Maelstrom, the family office linked to Arthur Hayes, one of the co-founders of BitMEX, is reportedly in search of $250 million to establish a private equity fund that aims to acquire cryptocurrency firms. According to a recent Bloomberg article, the fund plans to commit between $40 million and $75 million for each acquisition targeting up to six crypto companies, with the goal of finalizing funding by September 2026. The focus will be on businesses that provide trading infrastructure and analytical platforms.

Maelstrom’s co-founder and managing partner Akshat Vaidya noted that investors in the fund are seeking exposure to the rapidly growing crypto sector but do not have the in-house expertise to navigate it effectively. Working alongside Vaidya will be Hayes and Adam Schlegel, a recently appointed partner at Maelstrom.

Hayes was among four BitMEX executives who received clemency from US President Donald Trump in March following federal charges connected to the US Bank Secrecy Act.

In recent months, private equity interest in the crypto sector has started to strengthen, following a downturn in investments after the fall of FTX in 2022. Notable acquisitions this year include Ripple Labs’ $1 billion purchase of GTreasury and Coinbase’s $2.9 billion deal for Deribit.