Maelstrom is launching a private equity fund targeting blockchain service providers with sustainable revenue models, marking a strategic pivot from token investments to equity-focused acquisitions.
Arthur Hayes’ family office, Maelstrom, is raising at least $250 million for a new private equity fund to acquire medium-sized crypto infrastructure and data firms, according to Bloomberg. The fund will target companies providing essential services to the cryptocurrency ecosystem.
Maelstrom co-founder and Managing Partner Akshat Vaidya said the firm will invest between $40 million and $75 million annually, targeting four to six companies in the crypto space with an emphasis on blockchain service providers, including trading infrastructure and analytics startups. The fundraising effort comes as the crypto industry experiences renewed merger and acquisition activity following the market downturn after FTX’s collapse.
Major deals over the past year include Stripe’s $1.1 billion purchase of Bridge in late 2024, Ripple’s $1.25 billion acquisition of Hidden Road, and Coinbase’s $2.9 billion deal with Deribit.
Strategic Shift from Tokens to Equity
Maelstrom’s new fund represents a departure from its previous approach. While earlier venture investments concentrated on tokens, the private equity vehicle will focus solely on equity stakes. Vaidya explained that the fund seeks blockchain service providers with cash-generating business models and valuations that are not dependent on unutilized tokens.
Each acquisition will be structured through special purpose vehicles, with Maelstrom serving as the anchor investor. The strategy centers on companies with sustainable revenue streams and clear financial metrics. The Maelstrom Bitcoin BTC $106 610 24h volatility: 1.6% Market cap: $2.13 T Vol. 24h: $94.30 B grant program demonstrates the family office’s broader commitment to supporting crypto ecosystem development.
Timeline and Fundraising Targets
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. Maelstrom aims for a first close by March 31, 2026, with full fundraising completed by September 2026.
BitMEX co-founder Arthur Hayes will lead the effort alongside Vaidya and newly hired partner Adam Schlegel. The team plans to expand as the fund grows. Hayes co-founded Maelstrom with Vaidya in 2023 as his family office, focusing on long-term infrastructure investments in the cryptocurrency sector.
The fund maintains a patient capital approach, emphasizing quality projects over rapid deployment. Hayes’ recent altcoin purchases reflect his continued active engagement in crypto markets.
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