Wintermute to spend $1 billion on trading and AI infrastructure

Wintermute is committing about $1 billion over five years to high-frequency trading and AI data center infrastructure as it seeks to build a business in traditional markets alongside its crypto operations.

Founder and CEO Evgeny Gaevoy said in an interview with Bloomberg that the firm is targeting equities, commodities and foreign exchange, putting it in competition with established market makers including Jane Street and Citadel Securities.

The investment will focus on compute, storage, networking and the infrastructure needed to train and continuously retrain quantitative models using large amounts of market data. Wintermute expects to finance the expansion with retained earnings and says it remained profitable in 2025 and is on track to do so again this year.

The firm’s crypto trading volume has fallen to about $10 billion a day from $15 billion last year amid a prolonged bear market.

At the same time, its traditional-market expansion is gaining traction, with non-crypto businesses now accounting for 10% of revenue. The firm aims to raise that figure above 50% by the end of 2027.

Wintermute has already moved into ETFs, real-world-asset perpetual futures and prediction markets. Its US affiliate recently registered as a broker-dealer, and the company plans to expand its New York workforce while increasing its global headcount by about 40% next year.