October 2025 — The family office of Arthur Hayes, co-founder of BitMEX, is reportedly raising $250 million for its first private equity fund, aimed at acquiring mid-sized companies in the digital asset sector.
According to Bloomberg, the new fund — Maelstrom Equity Fund I — plans to acquire up to six crypto companies, focusing primarily on infrastructure providers, trading platforms, and data analytics services.
Co-founder and managing partner Akshat Vaidya said the fund expects to deploy between $40 million and $75 million per deal, targeting firms with strong cash flows and growth potential.
“We’re seeing interest from investors who want exposure to high-growth crypto businesses but lack the resources to enter the sector directly,” Vaidya explained.
Structured and Regulated Expansion
The fund will be registered in the United States, with fundraising efforts targeting crypto-native investors, pension funds, and family offices. The first fundraising phase is set to close by March 31, 2026, with the final close expected by September 2026.
Each acquisition will be structured through a special purpose vehicle (SPV), where Maelstrom will act as a lead investor. Unlike Maelstrom’s venture arm, which backs token-based startups, the new fund will focus exclusively on equity ownership.
“Equity acquisitions are much cleaner,” Vaidya noted. “In off-chain deals, valuations can’t be inflated by unused tokens, which gives us more attractive entry multiples.”
Following the acquisitions, Maelstrom intends to optimize operational performance, refresh management teams, and accelerate growth in its portfolio companies. The goal is to exit within four to five years, selling assets to larger strategic investors.
A Strategic Move Amid Tight Capital Markets
Maelstrom’s initiative comes at a time when private equity funds are facing increasing challenges in attracting capital. According to Bain & Co., more than 18,000 funds are currently competing for around $3.3 trillion in global investments.
The crypto sector remains cautious following the market downturn of 2022 triggered by FTX’s collapse. So far in 2025, total investments in crypto firms have reached about $1.4 billion, significantly below the $4 billion peak in 2021, according to PitchBook.
However, the 2025 market recovery has revived large-scale dealmaking activity. Notable examples include:
- Coinbase acquiring Deribit for $2.9 billion
- Kraken buying NinjaTrader for $1.5 billion
- Ripple purchasing Hidden Road for $1.25 billion
Data from Architect Partners shows that the total value of crypto M&A deals reached a record $10 billion in Q3 2025.
Leadership and Context
Arthur Hayes, along with Akshat Vaidya and Adam Schlegel, will lead Maelstrom Equity Fund I, with plans to expand the investment team in the coming months.
Earlier this year, in March 2025, U.S. President Donald Trump pardoned Hayes and his BitMEX co-founders Benjamin Delo and Samuel Reed, who were convicted in 2020 for violating the Bank Secrecy Act. All three paid $10 million fines and received suspended sentences after pleading guilty in 2022.
With Maelstrom Equity Fund I, Hayes is signaling a strategic pivot — from token-based DeFi investments to traditional equity ownership, bridging crypto innovation with institutional finance.
