English
RussianManaged by the family office of Arthur Hayes (co-founder, BitMEX), Maelstrom is building a long-term portfolio of infrastructure companies that will serve as the foundation of the next wave of trustless decentralization.
Investors Maelstrom
Maelstrom
Tier 3Lead investor
Projects
40
Portfolio market cap
$3.84B
sum across all projects
Raised in these rounds
$346.2M
36 of 43 rounds with disclosed amounts
Tier
Tier 3
Lead investor
About the fund
Portfolio · 40
| Project | Price | Entry price | ROI | Stage | Date | Market cap | |
|---|---|---|---|---|---|---|---|
 EthenaENA | $0.2503 | — | — | — | — | $2.59B | |
 ether.fiETHFI | $0.7286 | — | — | — | — | $703.4M | |
 DeriveDRV | $0.4107 | $0.0550 | 7.5x | — | — | $238.6M | |
 AethirATH | $0.007677 | — | — | — | — | $154.5M | |
 BIO ProtocolBIO | $0.0307 | $0.0328 | 0.94x | — | — | $65.9M | |
 RiverRIVER | $1.22 | — | — | — | — | $45.4M | |
 SolayerLAYER | $0.0795 | $0.3500 | 0.23x | — | — | $16.7M | |
 INFINITIN | $0.0373 | — | — | — | — | $12.9M | |
 LimitlessLMTS | $0.0423 | — | — | — | — | $5.6M | |
 Echo ProtocolECHO | $0.00188 | — | — | — | — | $662.9K | |
 ElixirELX | $0.001215 | — | — | — | — | $533.5K | |
 GataGATA | $0.0001977 | — | — | — | — | $22.2K | |
 BSXBSX | $0.00005573 | — | — | — | — | $10.6K | |
 lon Protocol | — | — | — | — | — | — | |
 D3D3 | — | — | — | — | — | — | |
 Rated | — | — | — | — | — | — | |
 Rio Network | — | — | — | — | — | — | |
 STAN | — | — | — | — | — | — | |
 Shogun | — | — | — | — | — | — | |
 INIT Capital | — | — | — | — | — | — | |
 Oyl | — | — | — | — | — | — | |
 GenLayer | — | — | — | — | — | — | |
 Nectar AI | — | — | — | — | — | — | |
 Veda | — | — | — | — | — | — | |
 Fluid Protocol | — | — | — | — | — | — | |
 MagmaDAO | — | — | — | — | — | — | |
 Term FinanceTERM | — | — | — | — | — | — | |
 Neptune Protocol | — | — | — | — | — | — | |
 Perena | — | — | — | — | — | — | |
 Oh | — | — | — | — | — | — | |
 Primus Labs | — | — | — | — | — | — | |
 Mahojin | — | — | — | — | — | — | |
 Hyperion | — | — | — | — | — | — | |
 Upexi | — | — | — | — | — | — | |
 Rover | — | — | — | — | — | — | |
 ARO Network | — | — | — | — | — | — | |
 Hyperbeat | — | — | — | — | — | — | |
 Neuramint | — | — | — | — | — | — | |
 Zodl | — | — | — | — | — | — | |
 Paxos Labs | — | — | — | — | — | — |
Entry price and ROI come from the source's data for this fund. Stage and date are derived by matching the entry price against the project's rounds; where there is no match, a dash is shown.
Funding rounds · 43
| Project | Stage | Raised | Valuation | Date |
|---|---|---|---|---|
| Paxos Labs | Funding Round | $12.0M | $120.0M | |
| Oh | Series A | $7.5M | $75.0M | |
| Zodl | Seed Round | $25.0M | $250.0M | |
| River | Strategic Round | $12.0M | $120.0M | |
| Neuramint | Seed Round | $5.0M | $50.0M | |
| River | Strategic Round | — | — | |
| BIO Protocol Lead | Seed Round | $6.9M | $69.0M | |
| Hyperbeat | Seed Round | $5.2M | $52.0M | |
| ARO Network | Pre-seed | $2.1M | $21.0M | |
| Limitless | Strategic Round | $4.0M | $40.0M | |
| Veda | Funding Round | $18.0M | $180.0M | |
| Hyperion | Strategic Round | — | — | |
| Hyperion | Strategic Round | — | — | |
| Rover | Seed Round | $4.1M | $41.0M | |
| Gata | Seed Round | $4.0M | $40.0M | |
| Upexi | Post-IPO | $100.0M | $1.00B | |
| Mahojin Lead | Seed Round | $5.0M | $50.0M | |
| Primus Labs | Seed Round | $6.5M | $65.0M | |
| Derive | Strategic Round | — | — | |
| Perena | Pre-seed | — | — | |
| Neptune Protocol | Seed Round | $3.9M | $39.0M | |
| MagmaDAO | Seed Round | $3.9M | $39.0M | |
| Fluid Protocol | Seed Round | $3.9M | $39.0M | |
| Echo Protocol | Pre-seed | — | — | |
| INFINIT | Funding Round | $6.0M | $60.0M | |
| Solayer | Seed Round | $12.0M | $80.0M | |
| Nectar AI | Seed Round | $3.9M | $39.0M | |
| BSX | Seed Round | $4.0M | $40.0M | |
| GenLayer | Seed Round | $7.5M | $75.0M | |
| Term Finance | Strategic Round | $5.5M | $55.0M | |
| Shogun | Seed Round | $6.9M | $69.0M | |
| Elixir Lead | Series B | $8.0M | $800.0M | |
| Oyl | Pre-seed | $3.0M | $30.0M | |
| INIT Capital | Seed Round | $3.0M | $30.0M | |
| Ethena Lead | Seed Extension Round | $14.0M | $300.0M | |
| STAN | Funding Round | $2.7M | $27.0M | |
| Rio Network | Seed Round | — | — | |
| Rated | Series A | $12.9M | $128.9M | |
| D3 | Seed Round | $5.0M | $50.0M | |
| Aethir | pre-Series A | $9.0M | $150.0M | |
| Ethena | Seed Round | $6.5M | $65.0M | |
| lon Protocol | Pre-seed | $2.0M | $20.0M | |
| ether.fi | Funding Round | $5.3M | $53.0M |
Focus areas
DeFi1
Crypto Treasury Assets1
Liquid Staking Protocols1
Neobank1
Perpetual1
Finance1
DePIN1
Co-investors
Stani Kulechov3 shared
Mirana Ventures3 shared
YZi Labs (prev Binance Labs)2 shared
OKX Ventures2 shared
Amber Group2 shared
DCF GOD2 sharedFunds that most often back the same projects.