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Market maker Wintermute is reportedly in talks with investors to raise $200 million to $300 million in fresh capital. This potential fundraising round, which could include the sale of existing shares by early investors and employees, would value Wintermute at roughly $2 billion, according to a Bloomberg report, citing people familiar with the matter.
Tencent Holdings, the Chinese tech giant behind the popular WeChat platform, is reportedly among the investors in talks with Wintermute. While blockchain isn't a core focus for Tencent, they have explored the space through investments in companies like Everledger and Immutable. The company's potential involvement in Wintermute's fundraising could signal growing interest from established tech giants in the crypto market.
This fundraising drive comes amidst a period of recovery in the digital asset market. Wintermute is likely aiming to capitalize on this renewed optimism, potentially fueled by former US President Donald Trump's advocacy for a crypto-friendly agenda.
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The exact terms and final valuation of Wintermute's potential fundraising round are still under negotiation. However, if successful, this capital injection would likely fuel Wintermute's expansion plans and solidify their position as a major force in the crypto market making landscape.
Wintermute, led by CEO Evgeny Gaevoy, is a London-based firm operating as a market maker on over 50 cryptocurrency trading platforms, including giants like Binance, Bybit, and Coinbase. Their website boasts a cumulative trading volume of nearly $5 trillion, a figure that has doubled in the past two years, according to the company. Wintermute has also actively participated in the venture capital space, making over 100 investments according to their website.
Wintermute's previous funding round was a $20 million Series B in January 2021, led by Lightspeed Ventures with participation from prominent crypto investment firms like Pantera Capital and Hack VC.
Wintermute recently secured a vital role in launching Hong Kong's spot-crypto ETFs by providing liquidity for exchanges like OSL and HashKey, to ensure the smooth buying, selling, and delivery of Bitcoin and Ether for ETF creation and redemption.
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