Wintermute Trading Ltd., a cryptocurrency trading company, is reportedly in discussions to obtain $2 billion in funding from investors, including Tencent Holdings Ltd.
Employees and early investors may sell some shares as part of the deal as part of the deal. They believe that as the firm is adding fresh stock sales, the deal’s overall value may be between $200 million and $300 million.
Wintermute is a prominent market maker in the digital asset arena that is capitalizing on the current upswing in digital assets as well as the industry enthusiasm generated by the previous president Donald Trump’s cryptocurrency-friendly policies.
A successful investment round would rank among the year’s biggest venture capital deals in the cryptocurrency space. Reports from the past indicated that a $100 million share sale was discussed, but the arrangements are still being worked out and the deal size and pricing might vary.
Wintermute, a London-based company run by CEO Evgeny Gaevoy, has over 50 platforms under its belt, including Binance, Bybit, and Coinbase. Over the last two years, the company has transacted over $5 trillion worth of transactions. Additionally, the company has made more than 100 venture capital investments.
In May, Wintermute played a key role in launching Hong Kong’s spot-crypto ETFs, providing liquidity for digital-asset exchanges OSL and HashKey to support Bitcoin and Ether transactions.
Wintermute’s last funding round was a $20 million Series B in January 2021, led by Lightspeed Ventures with participation from Pantera Capital and Hack VC. Tencent, known for its WeChat platform, has previously invested in blockchain projects like Everledger and Immutable.
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