Crypto market maker Wintermute plans to invest $1 billion over five years in AI and high-frequency trading infrastructure to expand into stocks, commodities, and foreign exchange. The firm aims for non-crypto markets to drive over 50% of revenue by 2027.
Wintermute's significant investment in AI and high-frequency trading signals a strategic diversification beyond the volatile crypto market, aiming to establish a stronger presence in traditional finance and compete with established players.
Crypto market maker Wintermute plans to invest approximately $1 billion over five years in high-frequency trading and artificial intelligence data-center infrastructure as it expands into stocks, commodities, and foreign exchange. The London-based firm aims for non-crypto markets to generate more than 50% of its revenue by the end of 2027, up from 10% currently. This strategic pivot follows a decline in crypto activity, with Wintermute's average daily trading volume falling to about $10 billion this year from $15 billion in 2025. The company expects to fund the spending with retained earnings. Wintermute's U.S. affiliate recently secured broker-dealer status, enabling it to trade stocks and stock options and act as an authorized participant for exchange-traded funds. The firm also began trading ETFs and perpetual futures tied to real-world assets in 2025 and added exposure to West Texas Intermediate crude in March, alongside opening a prediction-markets desk in early 2026. The investment aims to help Wintermute compete with firms like Jane Street, Citadel Securities, and XTX Markets, which are also investing heavily in data center infrastructure.