Maelstrom, the family office associated with BitMEX co-founder Arthur Hayes, is reportedly planning to gather $250 million to establish a private equity fund focused on acquiring crypto firms. According to a Bloomberg report released on Friday, the strategy involves allocating between $40 million and $75 million for each of the anticipated six company purchases, with a funding target set for completion by September 2026. The investment will particularly aim at crypto firms that provide trading infrastructure and analytics platforms.

Maelstrom’s co-founder and managing partner, Akshat Vaidya, remarked that investors are keen on accessing the thriving, cash-rich crypto sector but lack the internal expertise to pursue this independently. Vaidya will collaborate with Hayes and new partner Adam Schlegel to manage the fund.

In 2020, Hayes resigned as CEO of BitMEX following criminal charges against him and other executives concerning violations of the US Bank Secrecy Act. After being pardoned by former President Donald Trump in March, he has reestablished his presence in the cryptocurrency world, engaging in market predictions and analyses.

Acquisitions across the crypto industry

Maelstrom’s move reflects renewed interest from private equity in the crypto space, a sector that saw diminished investments following the FTX exchange’s collapse in 2022. Recently, Ripple Labs acquired GTreasury for $1 billion, part of a broader strategy which also included the purchasing of prime broker Hidden Road for $1.25 billion in April. Furthermore, Coinbase is set to take over the options trading platform Deribit for $2.9 billion in May.