Svmuu News: Evgeny Gaevoy, founder and CEO of Wintermute, stated that the firm has evolved from the “scattergun” investment approach of 2021–2022 to a current project approval rate of just 4%. Wintermute Ventures completed 23 investments in 2025, primarily leading Pre-Seed and Seed rounds. These investments are not intended to secure market-making (MM) licenses and are completely separate from the trading business. Wintermute Ventures reported that in 2025, it reviewed approximately 600 companies, with 20% advancing to the formal due diligence stage and 4% of projects securing funding. The most common financing structures in 2025 were equity/SAFE and token warrants. The most suitable financing and investment structures are selected based on the founders’ vision for the project’s long-term development.