Arthur Hayes, co-founder of BitMEX, is taking a major step into private equity with his family office, Maelstrom, which plans to raise at least $250 million for its first fund.
According to a Bloomberg report on Oct. 17, 2025, the Maelstrom Equity Fund I will focus on acquiring or investing in medium-sized cryptocurrency firms, particularly those with strong fundamentals but trading at distressed or undervalued levels.
Strategic focus: Crypto infrastructure and services
The fund will target equity stakes in crypto trading platforms, data analytics firms, and infrastructure providers, with each deal structured through special purpose vehicles (SPVs).
Maelstrom plans to allocate between $40 million and $75 million per acquisition, pursuing up to six major investments.
Fund’s focus is to acquire cash-flow-positive platforms with clear valuation models and sustainable revenue streams.
Unlike venture-style crypto funds that focus on startup tokens, Maelstrom’s new strategy revolves around equity capital investing in “off-chain” companies that are essential to the crypto ecosystem but insulated from volatile token markets.
A broader institutional play
The fund will be registered in the United States and is designed to attract institutional investors, pension funds, and large family offices seeking exposure to the digital asset industry without the high volatility associated with direct crypto trading.
Hayes’s team, including new partner Adam Schlegel, aims for an initial close by March 2026, with the long-term goal of expanding the fund to $1 billion in total capital by September 2026.
The offering is tailored to investors who want to participate in the crypto economy’s infrastructure layer without requiring deep technical knowledge.
From tokens to equity: A shift in strategy
Hayes’s move marks a notable pivot from speculative token investing to long-term equity ownership. The approach mirrors a growing trend among crypto veterans focusing on profitable, regulated, and service-oriented businesses rather than volatile digital assets.
By targeting distressed firms in a maturing market cycle, Maelstrom seeks to capitalize on consolidation opportunities, helping rebuild the post-crash crypto economy while positioning itself as a stabilizing institutional force in the sector.
If successful, the Maelstrom Equity Fund I could become one of the largest private equity vehicles in the crypto space, reinforcing Hayes’s reemergence as a major investor shaping the next phase of blockchain industry growth.