Wintermute: Project Approval Rate Only 4%, Has Moved Away from "Casting a Wide Net" Investment

Odaily News Wintermute founder and CEO Evgeny Gaevoy stated that they have evolved from the "casting a wide net" investment approach of 2021-2022 to a current project approval rate of only 4%. Wintermute Ventures completed 23 investments in 2025, primarily leading Pre-Seed and Seed rounds. The investments are not made to secure market-making (MM) mandates and are completely independent from the trading business.

Wintermute Ventures announced that in 2025, it reviewed approximately 600 companies, with 20% proceeding to the formal due diligence stage and 4% of projects receiving funding. The most commonly adopted financing structures in 2025 were: equity / SAFE and token warrants. The most suitable financing and investment structure is matched based on the founders' vision for the project's long-term development.