Maelstrom, the family office of BitMEX co-founder Arthur Hayes, is reportedly seeking to raise $250 million for its inaugural private equity fund, Maelstrom Equity Fund I. The fund will focus on acquiring established businesses in the crypto ecosystem. According to a Bloomberg report on October 17, 2025, the fund aims to acquire four to six medium-sized companies in the crypto space, allocating between $40 million and $75 million per acquisition.
Maelstrom Equity Fund I will target profitable "off-chain" firms, such as trading infrastructure providers and analytics platforms, rather than token-based projects. Akshat Vaidya, Co-founder and Managing Partner of Maelstrom, will lead the fund alongside Hayes and a new partner, Adam Schlegel. The fund will be registered in the United States and will seek commitments from institutional backers, including pension funds, family offices, and crypto investors. Maelstrom plans to structure each acquisition through special-purpose vehicles (SPVs), with the fund acting as the anchor investor. The strategy focuses on acquiring companies at attractive valuations, improving operations and cash flow, and exiting within four to five years.
Vaidya noted the fund's goal is to acquire crypto platforms with income-generating models, strong fundamentals and clearer valuations. By targeting cash-generating, off-chain companies, the fund aims to acquire businesses with clearer valuations and sustainable growth potential. Vaidya added that the private equity fund will be for investors keen on the crypto investment space, offering an initiative they can tap without the technical expertise that makes the market complex to navigate.
The fund is targeting a first close by March 2026 and a final close by September 2026. While Maelstrom Equity Fund I is expected to have its first closing in March 2026, the plan is to reach a total of $1 billion by September 2026. Hayes will lead the effort alongside Vaidya and newly hired partner Adam Schlegel, with plans to expand the team as the fund grows.
Hayes' reemergence as a leading investor in digital assets follows a pardon earlier this year by former U.S. President Donald Trump after pleading guilty to Bank Secrecy Act violations. He is credited with pioneering the perpetual swap and inspiring the development of Ethena's synthetic dollar, now one of the world's largest stablecoins.
The launch comes amid renewed dealmaking activity in the digital assets sector, with quarterly M&A volumes reaching a record $10 billion in Q3 2025, according to Architect Partners. Recent headline deals include Coinbase's $2.9 billion acquisition of Deribit and Ripple's $1.25 billion purchase of Hidden Road. Despite a cooling fundraising environment across private markets, Vaidya said the fund expects strong demand from investors seeking to capitalize on the rebound in crypto valuations and M&A activity. Vaidya said the strategy appeals to investors who want exposure to the high-growth, high-cash-flow crypto sector but lack the in-house expertise to manage such investments directly.
