Arthur Hayes raises private equity fund worth about KRW 356 billion…"Plans to acquire six mid-sized blockchain companies"

Reports say Arthur Hayes, co‑founder of BitMEX, is accelerating his return to the industry by seeking to raise a private equity fund of US$250 million (about KRW 356 billion).

According to Bloomberg on the 18th, Maelstrom, Hayes's family office, has registered its first private fund, 'Maelstrom Equity Fund I,' in the United States and plans to raise at least US$250 million. It will invest US$40–75 million per deal to acquire mainly high‑growth companies such as trading infrastructure providers and analytics platforms. The fund aims to acquire six mid‑sized crypto asset companies, including trading infrastructure and data analytics platforms.

Akshat Vaidya, co‑founder and managing partner of Maelstrom, said, "The crypto asset industry is a high‑cash‑flow, high‑growth sector, yet its structure makes direct entry difficult for institutional investors," and added, "this fund will serve as an exposure pathway for those investors." He said the fund is targeting a first closing on March 31, 2026, and final fundraising completion in September.

Unlike Maelstrom's existing venture arm, this fund is oriented toward equity‑focused (off‑chain equity) investments rather than tokens. All acquisitions will be structured as special purpose vehicles (SPVs), with Maelstrom acting as the anchor investor. Vaidya explained, "On‑chain startups can inflate value with tokens, but off‑chain companies can be acquired based on actual cash flows," adding, "this allows entry at more reasonable valuations."

The fund will be co‑managed by Hayes, Vaidya, and newly joined Adam Schlegel, and the acquired companies are expected to undergo cash‑flow improvement, management restructuring, and accelerated growth before being sold to large investors within four to five years.

The outlet noted that "while the global private fund industry currently has about 18,000 funds competing to raise a total of roughly US$3.3 trillion, private investment in crypto asset companies remains subdued," but added that "large mergers and acquisitions within the crypto industry have regained momentum this year." According to PitchBook, private investment in crypto assets has amounted to only US$1.4 billion so far this year, a sharp decline from US$4 billion in 2021.