The Maelstrom Equity Fund I marks the latest venture by Arthur Hayes, co-founder of BitMEX, as he returns to the spotlight with an ambitious plan to reshape the crypto industry. His family office aims to raise at least $250 million for its first private equity fund, focused on acquiring mid-sized crypto companies, Bloomberg reported.
According to Akshat Vaidya, co-founder and managing partner at Maelstrom, the fund will invest between $40 million and $75 million per deal, targeting up to six companies. The focus will be on trading infrastructure providers and analytics platforms that demonstrate both profitability and growth potential.
“We expect interest from investors who want exposure to a high–cash-flow, high–growth sector but don’t have the capacity to do so themselves,” Vaidya said.
The fund will be registered in the United States and aims to attract crypto investors, pension funds, and family offices. The first funding round is planned for March 31, 2026, with full completion expected by September 2026.
A Different Approach From Token Investing
Each acquisition will be structured through special purpose vehicles (SPVs), where Maelstrom will act as the anchor investor. Unlike its venture arm, which invests in startup tokens, the new fund will focus exclusively on equity investments.
“Such companies are much easier to acquire. In the off-chain world, you can’t artificially inflate valuations with unused tokens. That’s why we get attractive entry multiples,” Vaidya added.
Following acquisitions, Maelstrom plans to strengthen portfolio companies through stable cash flow, leadership renewal, and accelerated growth. After four to five years, assets will be sold to larger strategic investors.
Crypto Market Poised for Consolidation
The launch comes amid a challenging fundraising climate. Bain & Co. estimates over 18,000 private equity funds are competing for $3.3 trillion in capital globally.
Meanwhile, crypto investors remain cautious after the 2022 market crash triggered by Sam Bankman-Fried’s FTX collapse. Investment in crypto firms this year stands at around $1.4 billion, far below the $4 billion peak in 2021, according to PitchBook.
Still, 2025 has brought a wave of large-scale acquisitions, signaling renewed confidence:
- Coinbase acquired Deribit for $2.9 billion
- Kraken acquired NinjaTrader for $1.5 billion
- Ripple acquired Hidden Road for $1.25 billion
According to Architect Partners, crypto M&A activity reached a record $10 billion in Q3 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.
In March 2025, U.S. President Donald Trump pardoned Hayes and his BitMEX co-founders Benjamin Delo and Samuel Reed, who were charged with violating the Bank Secrecy Act in 2020. After pleading guilty in 2022, each paid a $10 million fine and received probation — clearing the path for Hayes’ high-profile return.
