Key Takeaways
- • Maelstrom, the family office of BitMEX co-founder Arthur Hayes, is seeking at least $250 million for its debut private equity fund, Maelstrom Equity Fund I, according to Bloomberg.
- • The fund targets an eventual $1 billion raise by September 2026, with a first closing expected in March 2026.
- • Maelstrom plans to deploy $40 million to $75 million per deal, with as many as six crypto-related investments targeted.
- • The strategy shifts from buying startup tokens to equity-only investments in "off-chain" crypto infrastructure and services companies with income-generating models and clearer valuations.
- • The fund will target institutional investors, pension funds, and family offices, and is planned to be registered in the United States.
Summary
Maelstrom, the family office of BitMEX co-founder Arthur Hayes, is seeking $250 million for its debut private equity fund, Maelstrom Equity Fund I, as reported by Bloomberg on October 17, 2025. The fund will target buyouts of distressed or undervalued crypto infrastructure and services companies, with an initial target of $250 million and a goal of $1 billion by September 2026.
The fund will take equity stakes in trading and data analytics platforms, with each transaction structured through special purpose vehicles. Per the report, Maelstrom plans to invest between $40 million and $75 million in each acquisition, with a target of as many as six crypto-related investments.
Maelstrom co-founder and managing partner Akshat Vaidya said the fund aims to acquire crypto platforms with income-generating models, strong fundamentals, and clearer valuations. Departing from its earlier strategy of buying startup tokens, Maelstrom will focus exclusively on equity capital in "off-chain" companies. Vaidya stated, "You can't artificially inflate value with a token that isn't used in the off-chain world."
Hayes and the team, including new partner Adam Schlegel, plan to register the fund in the United States. According to a statement from the group, fundraising will focus on institutional investors, pension funds, and family offices. Vaidya added that the vehicle is designed for investors seeking exposure to crypto without the technical complexity of navigating the market directly. The fund is expected to hold its first closing in March 2026.
The fund will take equity stakes in trading and data analytics platforms, with each transaction structured through special purpose vehicles. Per the report, Maelstrom plans to invest between $40 million and $75 million in each acquisition, with a target of as many as six crypto-related investments.
Maelstrom co-founder and managing partner Akshat Vaidya said the fund aims to acquire crypto platforms with income-generating models, strong fundamentals, and clearer valuations. Departing from its earlier strategy of buying startup tokens, Maelstrom will focus exclusively on equity capital in "off-chain" companies. Vaidya stated, "You can't artificially inflate value with a token that isn't used in the off-chain world."
Hayes and the team, including new partner Adam Schlegel, plan to register the fund in the United States. According to a statement from the group, fundraising will focus on institutional investors, pension funds, and family offices. Vaidya added that the vehicle is designed for investors seeking exposure to crypto without the technical complexity of navigating the market directly. The fund is expected to hold its first closing in March 2026.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.