All funds
Maelstrom logo

Maelstrom

$220Tdisclosed portfolio round capital
1 Apr, 2026last investment
43portfolio companies
8team members

Analyst signals

Portfolio activity and matriculation

Metrics use all recorded activity through 21 Jul 2026 across equity, pre seed, seed, series a, series b, strategic, unknown. Later-round outcomes are capped at the period end.

34.9%companies with a later round · 15/43
1.06×median round-size step-up · n=12
4.38×median valuation step-up · n=1
0%recorded-solo rate · 0 solo / 47 syndicated
Finance · 17 companiesInfrastructure · 4 companiesData & Analytics · 3 companies

These are activity signals, not fund-return metrics. Round capital is the full disclosed financing amount, not this fund's check size. “Recorded solo” means only one investor is present in the source data and is a lead signal, not verified lead status; syndicated rounds are a co-investor or follower signal. IRR, TVPI, DPI, ownership, exits, and market beta cannot be calculated from the available records.

Opportunities

Crypto jobs across Maelstrom's portfolio

30 current roles at companies backed by Maelstrom, sourced from JobStash's crypto job board.

People

Team

A

Adam Schlegel

Partner, Maelstrom Equity

A

Akshat Vaidya

Managing Partner & Co-Founder

A

Arthur Hayes

CIO and Co-Founder

K

Kushagra Aryal

Venture Capital Analyst

L

Lukas Ruppert

Research Analyst

M

Milan Thakkar

Head of Investor Relations & Operations, Maelstrom Equity

N

Nick Andrianov

Partner, Maelstrom Liquid

P

PenguinRoi

Research Advisor

Portfolio

Investments

Full financing histories for portfolio companies. Highlighted rounds are those where Maelstrom is recorded as an investor.

Aethir logo

Aethir

crypto
Infrastructure

Aethir provides decentralized cloud infrastructure for AI and gaming through distributed GPU networks, enabling low-latency access to enterprise-grade computing.

Public Sale1 May, 2024$123M round
pre-Series A26 Jul, 2023Syndicated · 7 disclosed investors
Series A1 Jul, 2023$9M round$150M valuationSyndicated · 11 disclosed investors
Seed1 Jan, 2022
Infrastructure

ARO Network is an agentic edge network for AI agents. It enables people to run nodes and share local residential resources, earning rewards through its live testnet.

Strategic1 Mar, 2026$5M round
Pre-Seed27 Jul, 2025$2.1T roundSyndicated · 5 disclosed investors
Science

The Bio protocol is a financial layer for Decentralized Science (DeSci), engineered to commercialize scientific research more quickly. It enables anyone to fund, develop, and govern tokenized scientific innovations from various sources. The platform is built on a growing ecosystem of DeSci projects and is supported by key figures in both the crypto and biotech industries.

Seed17 Sep, 2025$6.9T roundSyndicated · 19 disclosed investors
Public Sale1 Dec, 2024$64M round$219M valuation
Unknown8 Nov, 2024
BSX logo

BSX

crypto

BSX is a decentralized platform for trading perpetual futures on-chain.

M&A1 Nov, 2025
Unknown1 Sep, 2024
Seed21 Aug, 2024$4T roundSyndicated · 13 disclosed investors
Pre-Seed1 Oct, 2023$2.2M roundSyndicated · 8 disclosed investors
Unknown1 Sep, 2023
Finance

Echo Protocol aggregates Bitcoin liquidity across chains, enabling users to bridge BTC assets and earn yield through unified liquid staking tokens and DeFi strategies.

Pre-Seed1 Oct, 2024Syndicated · 13 disclosed investors
Elixir logo

Elixir

crypto

Elixir is a decentralized network for Real World Assets (RWAs), designed to bring institutional capital from firms like BlackRock and Hamilton Lane into the DeFi ecosystem. It achieves this through deUSD, a fully collateralized, yield-bearing synthetic dollar powered by the Elixir Network.

Series B1 Mar, 2024$8M round$800M valuationSyndicated · 7 disclosed investors
Series A1 Oct, 2023$7.5M round$100M valuation
Seed1 Jan, 2023$2.1M round
Ethena logo

Ethena

crypto
Payments

Ethena is a DeFi protocol enabling the creation of USDe, a synthetic dollar, and offering internet-native yield through staking.

Unknown1 Oct, 2025$14M round
Unknown1 Feb, 2025$16M round
Private1 Feb, 2025$100M round
Strategic16 Feb, 2024$14T round$300M valuationSyndicated · 10 disclosed investors
Seed17 Jul, 2023$6T round
ether.fi logo

ether.fi

crypto
Finance

ether.fi helps users stake ETH, BTC, and stablecoins while earning rewards and maintaining full control through liquid restaking tokens integrated across DeFi protocols.

Series A28 Feb, 2024$27T round
Seed1 Feb, 2023$5.3M roundSyndicated · 8 disclosed investors
Etherfuse logo

Etherfuse

crypto
Finance

Etherfuse helps users invest in tokenized government bonds from multiple countries through Stablebonds on Solana, Stellar, and Base blockchains.

