Key Takeaways
- • Maelstrom, the family office connected to BitMEX co-founder Arthur Hayes, is reportedly seeking to raise $250 million for a private equity fund that will acquire crypto companies, according to a Bloomberg report.
- • The fund plans to deploy $40 million to $75 million per acquisition, targeting as many as six crypto companies, with funding expected to be completed by September 2026.
- • Maelstrom will focus on companies offering trading infrastructure and analytics platforms, with Akshat Vaidya, Arthur Hayes and Adam Schlegel expected to run the fund.
- • The effort signals renewed private equity interest in crypto M&A, which reportedly waned after the 2022 collapse of FTX, and follows recent deals including Ripple's $1 billion GTreasury acquisition and Coinbase's $2.9 billion agreement to acquire Deribit.
Summary
Maelstrom, the family office connected to BitMEX co-founder Arthur Hayes, is reportedly looking to raise $250 million for a private equity fund aimed at acquiring crypto companies, according to a Bloomberg report published on Friday. The fund plans to use between $40 million and $75 million for each acquisition, targeting as many as six crypto companies, with funding expected to be completed by September 2026. Maelstrom reportedly intends to focus on companies offering trading infrastructure and analytics platforms.
Maelstrom co-founder and managing partner Akshat Vaidya reportedly said investors in the fund "want exposure to the high-cash flow, high-growth crypto sector but lack the capabilities in-house to do this themselves." Vaidya will reportedly run the fund alongside Hayes and Adam Schlegel, a new partner at Maelstrom. Other coverage describes the vehicle as a debut private equity fund targeting mid-sized crypto firms.
Hayes was one of four BitMEX executives who received a pardon from US President Donald Trump in March. The group had faced criminal charges related to violations of the US Bank Secrecy Act. Hayes stepped down as BitMEX CEO in 2020 after US authorities charged him and his associates Benjamin Delo, Gregory Dwyer and Samuel Reed. Since his pardon, Hayes has become a more visible presence in the crypto industry, offering price predictions and analyses.
The reported fund signals that private equity interest in crypto companies, which reportedly waned after the collapse of the FTX exchange in 2022, is returning. Recent sector transactions cited in the reporting include Ripple Labs' $1 billion acquisition of GTreasury this year, a $1.25 billion deal for Ripple to acquire prime broker Hidden Road in April, and Coinbase's agreement to acquire options trading platform Deribit for $2.9 billion in May.
Maelstrom co-founder and managing partner Akshat Vaidya reportedly said investors in the fund "want exposure to the high-cash flow, high-growth crypto sector but lack the capabilities in-house to do this themselves." Vaidya will reportedly run the fund alongside Hayes and Adam Schlegel, a new partner at Maelstrom. Other coverage describes the vehicle as a debut private equity fund targeting mid-sized crypto firms.
Hayes was one of four BitMEX executives who received a pardon from US President Donald Trump in March. The group had faced criminal charges related to violations of the US Bank Secrecy Act. Hayes stepped down as BitMEX CEO in 2020 after US authorities charged him and his associates Benjamin Delo, Gregory Dwyer and Samuel Reed. Since his pardon, Hayes has become a more visible presence in the crypto industry, offering price predictions and analyses.
The reported fund signals that private equity interest in crypto companies, which reportedly waned after the collapse of the FTX exchange in 2022, is returning. Recent sector transactions cited in the reporting include Ripple Labs' $1 billion acquisition of GTreasury this year, a $1.25 billion deal for Ripple to acquire prime broker Hidden Road in April, and Coinbase's agreement to acquire options trading platform Deribit for $2.9 billion in May.
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