Wintermute Obtains Broker-Dealer License in the U.S. to Enter NYSE and NASDAQ
Cryptocurrency market maker Wintermute's U.S. subsidiary has obtained broker-dealer registration, paving the way for it to become a designated market maker on the NYSE and NASDAQ.
According to the Wall Street Journal, the company's CEO stated that Wintermute will initially trade in "crypto-adjacent markets" such as commodity and digital asset ETFs. This move marks the company's formal entry into the regulated Wall Street service sector.
This represents a compliance advancement for a crypto-native trading company expanding into the traditional securities market, directing funds and liquidity services into regulated channels. Wintermute benefits from licensing advantages and new market access, while traditional market makers face pressure from new entrants.
Source: Public Information
ABAB AI Insight
Wintermute has long excelled in crypto OTC and market making. This acquisition of a FINRA/SEC regulatory license through its U.S. entity marks a substantial leap from pure crypto to TradFi. Initially focusing on crypto-related ETFs and commodities reduces the difficulty of directly impacting core stock market making.
On the capital front, the license allows for direct principal OTC liquidity provision and self-clearing of certain digital asset securities transactions. The motivation is to serve institutional clients' cross-market needs within a compliant framework while accumulating experience in traditional markets.
Similar to other crypto companies entering traditional finance through acquisitions or registrations, it is currently in the stage of "exporting crypto capabilities to regulated markets."
Essentially, this is a restructuring of the industry chain: crypto liquidity providers are beginning to embed themselves into the traditional exchange market-making system, transforming on-chain trading advantages into compliant securities intermediary capabilities.
ABAB News · Law of Cognition
The license is the real ticket for crypto companies to enter Wall Street.
First target adjacent markets, then challenge the core battlefield.
Liquidity will ultimately flow to the places with the clearest rules.