so.

• Settlement authority: execute and settle trades in digital assets on behalf of clients.
• Authorized participant: act in ETF creation and redemption for BTC-linked products.

Market position and plans

Wintermute, described as one of the largest crypto market makers, expects to expand its institutional footprint following the registration and operational changes.

According to CEO Evgeny Gaevoy, the company aims to reach parity with firms such as Jump and Citadel within 3–5 years.

Operational implications

Direct clearing and settlement could reduce Wintermute’s reliance on intermediaries and streamline workflows for ETF-related transactions, subject to regulatory and market conditions.

The move reflects a broader trend of crypto firms seeking closer integration with traditional market infrastructure under U.S. regulatory oversight.