Robinhood lists B2C2 and Wintermute as largest crypto market makers in latest SEC filing

Robinhood (ticker HOOD) named two crypto market makers for the first time in its latest U.S. Securities and Exchange Commission filing on May 1. According to its most recent 10-Q, the firm is apparently working with major crypto trading firms B2C2 and Wintermute, which account for the majority of its crypto trading liquidity. 

The move indicates crypto’s  growing importance  for the brokerage, which provides retail traders access to equities and crypto through a mobile app. According to the filing, Robinhood generated more than  $141 billion in crypto trading volumes throughout 2024. While that may represent a fraction of the $413 billion in equity trading volume over the same period, the firm has signaled it intends to expand its crypto business line, including by moving into the tokenization space. 

Last year, analysts at Bernstein doubled their price target for Robinhood stock to $105 after it generated $1 billion in Q4 revenue from crypto trading for the first time. 

Market makers facilitate trading by continuously buying and selling securities, providing liquidity to ensure smooth market operations. They profit from the spread between the bid and ask prices while managing the risk of holding inventory.

B2C2 and Wintermute are both leading cryptocurrency trading firms and institutional liquidity providers. B2C2 was founded in 2015 and is headquartered in London, while Wintermute was founded in July 2017 by Evgeny Gaevoy.

According to the filing, Wintermute accounted for 11% of Robinhood's transaction-based revenues in the first three months of the year, while B2C2 accounted for 12%, the same as Citadel, a traditional market maker closely associated with the brokerage. Robinhood only names market makers that make up 10% or more of its transaction-based volumes, meaning it could work with additional trading firms. Robinhood has previously named Wintermute as a trading partner.

Robinhood's previous 10-Q , filed on Sept. 30, lists only Citadel as a market maker. 

Editor's note (May 1, 2025): Clarifies that Robinhood has previously named Wintermute in a 10-Q filing.