Arthur Hayes’ family office Maelstrom plans to raise $250 million for a debut private equity fund targeting mid-sized crypto companies, according to a Bloomberg report published Friday.
The fund plans to invest between $40 million and $75 million per deal, acquiring up to six companies focused on trading infrastructure, analytics and related services.
Maelstrom looks for non-tokenized stock deals where valuations are based on cash flows and not speculative token allocations.
“This type of business is much easier to acquire,” said Akshat Vaidya, co-founder and managing partner of Maelstrom. “You can’t artificially inflate valuations with an unused token.”
The fund, which will be registered in the United States, intends to structure acquisitions through special purpose vehicles, drawing on its capital and bringing in co-investors. Vaidya is aiming for a first close by March 31 of next year, with full funding by September 2026. Hayes and partner Adam Schlegel will lead the effort, with plans to build a broader management team.
Hayes himself remains a prominent figure in crypto, credited with inventing perpetual swaps and influencing innovations such as Ethena’s synthetic dollar.
Maelstrom did not respond to CoinDesk’s request for additional comment.
