Key Takeaways
- • Maelstrom, the family office of BitMEX co-founder Arthur Hayes, is seeking $250 million for a debut private equity fund targeting mid-sized crypto service firms, according to Bloomberg.
- • The fund plans to deploy $40 million to $75 million per acquisition and buy four to six medium-sized firms focused on trading infrastructure, analytics platforms, and related services.
- • Maelstrom is prioritizing non-token equity where valuations are grounded in cash flows rather than speculative token holdings, per co-founder Akshat Vaidya.
- • The U.S.-registered fund targets a first close by March 31, 2026 and full funding by September 2026, with Hayes and partner Adam Schlegel leading the effort.
Summary
Arthur Hayes' family office, Maelstrom, is seeking to raise $250 million for a debut private equity fund that will acquire mid-sized cryptocurrency firms, according to Bloomberg. The fund will be registered in the United States and plans to deploy $40 million to $75 million per acquisition, acquiring between four and six companies. Targeted businesses include trading infrastructure, analytics platforms, and related services.
The strategy centers on non-token equity rather than token holdings. Maelstrom co-founder and managing partner Akshat Vaidya said such businesses are easier to acquire and that valuations are based on cash flows. "You can't artificially inflate valuations with an unused token," Vaidya said.
Acquisitions will be structured through special-purpose vehicles, with Maelstrom anchoring each deal with its own capital and bringing in co-investors. Vaidya targets a first close by March 31, 2026, with full funding by September 2026. Hayes and partner Adam Schlegel will lead the effort, and the firm plans to build out a broader management team.
The fund is positioned within a broader trend of private capital consolidating crypto infrastructure businesses. Maelstrom's approach contrasts with token-based investing by emphasizing firms with measurable operating economics.
The strategy centers on non-token equity rather than token holdings. Maelstrom co-founder and managing partner Akshat Vaidya said such businesses are easier to acquire and that valuations are based on cash flows. "You can't artificially inflate valuations with an unused token," Vaidya said.
Acquisitions will be structured through special-purpose vehicles, with Maelstrom anchoring each deal with its own capital and bringing in co-investors. Vaidya targets a first close by March 31, 2026, with full funding by September 2026. Hayes and partner Adam Schlegel will lead the effort, and the firm plans to build out a broader management team.
The fund is positioned within a broader trend of private capital consolidating crypto infrastructure businesses. Maelstrom's approach contrasts with token-based investing by emphasizing firms with measurable operating economics.
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