Arthur Hayes’ family office, Maelstrom, is angling to raise $250 million for a debut private equity fund targeting mid-sized crypto firms, according to a Bloomberg report on Friday.

The fund plans to invest $40 million to $75 million per deal, acquiring up to six companies focused on trading infrastructure, analytics, and related services.

Maelstrom is going after non-token equity deals where valuations are based on cash flows, not speculative token allocations.

"These kinds of businesses are a lot easier to acquire," Maelstrom co-founder and managing partner Akshat Vaidya said. "You can’t artificially inflate valuations with an unused token."

The fund, which will be registered in the U.S., intends to structure acquisitions via special-purpose vehicles, anchoring with its capital and bringing in co-investors. Vaidya targets a first close by March 31 next year with full funding wrapped by September 2026. Hayes and partner Adam Schlegel will lead the effort, with plans to build out a broader management team.

Hayes himself remains a prominent figure in crypto, credited with inventing perpetual swaps and influencing innovations such as Ethena’s synthetic dollar.

Maelstrom did not respond to CoinDesk's request for further comment.