Core Insights - Maelstrom, the family office of BitMEX co-founder Arthur Hayes, aims to raise at least $250 million for its inaugural private equity fund focused on acquiring established businesses in the crypto ecosystem [1][2] Fund Structure and Strategy - The Maelstrom Equity Fund I plans to invest between $40 million and $75 million per deal across four to six acquisitions, targeting profitable "off-chain" companies like trading infrastructure providers and analytics platforms to reduce market volatility and regulatory risk [2][4] - The fund is expected to have its first close by March 2026 and a final close by September 2026, seeking commitments from institutional investors such as pension funds and family offices [3] - Each transaction will be structured through a special-purpose vehicle (SPV), with Maelstrom acting as the anchor investor [3] Market Context - The launch of the fund coincides with a resurgence in digital asset mergers and acquisitions, with total deal volume reaching a record $10 billion in Q3 2025, indicating renewed confidence in the sector's long-term profitability [5] - Despite a challenging fundraising environment, there is anticipated strong demand from investors looking to capitalize on the market's recovery and increasing institutional interest [6] Leadership and Vision - Arthur Hayes, recently pardoned for previous legal issues, is re-establishing himself as a significant investor in the digital asset space, expanding his influence from trading to long-term ownership of key infrastructure [7][8] - Hayes has made a bold prediction that Bitcoin could reach $3.4 million by 2028, reflecting his optimistic outlook on the cryptocurrency market [9]