Wintermute’s US arm just registered as a broker-dealer with the SEC and FINRA. This isn't just about crypto ETFs.

The move allows Wintermute USA to trade traditional stocks and options, and act as an authorized participant for ETFs, including those tied to digital assets. CEO Evgeny Gaevoy sees deeper integration between digital assets and traditional finance.

Our read: Wintermute is making a play for tokenized securities. They're betting on a future where traditional assets move on-chain and want to be the infrastructure connecting the two. This positions them to capture that flow.

$MKR last 1,814. Reclaim 1,828 (EMA20) and the downtrend pauses.