Arthur Hayes, co-founder of BitMEX and a prominent figure in the bitcoin world, is reportedly preparing for a high-profile return to the sector.
His family office, Maelstrom, is seeking to raise at least $250 million for its debut private equity fund, Maelstrom Equity Fund I, which hopes to acquire four to six medium-sized companies in the crypto space, according to Bloomberg reporting.
Each investment is expected to range between $40 million and $75 million, focusing on firms that provide trading infrastructure, data analytics, and other technology services to the crypto ecosystem.
Arthur Hayes is known for creating the perpetual swap, transforming crypto trading platform BitMEX. He became the youngest African American crypto billionaire and received a pardon from President Trump after BitMEX’s anti-money laundering failures.
“$BTC on sale,” Hayes posted on X today. “If this US regional banking wobble grows to a crisis be ready for a 2023-like bailout. And then go shopping assuming you have spare capital.”
Arthur Hayes’ fund details
The new fund represents a bit of a pivot for Maelstrom. While the firm’s previous venture investments were token-focused, the new vehicle will concentrate solely on equity.
“You can’t artificially inflate value with a token that isn’t used in the off-chain world,” said Akshat Vaidya, Maelstrom’s co-founder and managing partner.
By targeting cash-generating, off-chain companies, the fund will acquire businesses with clearer valuations and sustainable growth potential.
Maelstrom plans to structure each acquisition through special-purpose vehicles (SPVs), with the fund as the anchor investor, Bloomberg reported.
Once acquired, these companies will undergo operational improvements, including management upgrades and growth acceleration, before being sold to larger investors within four to five years.
According to Vaidya, the strategy appeals to investors who want exposure to the high-growth, high-cash-flow crypto sector but lack the in-house expertise to manage such investments directly.
Hayes’ reemergence comes amid a broader slowdown in private equity activity within crypto. Deal-making in the sector has fallen sharply since 2022, following the collapse of Sam Bankman-Fried’s FTX.
The Maelstrom fund will be registered in the United States and plans to attract a diverse set of backers, including crypto investors, family offices, and institutional players such as pension funds.
Vaidya said the fund aims for a first close by March 31, 2026, with a full raise completed by September 2026. Hayes will lead the effort alongside Vaidya and newly hired partner Adam Schlegel, with plans to expand the team as the fund grows, according to Bloomberg.
A series of high-profile acquisitions this year, including Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of Hidden Road, reveal some renewed investor confidence in the digital assets space.