Wintermute is preparing a larger move into non-crypto markets, with plans to invest about $1 billion over five years in high-frequency trading systems and AI data-center infrastructure.

The crypto market maker is aiming to compete more directly in stocks, commodities, and foreign exchange. CoinDesk, citing Bloomberg, reported that Wintermute wants non-crypto markets to account for more than half of revenue by the end of 2027, compared with about 10% now.

The plan marks a shift from pure digital-asset market making toward the infrastructure-heavy model used by large quantitative trading firms. Faster execution, proprietary data pipelines, and AI workloads increasingly require owned or tightly controlled compute. CoinDesk's report compared the push with spending by firms such as XTX Markets, Jane Street, and Citadel Securities, where data-center capacity has become part of trading strategy rather than back-office support.

Wintermute has already been building a more regulated U.S. footprint. Last week, the company said its Wintermute USA affiliate had registered as a broker-dealer with the SEC and joined FINRA, giving it a route into securities-market activity, ETF services, and proprietary trading in traditional markets.

The conservative read is that Wintermute is not leaving crypto behind. It is trying to carry the speed, risk systems, and liquidity model it developed in digital assets into larger markets where AI infrastructure and market access now matter as much as trading capital.