How Private Equity Is Coming to Crypto's Most Profitable Companies
28 Oct 2025 · 1:08:39
Unchained host Laura Shin talks with Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom, and Adam Schlegel, Maelstrom's head of private equity, about the firm's new $250 million fund targeting crypto's overlooked, profitable middle-market companies. They discuss why VCs and exchanges have ignored $50 million-revenue businesses with high margins, the shift from venture-driven to private-equity-driven crypto investing, and predictions on stablecoins, perpetual futures exchanges, and prediction markets.