Wintermute is preparing its biggest push yet beyond crypto, committing roughly $1 billion over the next five years to artificial intelligence (AI) infrastructure and high-frequency trading systems.

The plan, reported by Bloomberg, is aimed at building a larger presence in equities, commodities, foreign exchange and prediction markets. The expansion would put Wintermute in more direct competition with established trading firms such as Jane Street and Citadel Securities.

Founder and CEO Evgeny Gaevoy said the company expects to fund the investment through retained earnings. Wintermute was profitable in 2025 and remains on track to post a profit this year, according to the report.

The shift comes as activity in digital assets has cooled.

Wintermute’s average daily trading volume has fallen to about $10 billion this year from roughly $15 billion last year. The decline reflects weaker conditions across crypto markets and gives the firm another reason to broaden its revenue base.

Non-crypto businesses currently account for about 10% of Wintermute’s revenue. The company aims to raise that share above 50% by the end of 2027.

Its investment program will focus on computing power, storage, networking and data-center infrastructure. Those systems will support quantitative strategies that rely on large datasets and models that require continuous training and retraining.

Wintermute has already moved into exchange-traded funds, real-world-asset perpetual futures and prediction markets.

The company is also building the regulatory and staffing base needed for a larger U.S. operation.

Wintermute’s American affiliate recently registered as a broker-dealer, allowing it to trade equities and equity options for its own account. It can also act as an authorized participant for exchange-traded products.

The registration gives Wintermute a clearer route into regulated securities markets as crypto firms and traditional finance increasingly compete across the same products.

For Wintermute, the strategy is less about abandoning crypto than reducing its dependence on it. The firm built its business around digital-asset liquidity, but the next phase is designed to apply the same trading technology across a much larger set of markets.

If the revenue target is met, Wintermute could look less like a crypto-native market maker by 2027 and more like a global trading firm with crypto as one business line among several.

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