Arthur Hayes Launches $250M Maelstrom Buyout Fund for Crypto Infrastructure
BitMEX co-founder Arthur Hayes continues to reshape cryptocurrency investment strategies. His family office, Maelstrom, is raising at least $250 million for a debut private equity fund targeting medium-sized crypto firms. This strategic move signals a notable shift in how veteran crypto investors approach market opportunities.
The fund plans to invest $40 million to $75 million per deal, acquiring up to six companies focused on trading infrastructure, analytics, and related services. Hayes’s approach represents a calculated departure from the token-focused investments that dominated previous crypto funding cycles. The Maelstrom Equity Fund I aims to capture value through operational improvements and strategic exits within four to five years.
Arthur Hayes Maelstrom Buyout Fund Targets Cash-Generating Businesses
The fund exclusively targets equity stakes in cash-generating blockchain infrastructure firms, avoiding token-dependent valuations. This strategy reflects growing maturity in digital asset investment approaches. Akshat Vaidya, Maelstrom’s co-founder and managing partner, emphasizes the importance of sustainable revenue models.
The fund will be registered in the U.S., intending to structure acquisitions via special-purpose vehicles while anchoring with its capital and bringing in co-investors. Each transaction will operate through dedicated SPVs, allowing flexible capital deployment. The structure enables Maelstrom to partner with institutional investors while maintaining operational control.
Off-chain service providers represent the primary focus area for acquisitions. Trading platforms, data analytics firms, and infrastructure companies with proven business models top the target list. These businesses generate consistent revenue streams independent of token price fluctuations.
Private Equity Fund Timeline and Leadership Structure
Vaidya targets a first close by March 31 next year with full funding wrapped by September 2026. The fundraising timeline aligns with renewed institutional interest in crypto infrastructure. Hayes and his partner, Adam Schlegel, will lead the effort, with plans to expand the initiative by building out a broader management team.
Hayes brings considerable industry credibility to the initiative. Hayes remains a prominent figure in crypto, credited with inventing perpetual swaps and influencing innovations such as Ethena’s synthetic dollar. His track record positions Maelstrom favorably among potential institutional backers.
The fund is registered in the US and plans to attract diverse backers, including crypto investors, family offices, and institutional players such as pension funds. This broad investor base could provide significant capital stability. Traditional finance institutions increasingly view blockchain infrastructure as a viable long-term investment.
Crypto Infrastructure Acquisition Trends Drive Maelstrom Strategy
The crypto industry has seen a rising wave of acquisitions and mergers amid a rebounding market following the FTX collapse. Market consolidation creates opportunities for strategic buyers with capital reserves. Beginning with Stripe’s $1.1 billion purchase of Bridge in late 2024, the sector has seen increasingly large bets, like Ripple’s $1.25 billion acquisition of Hidden Road and Coinbase’s $2.9 billion deal with Deribit.
These transactions demonstrate growing confidence in crypto infrastructure valuations. Companies with established customer bases and predictable revenue streams command premium multiples. Hayes positions Maelstrom to capitalize on this trend through disciplined acquisition strategies.
The fund avoids businesses heavily dependent on token economics. Traditional equity structures provide clearer valuation frameworks and reduced regulatory complexity. This approach appeals to institutional investors seeking crypto exposure without excessive volatility.
Maelstrom Investment Focus Areas
Trading infrastructure providers represent a core investment category. These platforms enable the billions of dollars in daily cryptocurrency transactions. Analytics companies offering data services to institutional clients also align with fund objectives.
Vaidya highlighted that companies with strong fundamentals and clearer valuations receive priority consideration. Financial transparency and operational excellence determine acquisition targets. The team conducts thorough due diligence to identify undervalued opportunities.
Post-acquisition, Maelstrom plans operational enhancements to accelerate growth trajectories. Management upgrades and strategic initiatives aim to increase enterprise value. The fund’s patient capital approach allows portfolio companies time to implement improvements.
Conclusion
Arthur Hayes’s $250 million Maelstrom buyout fund marks a significant evolution in crypto investment strategies. The focus on equity stakes in cash-generating infrastructure firms demonstrates increasing market sophistication. As institutional adoption accelerates, strategic acquisitions of established blockchain businesses could deliver substantial returns for patient investors.
