Arthur Hayes, the former BitMEX co-founder, is launching a new private equity style fund through his family office, Maelstrom. The vehicle, called Maelstrom Equity Fund I, aims to raise at least 250 million dollars to acquire profitable mid-sized crypto infrastructure and data companies. Hayes believes these businesses could eventually attract major private equity giants like KKR or Apollo.
Targeting Cash-Flowing Crypto Companies
Hayes plans to complete four to six acquisitions during the fund’s first phase. Each deal will typically range between 40 million and 75 million dollars. The strategy focuses on off-chain companies that provide essential services such as market data, trading technology and analytics.
To streamline each purchase, Maelstrom will use a special purpose vehicle for every deal. This structure will help bring co-investors on board while keeping each transaction organized and secure.
Why the Fund Matters Now
Institutional interest in crypto infrastructure is rising again after the shakeup that followed the 2022 market crash. Hayes wants the fund to bridge early stage crypto firms with traditional buy-out markets. He has stated that he is only targeting profitable companies with proven revenue. His goal is to build firms large enough for major private equity players to acquire in the future.
Maelstrom is targeting an initial close in March 2026. Hayes may expand the fund to as much as 1 billion dollars by late 2026 if market conditions support the growth.
What This Means for Investors
This strategy highlights a shift in the crypto sector. Investors are starting to look beyond speculative tokens and toward stable, cash-generating businesses. Hayes’ focus on data and analytics reflects the growing need for reliable information and insights in digital assets.
However, success depends on several factors. Maelstrom must identify sustainable companies, avoid inflated valuations and navigate ongoing regulatory uncertainty. If the fund delivers successful acquisitions and exits, it could set a new standard for crypto-focused private equity investing.
