Arthur Hayes’ New Private Equity Fund Focuses on ‘Picks and Shovels’ of Crypto

CN
5 hours ago

Maelstrom Equity Fund I marks Hayes’ first external fund focused entirely on control-buyout deals targeting profitable “picks and shovels” firms—businesses providing infrastructure, analytics, and operational support to the crypto ecosystem, Bloomberg first reported. The fund plans to purchase around six established companies, offering founders straightforward, cash-based exits while avoiding complex stock or earn-out arrangements common in strategic acquisitions. Hayes and his partners aim to use their crypto-native network to prepare these firms for future acquisitions by major financial platforms like Robinhood, Charles Schwab, X, or Wealthfront.

The initiative addresses a significant gap: traditional finance players and large capital allocators often struggle to gain exposure to crypto without token volatility or underperforming venture investments. Hayes is joined by managing partner Akshat Shrivastava, former head of M&A at BitMEX, and Adam Schlegel, previously with Haveli Investments, which raised a record $4.5 billion debut fund. Three additional hires with traditional finance experience are expected. Announced Oct. 17, 2025, the fund remains in its fundraising phase and is not yet open to outside investors.

  • What is Maelstrom Equity Fund I?
    It’s Arthur Hayes’ new private equity fund, aiming to raise at least $250 million for crypto industry acquisitions.
  • Who is behind the fund?
    The fund is led by Arthur Hayes, Akshat Shrivastava, and Adam Schlegel.
  • What types of companies will Maelstrom target?
    It plans to buy profitable infrastructure and analytics firms serving the crypto sector.
  • When was the fund announced?
    The announcement was made public on Oct. 17, 2025.

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