Bloomberg reports that Wintermute Trading Ltd., one of the largest cryptocurrency market makers, is negotiating a funding round with Tencent Holdings and other investors at a $20 billion valuation.
Key Deal Details:
- Total funding target: $2B–$3B (combining secondary share sales and new equity)
- Early investors/employees may liquidate partial stakes
- Potential to become 2024’s largest crypto VC deal despite subdued market conditions
Wintermute’s Market Position
As a top algorithmic trading firm and liquidity provider:
- ✅ $5T+ cumulative trading volume
- ✅ Active on 50+ platforms (Binance, Coinbase, Bybit, etc.)
- ✅ Played pivotal role in Hong Kong’s spot crypto ETF launch (May 2024) by providing BTC/ETH liquidity
Investment History
| Round | Amount | Lead Investor | Participants |
|---|---|---|---|
| Series B (2021) | $20M | Lightspeed Ventures | Pantera Capital, Blockchain Ventures, Hack VC |
Strategic Expansion
Wintermute actively invests across blockchain ecosystems:
- 100+ portfolio companies spanning 30+ countries
Focus areas:
- Trading platforms & DeFi protocols
- Blockchain infrastructure/security
- NFT/gaming projects
Tencent’s Crypto Footprint
While not core to its business, Tencent has previously backed:
- Everledger (blockchain/AI platform)
- Immutable (blockchain gaming)
- Multiple Web3 infrastructure projects
FAQ: Wintermute Funding Round
Q: Why is this funding significant?
A: It signals institutional confidence in crypto markets amid regulatory evolution, particularly in Asia’s ETF and market-making sectors.
Q: How might this affect crypto liquidity?
A: Enhanced capital could expand Wintermute’s OTC and exchange liquidity provisioning 👉 Learn how market makers stabilize crypto markets.
Q: Does Tencent’s involvement indicate broader tech interest in crypto?
A: Yes—this aligns with strategic bets by tech giants on blockchain infrastructure despite short-term market fluctuations.
Market insights suggest this deal could accelerate institutional crypto adoption in APAC. For real-time analysis 👉 Track crypto market movements here.
(Sources: Wintermute官网, Bloomberg, Tianyancha)