Former BitMEX co-founder, Arthur Hayes, and his family office are launching the Maelstrom Equity Fund I, aiming to raise at least $250 million for its first private equity vehicle. The fund will target mid-sized crypto businesses, with a preference towards trading infrastructure and analytics software. It intends to spend between $40 million and $75 million on each deal, and aims to make up to 6 acquisitions.
The vehicle will have a US registration, and the acquisitions will be organized in terms of special-purpose vehicles (SPVs). The initial close will be on March 31, 2026, with speculations of being fully funded by September 2026.
The fund is designed to invest in “off-chain” companies that generate consistent cash flow rather than token-driven ventures. Maelstrom’s team will anchor each deal and invite co-investors through SPVs. According to co-founder and managing partner Akshat Vaidya, the fund will target businesses that combine profitability and growth potential.
The governance structure will reflect that private equity mindset: each transaction will be independently structured, giving Maelstrom operational flexibility and transparency for co-participants. Hayes and partner Adam Schlegel will lead deal-making and plan to build out a broader management team to oversee portfolio operations.
The launch of Maelstrom Equity Fund I comes amid renewed momentum in crypto mergers and acquisitions. Deal volumes hit a record of around $10 billion in Q3 2025, reflecting rising institutional interest.
Large transactions, such as Coinbase’s $2.9 billion acquisition of Deribit and Ripple’s $1.25 billion purchase of Hidden Road, illustrate the renewed confidence in infrastructure deals. Also, Ripple’s recent $1 billion acquisition of GTreasury shows demand across blockchain infrastructure sectors.
By avoiding token-centric companies, the fund aims to appeal to institutions seeking stable business models. The use of SPVs helps delineate risk per acquisition and enables co-investment structures while allowing Maelstrom to act as the lead investor.
Registration in the United States signifies compliance and provides institutional assurance regarding governance and regulatory frameworks. With the first close targeted for March 31, 2026, and full raise by September, the fund enters a market where capital is available but scrutiny is higher.
Will Maelstrom’s disciplined private equity model gain the traction needed to reshape crypto infrastructure?
Read More: Bitcoin News Today: BitMEX Co-founder Arthur Hayes Says Bitcoin’s Four-Year Cycle is Over
Arthur Hayes’s $250 million Maelstrom Equity Fund marks a step toward reshaping crypto’s private equity landscape. By focusing on mid-sized trading and blockchain infrastructure firms with strong revenue potential, the fund introduces a disciplined, cash-flow-driven model uncommon in digital finance.