Wintermute Ventures, led by CEO Evgeny Gaevoy, reported a significant shift in its investment strategy for 2025, with only 4% of reviewed projects receiving funding. The firm completed 23 investments, focusing on pre-seed and seed rounds, and reviewed approximately 600 companies. This marks a departure from the broader investment approach of 2021–2022. The investments are distinct from Wintermute's trading operations and do not aim to secure market-making rights. The preferred funding structures in 2025 included equity/SAFE and token warrants, tailored to align with the founders' long-term project visions.