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Wintermute Asia Processes Its First Options Block Trade Through CME Group

The market maker partnered with CME Group to meet the growing institutional investors' interest in gaining exposure to digital assets.

By Lyllah Ledesma
AccessTimeIconNov 21, 2023 at 3:34 p.m. UTC
Updated Mar 8, 2024 at 5:27 p.m. UTC
(Unsplash, Kanchanara)
(Unsplash, Kanchanara)
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Wintermute Asia, the derivatives trading arm of trading firm Wintermute Group, has executed its first options block trade through the world’s second-largest futures exchange, the Chicago Mercantile Exchange (CME).

The BTC/USD block was traded between Wintermute Asia and TradFi giant TP ICAP and was cleared by ABN AMRO Clearing Bank, according to a press release. A block trade is a large, privately negotiated securities transaction between institutional firms, facilitated through a broker - a popular trading strategy in TradFi world.

Wintermute Asia said the trade is part of new products built by the firm to meet the growing institutional demand for exposure to digital assets. The company currently offers options in bitcoin (BTC), ether (ETH) and a range of other altcoins.

“An increasing number of institutional leaders are actively broadening their portfolios by extending their presence within the digital asset sector and Wintermute is well positioned to play an active role in facilitating trading activity,” said Evgeny Gaevoy, CEO of the Wintermute Group.

CME has become the second largest futures exchange, with only Binance taking a larger market share.

Crypto derivatives trading continues to dominate the market with an almost 80% share versus spot trading as of September, according to data from CCData.

Read more: CME, Where Institutions Trade Bitcoin Futures, Flipped Binance. Is That as Bullish as It Sounds?

Edited by Aoyon Ashraf.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

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