Maelstrom, the investment fund founded by Arthur Hayes, is starting 2026 with what Hayes calls “almost maximum risk” exposure, extending an aggressive stance adopted in the second half of last year and pointing to minimal stablecoin exposure.

Hayes said Maelstrom remains deep in risk assets, but with a refined focus on privacy coins like zcash ZEC$509.90 and emerging decentralized finance (DeFi) tokens now leading the portfolio, in an essay published on Tuesday.

“Maelstrom entered 2026 with almost maximum risk,” Hayes wrote. “While we will continue to invest spare cash generated from various financing trades into Bitcoin, our dollar stables position is very low.”

The stance marks a sharp reversal from Maelstrom’s public positioning early last year, when Hayes predicted the price of bitcoin would drop as low as $70,000 in a “mini financial crisis” before quantitative easing would resume.

In May 2025, Hayes confirmed that Maelstrom “reduced risk, raised fiat” in late January. The fund, however, started aggressively adding risk, going “maximum long in terms of outright crypto exposure” in April, when bitcoin briefly dipped below $85,000 over Trump’s so-called Liberation Day tariffs.

By summer, the fund was “backing up the truck” for what he framed as a new altcoin cycle. That high-conviction stance didn’t fade as the year progressed, and Hayes expanded into privacy coin positions he said were at bargain prices.

In December, Hayes said it was “time to go shopping” as rate cuts and Fed reserve expansion started and said Maelstrom was “busy loading up.”

Hayes, who regarded as one of the crypto industry's most influential macro commentators, is is now betting on the same macro playbook continuing to push crypto prices higher: rising nominal GDP, U.S. deficit spending, and what he sees as inevitable money printing by the Federal Reserve.

He argues this liquidity wave, driven in part by geopolitical moves like the U.S. intervention in Venezuela, will support crypto broadly, but especially reward higher-risk plays in lesser-known tokens.

The thesis is based on the U.S. pumping the economy with credit in a bid to keep oil prices in check.

Hayes says Maelstrom’s performance in 2025 was profitable, but uneven, with strong returns from tokens like BTC, HYPE, and PENDLE, and costly missteps in others, such as PUMP. He now plans to lean into “credible” narratives supported by the broader liquidity environment.

The shift comes as chain abstraction stablecoin startup River unveiled it secured a strategic investment from Maelstrom, although it did not reveal specific figures.