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Stage one: ETFs and commodities

The plan starts with digital-asset ETFs and commodities, the markets closest to what Wintermute already trades. ETF issuers have signed on as clients.

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Stage two: tokenized equities

Trading tokenized stocks comes next, but depends on regulatory treatment that is still developing and not yet settled.

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Stage three: designated market maker

The end goal is designated market-maker status on a major US exchange such as NYSE or Nasdaq, quoting continuous two-sided prices.

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The scale behind it

Wintermute's global business handles over $10 billion in average daily volume across more than 60 centralized and decentralized venues.

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The takeaway

This is a multi-year structural bet on crypto-TradFi convergence, not a price catalyst. Watch filings and exchange applications, not headlines.

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