Wintermute Ventures Reports Low Project Approval Rate Amid Investment Strategy Shift

According to ChainCatcher, Wintermute founder and CEO Evgeny Gaevoy shared on the X platform that the company has transitioned from a broad investment approach seen in 2021-2022 to a more selective strategy, with only 4% of projects receiving approval. In 2025, Wintermute Ventures completed 23 investments, primarily leading pre-seed and seed rounds. These investments are independent of market-making authorizations and separate from trading operations. Wintermute Ventures disclosed that in 2025, they reviewed approximately 600 companies, with 20% advancing to formal due diligence and 4% securing funding. The most common financing structures used were equity/SAFE and token warrants. The company aims to align the most suitable financing and investment structures with the founders' long-term vision for their projects.