According to Bloomberg, digital asset market maker Wintermute is planning to raise $200 million to $300 million by selling new shares. Early investors and employees can also sell some of their shares. The specific terms have not yet been finalized, and the transaction size and valuation may change. Wintermute did not comment on this. Tencent also did not respond to a request for comment.

Wintermute is led by the CEO and has participated in more than 100 venture capital investments. In May of this year, Wintermute played an important role in the launch of the Hong Kong Spot Crypto ETF. In January 2021, Wintermute completed a $20 million Series B financing led by Lightspeed Ventures.

Tencent has previously invested in blockchain projects such as Everledger and Immutable.