Wintermute Ventures’ Selective Crypto Investments Reflect Maturing Market
Wintermute Ventures reviewed 600 companies in 2025 but funded only 4%, showcasing heightened selectivity in crypto venture capital. The algorithmic trading firm's venture arm completed 23 deals, with just 20% of reviewed projects passing due diligence.
Founder Evgeny Gaevoy highlighted the shift from 2021-2022's 'Spray and Pray' approach to today's disciplined strategy in a January 8, 2026 statement. The firm tracks most opportunities but acknowledges gaps in early-stage data collection.
Outbound sourcing drives deal flow, targeting foundational platforms across sectors. While financial infrastructure dominates, Wintermute increasingly diversifies into adjacent verticals.