Arthur Hayes’ family office, Maelstrom, is seeking to raise $250 million for its inaugural private equity fund, focusing on mid-sized crypto companies, as reported by Bloomberg on Friday.
The fund intends to invest between $40 million and $75 million per transaction, with plans to acquire as many as six companies centered on trading infrastructure, analytics, and related services.
Maelstrom aims to pursue non-token equity investments, where valuations hinge on cash flows rather than speculative token distributions.
“Such businesses are considerably easier to acquire,” stated Maelstrom co-founder and managing partner Akshat Vaidya. “You can’t artificially inflate valuations with an unused token.”
The fund, set to be registered in the U.S., plans to organize acquisitions through special-purpose vehicles, leveraging its capital while also inviting co-investors. Vaidya is aiming for a first close by March 31 next year, with full funding expected by September 2026. Hayes and partner Adam Schlegel are set to spearhead the initiative, with intentions to expand the management team.
Hayes remains a key figure in the crypto space, credited with the invention of perpetual swaps and contributing to innovations like Ethena’s synthetic dollar.
Maelstrom did not reply to CoinDesk’s request for additional comments.