Arthur Hayes’ Maelstrom seeks $250M for crypto firm acquisitions

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Arthur Hayes’ New Venture Targets $250 Million for Crypto Firm Acquisitions

Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, is spearheading a new private equity initiative aimed at acquiring established mid-tier companies within the digital asset sector. The venture, named Maelstrom Equity Fund I, seeks to raise approximately $250 million, with a target completion for fundraising by September 2026. This strategic move by Hayes and his family office, Maelstrom, signals a shift towards investing in the infrastructure and analytics segments of the burgeoning crypto industry.

The Maelstrom Equity Fund I intends to acquire up to six companies, deploying between $40 million and $75 million per transaction. As outlined by Akshat Vaidya, co-founder and managing partner at Maelstrom, the fund’s focus will be on businesses that provide critical trading infrastructure and sophisticated analytical platforms. This approach is designed to appeal to investors seeking exposure to a high-growth, cash-flow-generating sector without the direct operational challenges.

Registered in the United States, the fund is actively seeking capital from a diverse investor base, including cryptocurrency magnates, institutional pension funds, and other family offices. The fundraising process is structured in phases, with an initial goal set for March 31, 2026, and the final close anticipated by September of the same year. Maelstrom plans to structure each acquisition through Special Purpose Vehicles (SPVs), where it will act as the lead investor. Unlike their previous venture capital investments in startup tokens, this new fund will exclusively focus on acquiring equity stakes in established companies.

Vaidya highlighted the operational advantages of this strategy, noting that acquiring established companies with tangible assets simplifies the investment process compared to token-based ventures, which can be susceptible to valuation inflation. This approach is expected to yield more attractive entry multiples for Maelstrom. Post-acquisition, the fund intends to optimize these businesses by enhancing their financial performance, focusing on consistent cash flows, streamlining management, and accelerating growth trajectories. The typical holding period is projected to be between four to five years, after which the acquired companies are slated for divestiture to larger strategic buyers.

This initiative emerges at a time when the broader private equity landscape is experiencing intensified competition for capital. Bain & Co. reports that over 18,000 funds are vying for approximately $3.3 trillion in investment opportunities. Within the cryptocurrency ecosystem, investor sentiment has been more cautious following the market downturn of 2022, which was exacerbated by the collapse of FTX. PitchBook data indicates that while crypto company investments in the current year stand at around $1.4 billion, significantly below the 2021 peak of $4 billion, there has been a notable increase in substantial deal-making in 2025.

Recent significant acquisitions in the crypto space include Coinbase’s purchase of Deribit for $2.9 billion, Kraken’s acquisition of NinjaTrader for $1.5 billion, and Ripple’s acquisition of Hidden Road for $1.25 billion. According to Architect Partners, the total value of crypto-related transactions reached a record $10 billion in the third quarter of 2025. Maelstrom Equity Fund I will be led by Arthur Hayes, Akshat Vaidya, and Adam Schlegel, with plans to expand the team in the coming months. It is worth noting that in March 2025, U.S. President Donald Trump granted pardons to Arthur Hayes, Benjamin Delo, and Samuel Reed, the co-founders of BitMEX, who faced charges related to the Bank Secrecy Act. Following their guilty plea in 2022, they each paid a $10 million fine and received suspended sentences.
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