The family office of Arthur Hayes, co-founder of the cryptocurrency exchange BitMEX, has announced the launch of a new direct investment fund, Maelstrom Equity Fund I, with a planned volume of $250 million. The primary goal of the fund is to acquire mid-sized crypto companies, with a particular focus on infrastructure services for trading and analytical platforms.
This is reported by Business • Media
Investment Plans and Deal Structure
According to Akshat Vaidya, co-founder and managing partner of Maelstrom, the fund plans to invest between $40 million and $75 million in each deal, intending to acquire up to six companies in the crypto sector. Each investment will be structured through special purpose vehicles (SPVs), where Maelstrom will act as the anchor investor. Unlike the previous venture fund that invested in startup tokens, Maelstrom Equity Fund I will focus specifically on acquiring equity stakes in companies.
“We expect interest from investors who want exposure to a sector with high cash flow and rapid growth but lack the means to do so,” Vaidya noted.
Fundraising for the fund is planned in two phases: the first will conclude by March 31, 2026, and the full funding is expected to be secured by September 2026. The fund is targeting investments from crypto investors, pension funds, and family offices.
Market Situation and Maelstrom’s Prospects
After acquiring companies, Maelstrom plans to improve their financial performance, implement updates in management, and accelerate growth rates. In four to five years, the assets are expected to be sold to larger strategic investors.
It is noted that the launch of the Maelstrom initiative occurs at a time when private equity funds worldwide continue to face challenges in raising capital. According to data from Bain & Co., over 18,000 funds are competing for $3.3 trillion in investments. In the crypto sector, private investors have become more cautious following the market crash of 2022, triggered by the collapse of FTX led by Sam Bankman-Fried. According to PitchBook, in 2025, the volume of investments in crypto companies is around $1.4 billion, which is three times less than the peak in 2021.
At the same time, the market shows signs of recovery: according to Architect Partners, in the third quarter of 2025, the value of deals in the crypto industry reached a record $10 billion.
Maelstrom Equity Fund I will be led by Arthur Hayes, Akshat Vaidya, and new partner Adam Schlegel. In the coming months, the fund’s team plans to expand.
It is worth noting that in March 2025, U.S. President Donald Trump pardoned Arthur Hayes, as well as Benjamin Delo and Samuel Reed — three co-founders of BitMEX who were charged in 2020 with violating the Bank Secrecy Act. After pleading guilty in 2022, all three paid fines of $10 million and received probationary sentences.