Seed20 Jul, 2024$3T round$13M valuationSyndicated · 37 disclosed investors
Finance

Fluid Protocol is the native stablecoin protocol of the Fuel network, allowing users to borrow the USDF stablecoin against collateral via 'Troves', earn yield through a Stability Pool, and stake the FPT governance/utility token.

Seed23 Oct, 2024$3.9T roundSyndicated · 13 disclosed investors
Gata logo

Gata

hybrid
Data & Analytics

Gata is pioneering data technology to build superintelligence and ensure its superalignment by accelerating safe superintelligence with decentralized AI data.

Seed30 Apr, 2025$4T roundSyndicated · 15 disclosed investors
Gaming

Gunzilla Games is an independent, player-focused game studio developing next-generation interactive entertainment. Its flagship project is Off The Grid, a AAA battle-royale third-person shooter, alongside the GUNZ blockchain initiative.

Unknown21 Nov, 2024
Unknown25 Sep, 2024$6T roundSyndicated · 14 disclosed investors
Strategic 26 Mar, 2024$30T round
Unknown1 Mar, 2024$30M round
Unknown9 Aug, 2022$46T round
Hibachi logo

Hibachi

crypto
Finance

Hibachi is building a high-performance central limit order book (CLOB) for stablecoin foreign-exchange trading.

Seed1 Mar, 2025$5M roundSyndicated · 11 disclosed investors
Hyperbeat logo

Hyperbeat

hybrid
Finance

Hyperbeat is a crypto-native business banking platform that lets users hold, earn, trade, and spend money through a self-custodial smart wallet on HyperEVM. It combines fiat-crypto conversion, high-yield accounts, leveraged trading, and a crypto-backed credit card into a single account, targeting individuals and businesses who want banking services without giving up custody of their assets.

Seed1 Aug, 2025$5.2M roundSyndicated · 20 disclosed investors
Hyperline logo

Hyperline

crypto
Data & Analytics

Hyperline is a Web3 data lakehouse for analytics, data science, and machine-learning workloads. It serves startups and enterprises building data-powered Web3 products.

Seed24 Jan, 2024$5.2T roundSyndicated · 9 disclosed investors
Finance

INIT Capital is a decentralized, non-custodial Liquidity Hook money market protocol on Mantle. It provides lending and borrowing functionality and enables dApps to integrate permissionlessly through Liquidity Hooks.

Seed21 Feb, 2024$3.1T roundSyndicated · 17 disclosed investors
Ion Protocol logo

Ion Protocol

out of scope
Finance

Ion Protocol is a decentralized, price-agnostic lending protocol for staked and restaked Ethereum assets. It enabled lending, borrowing, and yield-boosting strategies using validator-backed collateral; its documentation states that the protocol is being deprecated and provides exit instructions.

Unknown12 Aug, 2024$4.8T roundSyndicated · 22 disclosed investors
Pre-Seed13 Jul, 2023$2T roundSyndicated · 37 disclosed investors
Khalani logo

Khalani

crypto
Infrastructure

Khalani operates a marketplace and coordination layer for enforceable, multi-provider value movement. It enables operators to set execution terms for crosschain swaps, deposits, bridging, and payments, while providers compete to fulfill transaction legs with atomic settlement.

Seed1 Aug, 2024$2.5M roundSyndicated · 6 disclosed investors
Finance

Limitless Exchange is a cryptocurrency trading platform that offers both a simple mode for beginners and an advanced mode with over 100 markets and professional trading tools. Users can trade various cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin.

Public Sale1 Oct, 2025$1M round
Strategic1 Jul, 2025$4T roundSyndicated · 8 disclosed investors
Angel & Pre-Seed17 Sep, 2024$3T round
Magma logo

Magma

crypto
Finance

Magma is a community-powered liquid staking protocol on Monad. It allows users to stake MON tokens to receive gMON, a liquid staking token, and earn MEV-boosted yields from top validators.

Seed30 Oct, 2024$3.9T roundSyndicated · 20 disclosed investors
Nectar logo

Nectar

ai robotics
Social

Nectar is an AI companion platform that lets users create and interact with customizable virtual companions. It provides AI chat, roleplay, and AI-generated image and video creation, including adult-oriented experiences.

Seed1 Aug, 2024$3.9M roundSyndicated · 12 disclosed investors
Finance

Neptune Protocol is a decentralized finance (DeFi) platform on the Eclipse ecosystem. It allows users to take out 0% interest loans against their SOL, TIA, and ETH collateral, providing instant liquidity without having to sell their assets or lose potential upside.

Seed10 Dec, 2024$3.9T roundSyndicated · 25 disclosed investors
Nillion logo

Nillion

hybrid
Privacy & Confidentiality

Nillion operates a secure computation network, described as a “blind computer,” for private processing and storage of high-value data. It provides developers with infrastructure for confidential AI, data, and Web3 applications using privacy-enhancing cryptography.

Unknown30 Oct, 2024$25T round
Public Sale1 Jun, 2024$14M round$400M valuation
Unknown12 Dec, 2022$20T roundSyndicated · 13 disclosed investors
Oh logo

Oh

crypto
Developer Tooling

Oh helps creators build AI-powered digital characters by providing uncensored multimodal AI models and blockchain infrastructure.

Series A1 Apr, 2026$7.5M roundSyndicated · 9 disclosed investors
Seed10 Jan, 2025$4.5T round