BitMEX co-founder Arthur Hayes is setting up a $250 million private equity fund to buy and grow medium-sized crypto companies. The fund, led by his family office Maelstrom, will focus on firms in the digital asset space that show promise but need capital.
According to a Bloomberg report, Hayes plans to raise the fund in the United States and aims for a first close by March 31, 2026, with the full raise by September next year.
Meanwhile, Akshat Vaidya, co-founder and managing partner at Maelstrom, confirmed that each deal will range from $40 million to $75 million.
“We plan to acquire up to six companies that provide trading tools, analytics, or infrastructure,” Vaidya said. He added that the new vehicle will not buy tokens but focus only on equity, as many firms without tokens have better valuations.
The fund will work by creating special-purpose vehicles for each acquisition, where Maelstrom acts as the main investor.
Once the companies are acquired, Maelstrom aims to improve operations, bring in better management, and grow their profits before selling them in about five years.
Vaidya said many investors want to join because they seek exposure to crypto’s high growth but lack the skills to manage it directly.
This move comes at a time when private equity investment in crypto has slowed. Data from Pitchbook shows that private equity investment in digital asset firms fell to $1.4 billion in 2025, down from about $4 billion in 2021.
That said, Hayes move comes as crypto companies continue to form partnerships and make acquisitions to grow their businesses and strengthen key service areas.
In recent months, Coinbase acquired Deribit for $2.9 billion, while Kraken and Ripple made similar moves with their purchases of NinjaTrader for $1.5 billion and Hidden Road for $1.25 billion.
If completed, the $250 million fund may offer mid-sized crypto firms the support they need to expand and stay competitive.
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