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Wintermute Trading Ltd
Wintermute Trading Ltd is an algorithmic market maker in digital assets, founded by Evgeny Gaevoy in 2017, spanning eight offices globally.
Wintermute Trading Ltd
Wintermute was founded in 2017 by Evgeny Gaevoy and Yoann Turpin, both veterans of high-frequency trading and traditional finance. The firm began as a market maker on centralized crypto exchanges and quickly expanded into derivatives and OTC trading, becoming one of the most active liquidity providers in the space. The firm's strategy spans centralized exchange (CEX) market making, decentralized exchange (DEX) liquidity provision, algorithmic trading, and proprietary investments. Wintermute trades over 200 tokens and pairs, and has provided liquidity to major blockchain ecosystems. Confirmed positions include support for projects like Ethereum Layer 2 networks and DeFi protocols. Geographic footprint covers Europe, North America, and Asia, with offices in London, Menlo Park, San Francisco, Seoul, Singapore, Pasadena, Incline Village, and New York. Wintermute operates with a lean engineering-heavy team — exact headcount is undisclosed but estimated over 100 professionals. The firm has a venture arm, Wintermute Ventures, that invests in early-stage crypto and blockchain companies. In March 2024, Wintermute was one of the market makers involved in the ENA token launch on Bybit and Binance (per The Block, March 2024). The firm also runs a lending desk and holds a significant balance sheet for proprietary trading. The structural differentiator is Wintermute's dual model: it operates both as a high-frequency market maker with a quant-driven approach and as a venture investor through Wintermute Ventures, giving it a bridge between trading infrastructure and protocol-level deal flow. This hybrid architecture is rare among digital asset firms.
General information
Firm type
Asset Manager
Year founded
2017
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Menlo Park · San Francisco · Seoul · Singapore · Pasadena · Incline Village · New York
Principals
Evgeny Gaevoy
CEO
Yoann Turpin
Co-Founder
Jake Timothy
CFO
Sector focus
Frequently asked questions
Who runs investment decisions at Wintermute?
CEO Evgeny Gaevoy leads the firm, with a core team of quant traders and engineers driving trading decisions. Wintermute also has a venture arm, Wintermute Ventures, which makes early-stage crypto investments under separate leadership.
How does Wintermute source proprietary deal flow?
Wintermute gains deal flow through its market-making relationships with hundreds of token projects and exchanges. Its venture arm sources investments from this pipeline, leveraging the firm's trading infrastructure to assess protocol viability.
Is Wintermute structured as a single family office or does it operate more like a venture firm?
Wintermute is not a family office; it is a proprietary trading firm and market maker that has expanded into venture investing via Wintermute Ventures. The firm operates as a for-profit entity with no disclosed wealth origin tied to a family.
Does Wintermute participate in fund commitments or only direct deals?
Wintermute primarily makes direct market-making and trading commitments. Its venture arm, Wintermute Ventures, makes direct equity and token investments in early-stage blockchain projects, not fund-of-funds allocations.
What investment stages does Wintermute typically target?
Wintermute's core business targets liquid-stage token trading and market making across spot and derivatives. Wintermute Ventures focuses on early-stage seed and Series A investments in crypto infrastructure, DeFi, and blockchain applications.
Which sectors does Wintermute explicitly avoid?
Wintermute does not publicly disclose avoidance sectors, but its focus is exclusively on digital assets and blockchain-related technology. It does not participate in traditional equities, fixed income, or commodity markets outside crypto.
How is Wintermute related to Wintermute Ventures?
Wintermute Ventures is the venture capital arm of Wintermute Trading Ltd. It operates with a separate investment team but benefits from the trading firm's market data and infrastructure for due diligence.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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