With Sam Bankman-Fried's Hedge Fund Gone, Crypto Trading Firm Wintermute Emerges by JeffKauflin
, which was one of Wintermute’s close competitors, shocked Gaevoy and Gurevich as much as it did everyone else. “We knew they were a bit reckless and made big bets, but we could not have imagined the level of, frankly, stupidity that seems to have gone into their trading and management decisions,” Gurevich says.
In 2019, Wintermute had just $500,000 to trade with and brought in less than $1 million in revenue. It survived each month with just a few months of cash left in the bank. In July, Wintermute raised a small $2.8 million round of Series A venture funding led by Jeremy Liew at Lightspeed Venture Partners. Liew says his impression of Gaevoy was that “he’s very smart … it’s almost like the cliche of the extremely smart Russian mathematician type.
Wintermute ended 2020 with $53 million in revenue and started leaning heavily into different lines of business. It ramped up its market making on trading platforms like Dydx, whichfor a couple days in late 2021. It negotiated contracts with new token issuers like Optimism, which gave Wintermute an interest-free loan of its self-minted Optimism coins to trade and earn profits on. Often, such contracts also granted Wintermute options to buy the tokens at a fixed price and later date.
Two other big benefits of their scale emerged. The larger Wintermute got and the more it traded, the easier it was to obtain cheap financing from lenders and token issuers whose coin it traded. And transacting heavily on centralized exchanges like Coinbase gave it access to lower trading fees. after it made a human error in securing one of its digital wallets. It won’t be profitable this year, Gaevoy says.last month, Wintermute had $59 million locked on it, and Gaevoy and Gurevich have written off the sum as gone for good. They’ve consolidated most of the money they hold on exchanges to just three places: Coinbase, Kraken and Binance. And they’re now trading just $1 billion a day while the industry is in crisis mode, down from $3 to $5 billion earlier this year.
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