Wintermute Eyes $1 Billion AI Investment in Shift From Crypto

That’s according to a report Wednesday (Aug. 12) by Bloomberg News, which characterizes the move as the London-based trading firm’s efforts to diversify into traditional markets as the price of cryptocurrency slumps.

Founder and CEO Evgeny Gaevoy said in an interview Bloomberg Wintermute wants to rebrand itself as a dealer in equities, commodities and foreign exchange, following in the steps of players like Jane Street or Citadel Securities.

“We are now going up against firms that have spent decades optimizing their technology and infrastructure for these markets, so obviously the level of investment required is significant,” he said.

Competing in this space means “going beyond shaving microseconds off execution,” Gaevoy said. “Training and continuously retraining much more sophisticated quantitative models on enormous amounts of market data, as well as having access to compute, storage, and networking capacity, is essential.”

Wintermute recorded profits of $582 million when the crypto market was flourishing in 2021, Bloomberg added, citing reporting from Forbes, though the company has not published financial figures since then. Gaevoy said Wintermute was profitable last year and is on pace to do the same thing for 2026, but declined to offer additional details.