The family office of Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has announced the launch of its first direct investment fund, Maelstrom Equity Fund I, with a planned budget of $250 million. The main goal of the fund is to acquire up to six mid-level companies operating in the cryptocurrency services sector.
This is reported by Finway
Investment Strategy and Fund Details
As reported by Akshat Vaidya, co-founder and managing partner of Maelstrom, the fund will invest between $40 million and $75 million in each deal. The priority remains on infrastructure solution providers for crypto trading and analytical platforms. The fund will be registered in the U.S. and will target raising capital from crypto investors, pension funds, and family offices. The first phase of fundraising is planned to be completed by March 31, 2026, with the full investment volume expected to be reached by September 2026.
Each deal will be structured through separate special purpose vehicles (SPVs), where Maelstrom will act as the anchor investor. Unlike the venture division, which focuses on tokens, Maelstrom Equity Fund I will invest exclusively in corporate equity.
“We expect interest from investors who want exposure to a high cash flow and fast-growing sector but do not have their own capabilities for this,” Vaidya noted.
Market Context and Future Plans
After acquiring companies, Maelstrom plans to optimize their operations by enhancing efficiency, updating management teams, and accelerating development. In four to five years, the assets will be sold to strategic investors with greater capabilities.
The Maelstrom initiative has emerged amid the challenges in capital raising faced by private equity funds. According to Bain & Co., over 18,000 funds are currently competing for $3.3 trillion in investments worldwide.
Interest from private investors in the crypto sector remains subdued following the market crash in 2022, triggered by the collapse of FTX led by Sam Bankman-Fried. In 2025, the volume of investments in crypto companies is around $1.4 billion, significantly lower than the peak of $4 billion in 2021, according to PitchBook. However, the market recovery this year is accompanied by an increase in the number of large deals: in the third quarter of 2025, the total value of crypto deals reached $10 billion, reports Architect Partners.
“Such companies are significantly easier to acquire. In the world of off-chain, it is not possible to artificially inflate valuations through unused tokens. That is why we are getting attractive entry multiples,” Vaidya explained.
Maelstrom Equity Fund I will be led by Arthur Hayes, Akshat Vaidya, and new partner Adam Schlegel. The team plans to expand in the coming months.
Recall that in March 2025, U.S. President Donald Trump pardoned Arthur Hayes, as well as two other co-founders of BitMEX — Benjamin Delo and Samuel Reed, who were charged in 2020 with violating the Bank Secrecy Act. After pleading guilty in 2022, each paid a $10 million fine and received a suspended sentence.