Wintermute founder and CEO Evgeny Gaevoy stated that they have evolved from the "broad-based" 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. These investments are not for obtaining market-making (MM) licenses and are completely independent of the trading business. Wintermute Ventures stated that they reviewed approximately 600 companies in 2025, with 20% entering the formal due diligence stage and 4% receiving funding. The most common funding structures used in 2025 were equity/SAFE and token warrants. The most suitable funding and investment structure is matched based on the founders' vision for the project's long-term development.