[Wintermute Ventures 2025 Project Approval Rate Only 4%] Wintermute founder and CEO Evgeny Gaevoy stated that Wintermute Ventures has shifted from a 'scattershot investment' approach in 2021–2022 to an approval rate of only 4% for projects in 2025. A total of 23 investments were completed in 2025, primarily leading Pre-Seed and Seed rounds, operating entirely independently from the trading business, with investments not aimed at obtaining market-making authorization. Wintermute Ventures reviewed approximately 600 companies, with 20% entering the due diligence phase, and ultimately 4% receiving funding. The investments primarily utilized equity/SAFE and token warrant structures, aligning financing and investment structures with the founders' long-term vision for project development.