This article is from: Arkham; Original author: 0xKira

Compiled by | Odaily Planet Daily (@OdailyChina); Translator | Azuma (@azuma_eth)

Editor's note: "Little Black" Arthur Hayes has made many market predictions, but do you know how much he is actually worth?

On September 10, the on-chain data analysis firm Arkham speculated on Arthur Hayes' net worth by tracking his addresses and estimating other assets, which may unveil the mystery of Arthur Hayes' financial status.

The following is the original content from Arkham, compiled by Odaily Planet Daily. For the sake of reading fluency, some content has been omitted.

Arthur Hayes Personal Information (skip if familiar)

Arthur Hayes is the co-founder and former CEO of the cryptocurrency derivatives exchange BitMEX.

BitMEX launched in November 2014, and prior to that, Arthur Hayes worked as an equity derivatives trader at Deutsche Bank and Citibank's Hong Kong branch. He utilized his background in derivatives to design what has now become the industry standard perpetual swap, a key innovation that propelled BitMEX to quickly dominate the industry in its early days.

Over the years, Arthur Hayes has become an important voice in the crypto space due to his sharp market analysis and often provocative articles, although he has also found himself embroiled in controversy multiple times.

In 2022, Arthur Hayes and other co-founders of BitMEX were convicted of violating the Bank Secrecy Act, with Hayes himself sentenced to six months of house arrest, two years of probation, and a $10 million fine. However, in March 2025, U.S. President Donald Trump officially announced their pardons.

Estimation of Arthur Hayes' Net Worth

During the cryptocurrency bull market in 2021, media speculated that Arthur Hayes' wealth had reached the billion-dollar level. However, on-chain data shows that the peak asset value of Hayes' public addresses was "only" about $88 million, far from the billion-dollar scale.

Arthur Hayes' net worth consists of much more than verifiable on-chain holdings (approximately $57 million at the time of writing); the speculation about his "billionaire" status likely stems more from his position as a founder of BitMEX.

To calculate Arthur Hayes' true net worth, one must assess BitMEX's current valuation and Hayes' remaining equity in the trading platform. Based on the valuations of similar cryptocurrency trading platforms and considering current trading volumes as well as the historical valuation of $3.6 billion when trading volume surpassed $1 trillion in 2019, BitMEX's enterprise value is conservatively estimated at $500 million.

Arthur Hayes' ownership stake in BitMEX is unknown, but as a founder, it is certainly substantial. He co-founded BitMEX with two others, and assuming equal distribution of equity, he could hold up to 33%. However, after several controversies, his stake has likely been diluted.

Additionally, Arthur Hayes' family office, Maelstrom, focuses on venture capital, and he is also an early supporter of the Ethena token ENA—his ENA holdings may far exceed the amount tracked by Arkham.

Therefore, a conservative estimate of Arthur Hayes' net worth is between $200 million and $400 million.

BitMEX Valuation in 2025

BitMEX was once the dominant player in the global cryptocurrency derivatives market, with trading volumes exceeding $1 trillion in 2019 and a valuation of $3.6 billion. However, with the rise of competitors, regulatory pressures, and leadership changes, BitMEX's market share has significantly declined.

Recent data shows that BitMEX's daily trading volume hovers around $677 million, corresponding to an annual trading volume of approximately $24.7 billion—a decrease of about 75% from the peak in 2019. If we use similar valuation and trading volume multiples as in 2019, and adjust downwards to reflect its weakened competitive position and various legal obstacles, BitMEX's enterprise value will be far below $3.6 billion.

Based on this, a reasonable estimate for BitMEX's valuation in 2025 is about $500 million. This figure reflects its still considerable trading volume while acknowledging that BitMEX is no longer the dominant force it once was. Although it remains profitable and has a certain presence in the derivatives trading market, its relative importance has diminished—leading to a decrease in valuation.

The Mystery of Billionaire Status

Speculation about whether Arthur Hayes officially ranks among billionaires has long existed.

During BitMEX's peak, several media outlets, including Vanity Fair, reported in April 2021 that Arthur Hayes had become one of the youngest billionaires in the crypto space, with his holdings in BitMEX likely bringing him substantial profits during the platform's golden period—when BitMEX's trading volume surpassed $1 trillion in 2019, capturing 57% of the crypto derivatives market, outpacing competitors like Deribit and CME.

