Arthur Hayes and Adam Schlegel on Why Private Equity Is Crypto's Next Big Wave - Ep. 933

In this episode of Unchained, host Laura Shin interviews Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom, and Adam Schlegel, head of private equity at Maelstrom, about Maelstrom's new private equity firm focused on acquiring crypto companies. They discuss the evolution of crypto asset management, the current market cycle, and the opportunity to professionalize and scale established crypto businesses for acquisition by larger TradFi entities. Adam details his background in private equity and his reasons for joining Maelstrom, while Arthur explains the firm's strategy of targeting undervalued companies, particularly those in Asia and Latin America, and providing operational expertise to increase their value. The conversation also covers potential target companies, due diligence processes, investment structures, and recent news events like Coinbase's acquisition of Echo and the competition in the DeFi perp space. They also touched on prediction markets and the stablecoin space.