Wintermute Fundraising Aims For $200-300 Million With Tencent: Report

Key Points:

• Wintermute is in talks to raise funds from investors such as Tencent Holdings Ltd, potentially including early investors and employees selling shares.
• The total transaction size could be between $200 million to $300 million, though terms and valuation are not yet finalized.

Wintermute fundraising aims to raise $200M-$300M from investors like Tencent, valuing the firm at $2B. Previous funding was $20M in January 2021.

Wintermute Fundraising Talks with Tencent

Bloomberg reported, citing people familiar with the matter, that Wintermute, one of the largest crypto trading firms, is in talks to raise funds from investors such as Tencent Holdings Ltd. Fundraising may include early investors and employees selling some of their shares, people added.

Adding funds raised from new shares, the total transaction size could be as big as $200 million to $300 million. Specific terms and deal valuation have not yet been finalized and are subject to change.

Wintermute last raised $20 million in Series B funding in January 2021, a round led by Lightspeed Ventures with investors such as Pantera Capital and Hack VC.

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The Largest Crypto Venture Capital Deal of the Year

This round seeks to value crypto trading firm Wintermute Trading Ltd. at about $2 billion, wagering on digital assets’ rebound and the growing momentum behind it. This would make this one of the largest crypto venture capital deals of this year.

One of the largest crypto market makers, Wintermute, has enabled almost $5 trillion in total trading volume. The company, helmed by CEO Evgeny Gaevoy, is live on more than 50 platforms, such as Binance, Bybit, and Coinbase. Additionally, it has also participated in more than 100 venture capital investments.