Arthur Hayes is also known for holding large amounts of Bitcoin and Ethereum, although specific figures have never been disclosed. In 2023, Arthur Hayes established the family office Maelstrom and personally took on the role of Chief Investment Officer.

In summary, there was considerable speculation about Hayes' net worth in 2021, with widespread reports suggesting that during the peak of the bull market, his net worth exceeded $1 billion. However, due to the privacy of his financial situation and the volatility of his personal crypto holdings, many claims about his net worth are difficult to verify.

The ETH Whale

On-chain analysis tools like Arkham Intelligence have repeatedly identified Arthur Hayes as an ETH whale.

Recent data shows that Arthur Hayes purchased 1,750 ETH in early August 2025, worth approximately $7.43 million, in addition to the 4,424 ETH he already held. This new purchase brings his total holdings to 6,174 ETH, valued at over $26.5 million at current market prices. Additionally, Arthur Hayes holds EtherFi's EETH and WEETH products, valued at $18.7 million, making ETH and ETH staking products account for slightly over 80% of his traceable on-chain net worth.

Arthur Hayes has also heavily invested in Hyperliquid (HYPE), Ethena (ENA), Lido (LDO), and Pendle (PENDLE), with a total value of approximately $9 million.

Arthur Hayes has been an outspoken supporter of Ethena (ENA). Ethena is a synthetic dollar and yield-generating protocol that gained significant attention in 2024 and 2025. Arthur Hayes is an early investor in the project and frequently writes about its potential to revolutionize stablecoin design and on-chain liquidity. Arthur Hayes' verifiable ENA holdings are valued at $3.9 million, but he may also hold a substantial amount of unverified ENA.

Non-Crypto Asset Holdings

While most of Arthur Hayes' wealth is concentrated in cryptocurrencies, he is also known for participating in other alternative investments.

In a video interview in 2025, Arthur Hayes revealed that he recently invested in a stem cell company with clinics in Mexico and Bangkok, stating that he is a regular visitor to the institution. Arthur Hayes has also joined the company's board of directors but did not disclose the specific name of the company.

There is little public information about Arthur Hayes' non-crypto assets. However, in a blog post at the end of 2024, he mentioned that aside from crypto assets and equity in crypto companies, he prefers to hold gold (ideally stored in a vault).

• Note from Odaily: In a recent interview with Arthur Hayes, he revealed that he bought a lot of gold bars.

Net Worth Fluctuation Trajectory

Since most of Arthur Hayes' assets are concentrated in cryptocurrencies and related businesses, his net worth has always been highly synchronized with the ups and downs of the crypto market since he became involved in BitMEX in 2014. His wealth likely saw significant growth during each bull market—first experiencing exponential growth in 2017 as Bitcoin and Ethereum reached new highs, coupled with BitMEX's dominance in daily trading volume; during the comprehensive bull market driven by quantitative easing and interest rate cuts in 2021, Arthur Hayes' wealth valuation may have surpassed $1 billion, primarily due to BitMEX's trading fee income and the appreciation of his major holdings in BTC and ETH.

During the period from 2021 to 2022, the Bank Secrecy Act charges and subsequent fines against BitMEX posed significant setbacks for Arthur Hayes, with hefty financial penalties and stepping down as CEO significantly weakening his ability to access cash flow from the exchange's operations. Nevertheless, Hayes' heavy holdings in BTC and ETH still maintain the correlation of his net worth with cryptocurrency prices, a relationship that is likely to drive the value of his portfolio up again during the 2024-2025 bull market.

Conclusion

Arthur Hayes' crypto career epitomizes the unique financial opportunities and extreme volatility of this industry. Starting as a derivatives trader, Arthur Hayes quickly gained global recognition by founding BitMEX and promoting perpetual contracts. Despite facing legal troubles, including convictions under the Bank Secrecy Act and hefty fines, he continues to maintain his influence in the industry through sharp market commentary and his publicly acknowledged whale status.

Considering his verifiable on-chain holdings, BitMEX equity, Maelstrom fund, and potentially unverified ENA tokens as a major supporter, Arthur Hayes' net worth is estimated to be between $200 million and $400 million. It should be noted that this valuation is based on a conservative estimate of BitMEX's enterprise value in 2025 and calculations of his remaining equity. Furthermore, while Arthur Hayes' verified on-chain holdings are "only" $57 million, there may be unidentified wallet addresses that further increase his total net worth.

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