Wintermute portfolio: 45 companies, 53 rounds, 28 with a token

NAUT tracks 45 companies in the Wintermute portfolio, across 53 round records dated from January 2021 to October 2026. Every 1 of the 53 records carries an amount, they average $22.0M, and 28 of the 45 companies have launched a token on NAUT's record.

Data note. Counted on 14 November 2026 from NAUT's own database: every non-archived project company tied to a round where NAUT records Wintermute as a backer. NAUT holds the firm under 1 investor row. 6 companies carry more than 1 record that looks like a duplicate or has no date (Reya Network 4, Common (prev. Commonwealth), Tempus, SubQuery Network, Arcus (Previously dYdX) and Chaos Labs 2 each), so this page counts each company once and holds back their per-round detail. The $22.0M average and the sector averages are taken over all 53 stored records, those included. 9 of the 53 records have no announcement date, so the January 2021 to October 2026 window comes from the other 44. Amounts are the size of the whole round; the firm's own cheque is not disclosed. This is NAUT's coverage of Wintermute investments, counted the way NAUT counts every crypto VC portfolio, so the firm may hold rounds NAUT has not recorded. Written by NAUT Research.

Which companies are in the Wintermute portfolio?

The 45 companies below are every project NAUT ties to a Wintermute round, newest round first, with the round NAUT records and its size. Token status for each company is on its NAUT page. InfinEx's record is an NFT sale and DoubleZero's a token round, so neither of those 2 is an equity round.

Company	Round and amount	Date
Spiko	Series B, $90.0M	Oct 2026
Jeeves	Series C, $110.0M	Sep 2026
OpenReserve	Seed, $25.0M	Sep 2026
Velocity	Series A, $38.0M	Jul 2026
DoubleZero	Token Round, $28.0M	Mar 2025
Usual	Series A, $10.0M	Dec 2024
InfinEx	NFT Sale, $65.3M	Sep 2024
Raven	Seed, $2.7M	May 2024
Centrifuge	Series A, $15.0M	Apr 2024
Monad	Funding Round, $225.0M	Apr 2024
Taiko	Series A, $15.0M	Mar 2024
Analog	Funding Round, $16.0M	Feb 2024
WOO Network	Funding Round, $9.0M	Jan 2024
Pontem Network	Funding Round, $6.0M	Jan 2024
Ethena	Seed Round, $6.5M	Jul 2023
Hashflow	Series A, $25.0M	Jul 2022
Push Protocol	Series A, $10.0M	Apr 2022
Ondo Finance	Series A, $20.0M	Mar 2022
Archway	Seed Round, $21.0M	Mar 2022
Treehouse Finance	Seed Round, $18.0M	Mar 2022
Thetanuts Finance	Seed Round, $18.0M	Mar 2022
Guru Network	Funding Round, $5.0M	Feb 2022
Humanode	Seed Round, $2.0M	Feb 2022
Primex Finance	Seed Round, $5.7M	Feb 2022
Router Protocol	Strategic Round, $4.1M	Dec 2021
Zeta Markets	Strategic Round, $8.5M	Dec 2021
Ruby Exchange	Seed and Strategic Rounds, $2.8M	Oct 2021
Synchrony	Seed and Private Rounds, $4.2M	Oct 2021
PsyOptions	Funding Round, $3.5M	Oct 2021
Clearpool	Funding Round, $3.0M	Sep 2021
Angle	Funding Round, $5.0M	Sep 2021
EDEN	Seed Round, $17.4M	Sep 2021
UMA	Range Token Round, $2.6M	Jul 2021
SynFutures	Series A, $14.0M	Jun 2021
Qredo	Seed Round, $11.0M	May 2021
Reya Network	4 records, held back	Held back
Common	2 records, held back	Held back
Tempus	2 records, held back	Held back
SubQuery Network	2 records, held back	Held back
Arcus (dYdX)	2 records, held back	Held back
Chaos Labs	2 records, held back	Held back
codex_pbc	Seed Round, $15.8M	None
Backpack	Private Round, $17.0M	None
Based	BasedApp Private Round, $11.5M	None
Zerion	Series B Funding Round, $12.3M	None

Each company's sector tags are on its NAUT page. 5 companies carry no tag, so a sector filter alone would miss them.

What is in the Wintermute portfolio by sector?

DeFi is the largest group, with 21 of the 45 companies and 26 of the 53 records, at an average round of $9.5M. A company can carry several tags and counts once in each, so the companies column adds up to more than 45.

8 more tags hold 1 company each: Money Market (Spiko, $90.0M), Neobank (Jeeves, $110.0M), Market Maker (Raven, $2.7M), Custody (Qredo, $11.0M), Launchpad (Common, 2 records at a $20.0M average), and AI, Compliance and Privacy, all 3 on Humanode's $2.0M seed. The big averages sit on few records: L1/2/3 is 3 records, and Monad's $225.0M round is 1 of them.

How big are the rounds Wintermute backs?

The 53 records average $22.0M, and their midpoint is $11.0M, because a few large rounds pull the average up. The 10 largest single-record rounds are charted below.

The 6 companies with held-back records stay out of the chart. By year, 16 dated records fall in 2021, 12 in 2022, 1 in 2023, 10 in 2024, 1 in 2025 and 4 in 2026, so 28 of the 44 dated records come from 2021 and 2022.

