Arthur Hayes, the co-founder of BitMEX and chief investment officer of Maelstrom, is preparing a new private equity vehicle aimed at the infrastructure layer of the crypto economy. The fund, called Maelstrom Equity Fund I, is seeking to raise at least $250 million to acquire mid-sized companies that already generate cash flow while serving the digital asset industry.
Rather than backing tokens or speculative early-stage startups, the strategy centers on what investors often call the crypto industry’s “picks and shovels” businesses. These are firms that support the broader ecosystem through infrastructure, analytics, and operational services. In practical terms, the vehicle is designed to buy established companies whose products are necessary for the industry to function, even when token markets are volatile.
A control-buyout strategy for profitable crypto businesses
Maelstrom Equity Fund I is notable because it represents Hayes’ first external fund fully dedicated to control-buyout transactions. According to the reported plan, the fund intends to acquire around six companies, focusing on businesses that are already profitable and operationally established rather than venture-stage firms still searching for product-market fit.
The approach also aims to appeal to founders looking for a cleaner path to liquidity. Instead of relying on complicated strategic acquisition structures that often involve stock consideration, deferred payouts, or earn-out clauses, the fund is expected to offer straightforward cash exits. That could make the vehicle attractive to owners of crypto-adjacent businesses who want certainty and speed in a market where exit options can still be limited.
Hayes and his partners appear to be betting that there is long-term value in consolidating crypto service providers that have survived multiple market cycles and built real operating businesses. The team’s thesis is that these companies can be strengthened and positioned for eventual acquisition by larger consumer-finance or brokerage platforms.
Positioning companies for future strategic buyers
A key part of the fund’s plan is not only to buy these businesses, but also to prepare them for future takeovers by major financial or technology platforms. Bloomberg’s reported framing suggests that Maelstrom wants to use its crypto-native network and industry understanding to make portfolio companies more legible and more attractive to mainstream acquirers.
Potential future buyers mentioned in connection with that vision include platforms such as Robinhood, Charles Schwab, X, and Wealthfront. The underlying idea is straightforward: many larger financial brands may eventually want stronger exposure to the digital asset economy, but may prefer to acquire functioning infrastructure and service companies rather than build those capabilities from scratch.
If successful, this would create a bridge between crypto-native entrepreneurship and traditional finance consolidation. It would also provide a different kind of exit path for founders who have built useful but less visible businesses behind the scenes of the crypto market.
Filling a gap for traditional capital allocators
The initiative is also framed as a response to a broader market gap. Traditional financial institutions and large allocators have often struggled to gain exposure to crypto in ways that match their risk tolerance and investment mandates. Direct token exposure can introduce significant volatility, while venture investing in the sector has produced uneven outcomes and a long road to liquidity.
By contrast, buying profitable businesses that serve the industry offers a more familiar model. For institutional investors, this resembles a classic private equity playbook: acquire cash-flowing companies in a growing but fragmented market, improve operations, and build toward strategic exits. In that sense, Maelstrom Equity Fund I is less about predicting the next token rally and more about owning the companies that provide the tools, rails, and support systems used across the ecosystem.
This positioning could be especially relevant as digital asset markets mature and as more investors look beyond price action to the underlying business infrastructure of the sector. For allocators who want crypto exposure without directly holding coins or relying on highly speculative startup bets, infrastructure-focused buyouts may look increasingly compelling.
The team behind the fund
Hayes is not launching the effort alone. He is joined by Akshat Shrivastava, the former head of M&A at BitMEX, and Adam Schlegel, who previously worked at Haveli Investments. The involvement of executives with backgrounds in mergers and acquisitions as well as traditional private equity suggests that the fund is trying to blend crypto-native expertise with institutional transaction discipline.
Schlegel’s prior firm, Haveli Investments, previously raised a $4.5 billion debut fund, a detail that underscores the level of large-scale private equity experience being brought into the project. In addition, the report said that three more hires with traditional finance backgrounds are expected, indicating that the Maelstrom team is still building out the operating structure needed to pursue this strategy.
That combination matters. Crypto founders may value counterparties who understand the industry’s cycles, product complexity, and regulatory sensitivities, while institutional investors tend to look for teams with experience in structuring transactions, managing portfolio companies, and executing exits. Maelstrom appears to be trying to address both sides at once.
Fundraising is underway, but not yet open to outside investors
The fund was announced publicly on Oct. 17, 2025, but it remains in the fundraising phase and is not yet open to outside investors. That means the headline strategy is now visible, but the capital-raising process is still ongoing.
Even at this stage, however, the launch says something meaningful about how parts of the crypto investment landscape are evolving. Instead of treating the sector only as a place for token speculation or high-risk venture bets, Maelstrom is pursuing a more conventional acquisition model centered on businesses with existing revenue, profits, and strategic value.
For Hayes, whose public profile has long been associated with trading, macro commentary, and crypto market cycles, the move marks a notable expansion into a more structured and institutionally recognizable investment format. For the broader market, it may signal rising interest in the businesses that support crypto from behind the scenes—companies that do not issue the most talked-about tokens, but that may become increasingly important as the industry professionalizes.
In short, Maelstrom Equity Fund I is built around a simple thesis: in a sector often defined by volatility, there may be durable value in owning the companies that sell the tools rather than chasing the tools’ end products. Whether that thesis resonates with investors will depend on fundraising progress and deal execution, but the fund’s focus on profitable infrastructure providers clearly reflects a growing appetite for more grounded ways to invest in crypto.