Investment success rate shifts from a broad net approach to selective strategy: the new financing tactics of leading market makers in 2025

【BlockBeats】Interestingly, those investment firms that once relied on “casting a wide net” to seek returns have now quietly changed their approach.

Wintermute, a well-known market maker in the industry, its founder and CEO, revealed that their investment philosophy from 2021-2022 has been completely reversed—now, project approval rates are down to 4%. This is not a joke; it’s real selective decision-making.

The specific numbers better illustrate the point: in 2025, Wintermute Ventures reviewed nearly 600 companies, with only about 20% entering formal due diligence, and even fewer ultimately securing funding—just this 4%. They completed 23 investments throughout the year, mainly in the Pre-Seed and Seed stages.

It’s worth noting that Wintermute has completely separated its investment and market-making businesses. Funding is not for obtaining market-making licenses; the two business lines operate independently. Such a separation strategy is quite clear.

As for the funding structure, the most common combination in 2025 was equity/SAFE paired with token warrants. The specific mix depends on the founders’ understanding of the project’s long-term direction. This kind of personalized financing design, to some extent, reflects the investment institutions’ emphasis on the founders’ vision.