Arthur Hayes’ family office, Maelstrom, is looking to raise $250 million for a first-ever private equity fund targeting mid-sized crypto companies, according to a Bloomberg report on Friday.
The fund plans to invest between $40 million and $75 million per deal, acquiring up to six companies focused on business infrastructure, analytics and related services.
Maelstrom seeks non-token equity deals where valuations are based on cash flows, not speculative token allocations.
“These types of businesses are much easier to acquire,” said Maelstrom co-founder and managing partner Akshat Vaidya. “You can’t artificially inflate valuations with an unused token.”
The fund, which will be registered in the US, aims to structure acquisitions through special vehicles, anchoring itself with its capital and attracting co-investors. Vaidya is targeting a first closing by March 31 next year with full financing completed 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 the cryptocurrency world, credited with inventing perpetual swaps and influencing innovations like Ethena’s synthetic dollar.
Maelstrom did not respond to CoinDesk’s request for further comment.
