Arthur Hayes’s Maelstrom is seeking to raise at least $250 million for a debut private equity fund aimed at acquiring small- to medium-sized crypto infrastructure and service companies, according to Bloomberg.

Maelstrom will take equity stakes in off-chain service providers like trading and data platforms, structuring each deal through SPVs it anchors. Co-founder Akshat Vaidya said the fund targets cash-generating firms with strong fundamentals and clearer valuations unburdened by unused tokens.

The fundraising effort comes as Hayes continues to shape crypto investment discussions through his role at Maelstrom Fund. He recently appeared on a podcast from WebX Tokyo, detailing his transition from traditional finance to DeFi and his ongoing influence on crypto fund management.