Crypto Trading Firm Wintermute in Talks to Raise From Tencent

Wintermute could be valued at about $2 billion in new round

Crypto trading firm Wintermute Trading is in talks with Chinese internet giant Tencent Holdings and others to raise money at a valuation of about $2 billion, according to investors with knowledge of the process.

The deal talks are in flux and details still need to be finalized, the investors said. Wintermute has discussed deal sizes ranging from $100 million to $300 million, they said, including new shares issued by the company and existing shares to be sold by early investors and employees. Wintermute is one of the biggest crypto market makers after rivals retreated following the collapse of FTX in 2022. It executes crypto trades for bitcoin ETF issuers, as well as retail brokerage app Robinhood. The deal with Tencent, if finalized, will boost Wintermute’s expansion into Asia.

Spokespeople from Tencent and Wintermute didn’t respond for comments. The Information reported on Wintermute’s fundraising talks on Thursday, and Bloomberg first reported additional details including Tencent’s involvement on Friday.