Wintermute has obtained a Bitcoin-backed credit facility from Cantor Fitzgerald, marking the crypto market maker’s participation in the investment bank’s newly launched $2 billion Bitcoin Financing Business.
Wintermute closes first Bitcoin-backed financing from Cantor
As one of the earliest participants in Cantor’s $2B Bitcoin Financing Business, the facility provides additional flexibility to support our global trading activity and 2,000+ OTC counterpartieshttps://t.co/1B7ghiiMVZ
— Wintermute (@wintermute_t) June 30, 2025
Although the exact size of the credit line remains confidential, Wintermute CEO Evgeny Gaevoy explained that the facility would strengthen the company’s ability to operate efficiently in the capital-heavy OTC crypto trading space.
“Given the capital-intensive nature of our operations, especially OTC trading, the facility enhances our ability to hedge risks effectively across exchanges and maintain broad market coverage,”
Gaevoy stated via email.
Cantor Fitzgerald introduced its Bitcoin Financing Business in mid-2024 to provide secured credit lines to institutional players in the crypto sector. The program has already extended financing to firms like FalconX, which intends to utilise over $100 million, and Maple Finance, which closed the first tranche of its facility earlier this year, Bloomberg reported.
Cantor’s move into crypto lending represents a cautious yet growing revival of the sector following the collapse of major lenders, including Celsius Network and BlockFi, in 2022. Other financial institutions are also re-entering the space: Blockstream recently raised several billion dollars to support its lending funds, while crypto-focused private bank Xapo Bank began offering Bitcoin-backed loans of up to $1 million in March. Clients will have up to a year to repay the loan, depending on the loan size, and can receive as much as 40% of their BTC’s value in U.S. dollars.
Data from Galaxy Research indicates that the crypto lending market grew to $36.5 billion by the end of 2024, more than doubling from its Q3 2023 lows but still trailing its record high of $64.4 billion in 2021.
The recent decline in the market was attributed to the collapse of significant lenders on the supply side, combined with waning demand from funds, individuals, and corporations.
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