What the Wintermute portfolio tells a BD team

• 4 companies raised in 2026. Jeeves ($110.0M Series C), Spiko ($90.0M Series B), Velocity ($38.0M Series A) and OpenReserve ($25.0M seed) have fresh budgets, and none has a token on NAUT's record.
• 17 of the 45 have no token. A team with no token on record may still have a launch ahead, with exchange, market making and listing work to plan.
• Stablecoin and payment teams lead the recent list. Jeeves sits under Neobank and Payment, Velocity under Stablecoins and Payment, Spiko under Money Market.
• Size the pitch to $11.0M. Half the records are at or below that midpoint, so the $225.0M Monad round is the outlier.

What it tells a founder raising

• Wintermute shows up in rounds from $1.9M to $225.0M. On NAUT's record it sits in seeds such as Tempus's $1.9M and Humanode's $2.0M and in large rounds such as Monad's $225.0M.
• DeFi is the deepest group. 21 of the 45 companies carry the DeFi tag, at a $9.5M average round.
• NAUT records no lead flag on any of the 53. 1 outside page below (Reya, March 2024) lists Wintermute among the firms leading the round, so check each round's announcement for who led it.

Which Wintermute rounds were checked against outside sources?

Rounds at 9 of the 45 companies were put to an outside page, and 8 of those pages name Wintermute in the round. The other 36 companies were not read outside NAUT for this page.

• Monad: its own post announced a $225M round on 9 April 2024 and names Wintermute Ventures among the investors.
• Spiko: a report dated 6 October 2026 covers the $90M Series B and lists Wintermute Ventures among the participants.
• Jeeves: a report dated 30 September 2026 says the company raised $110M in equity funding for its stablecoin-native banking platform, with Wintermute among the investors. That page does not name the round type; NAUT records it as a Series C.
• OpenReserve: a funding tracker dated 3 September 2026 names Wintermute in the $25M seed.
• Chaos Labs: a report dated 19 August 2024 covers a $55M Series A and names Wintermute Ventures among its backers.
• Arcus (Previously dYdX): its own blog announced a $65M Series C on 15 June 2021 and names Wintermute among its past investors.
• Common (prev. Commonwealth): a report dated 24 May 2022 says it raised $20M in its latest funding round and names Wintermute, so NAUT's 2 records of $20M on that date are 1 round.
• Reya Network: a report dated 26 March 2024 says it raised $10M in a round led by Framework Ventures, Coinbase Ventures and Wintermute, matching NAUT's $10M record on that date.

For Ethena's 2023 seed and Reya Network's January 2022 $6M seed, the outside pages read did not confirm Wintermute, so treat those as NAUT's record only.

Related reading on NAUT: Crypto market makers list: 24 firms and 102 people on NAUT and How to research a VC fund: 6 checks, 23 rounds, 27 partners.

Can you pull this data through the NAUT API?

Yes: GET https://api.naut.so/v1/investors/wintermute with the header Authorization: Bearer $NAUT_KEY returns the fund with its team and portfolio, each row carrying company, roundType, amountUsd, announceDate and isLead. A data call costs 5 credits, so the Essential plan at $49 a month (3,000 credits) covers 600 calls; the API docs list every endpoint and pricing lists the plans. Verified Telegram, email and LinkedIn for the people at these companies unlock on any paid NAUT plan, so start a 7-day trial.

Wintermute portfolio FAQ

How many companies are in the Wintermute portfolio?

NAUT tracks 45 companies backed by Wintermute as of 14 November 2026, across 53 round records dated from January 2021 to October 2026. 28 of the 45 have a token on NAUT's record.

Which companies has Wintermute backed in 2026?

On NAUT's record, Wintermute backed 4 companies in 2026: Jeeves ($110.0M Series C), Spiko ($90.0M Series B), Velocity ($38.0M Series A) and OpenReserve ($25.0M seed), read on 14 November 2026.

How much does Wintermute invest in a round?

The 53 Wintermute round records on NAUT average $22.0M and have a midpoint of $11.0M, from January 2021 to October 2026. Those are whole-round sizes; Wintermute's own cheque is not disclosed.

Does Wintermute lead rounds?

NAUT records no lead flag for Wintermute on any of its 53 round records as of 14 November 2026. 1 outside page checked for this article (Reya Network's $10M round, March 2024) lists Wintermute among the firms leading the round.

Where can I find Wintermute portfolio companies and their teams on NAUT?

Each of the 45 Wintermute portfolio companies has a NAUT page that lists its team, and GET https://api.naut.so/v1/investors/wintermute returns the full portfolio in 1 call for 5 credits. Verified Telegram, email and LinkedIn for those teams unlock on any paid NAUT plan, so start a 7-day trial.

Sources

• NAUT's database, read on 14 November 2026: every count, average and sector group here comes from those rows.
• Monad Labs funding post, for Monad's $225M round.
• Pulse 2.0 on Spiko, for the $90M Series B.
• Pulse 2.0 on Jeeves, for the $110M round.
• Signalbase on OpenReserve, for the $25M seed.
• FinTech Global on Chaos Labs, for the $55M Series A.
• dYdX Series C post, for the $65M Series C.
• Mpost on Reya Network, for the $10M round.
• Decrypt on Common, for the $20M round.
• Wintermute on X, for the firm's account.