Crypto market maker Wintermute plans to invest about $1 billion in high-frequency trading and artificial intelligence data-center infrastructure over five years as it expands into stocks, commodities and foreign exchange.

The London-based firm wants non-crypto markets to generate more than 50% of revenue by the end of 2027, up from 10% now, according to a Bloomberg report citing founder and CEO Evgeny Gaevoy. Wintermute expects to fund the spending with retained earnings.

The push follows a drop in crypto activity. Wintermute’s average daily trading volume fell to about $10 billion this year from $15 billion in 2025 as bitcoin declined to roughly half its October peak above $126,000.

Institutions accounted for a record 72% of spot…