Arthur Hayes’ family office, Maelstrom, is raising at least $250 million for its debut private equity fund focused on mid-sized companies in the crypto sector.
The fund, called Maelstrom Equity Fund I, will target service providers such as trading infrastructure and analytics platforms, investing between $40 million and $75 million per deal across up to six companies.
Maelstrom’s Co-founder and Managing Partner Akshat Vaidya confirmed that the new vehicle will focus solely on equity rather than tokens, differentiating it from traditional venture funds. According to Vaidya, off-chain companies without issued tokens offer more attractive valuations and cleaner acquisition opportunities. “You can’t artificially inflate valuations with an unused token in the off-chain world,” he noted, adding that the strategy allows for more favorable entry multiples.
The fund will be registered in the United States and aims to secure its first close by March 31, with the full raise expected by September 2026. Investors will include a mix of crypto backers, pension funds, and family offices. Each acquisition will be structured through a special-purpose vehicle (SPV), with Maelstrom serving as the anchor investor alongside other partners.
Hayes, best known as the BitMEX co-founder and inventor of the perpetual swap, will run the fund alongside Vaidya and newly appointed partner Adam Schlegel. The team plans to acquire high-cash-flow businesses, install stronger management teams, and drive growth before exiting positions within four to five years.
The move underscores Hayes’ continued influence in the digital asset space, even after years of legal battles. Following his presidential pardon by Donald Trump in March 2025, Hayes has refocused on building long-term financial infrastructure for the crypto economy. As Maelstrom pivots toward equity acquisitions, its goal is clear, to bridge traditional private equity discipline with the rapidly expanding blockchain sector.
