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This article is from: Arkham; Original author: 0xKira Compiled by Odaily Planet Daily (@OdailyChina); Translator|Azuma(@azuma_eth) Editor's note: "Little Black" Arthur Hayes has seen a lot of market predictions, but do you know how much money he really has? On September 10, on-chain data analysis agency Arkham speculated on Arthur Hayes' net worth through address tracking and other asset estimates, which may unravel the mystery of Arthur Hayes' financial status. The following is the original content of Arkham, compiled by Odaily Planet Daily. For the sake of reading fluency, the content has been deleted to a certain extent. Arthur Hayes Personal Information (Familiar Skippable) Arthur Hayes is the co-founder and former CEO of BitMEX, a cryptocurrency derivatives exchange. BitMEX was launched in November 2014, following Arthur Hayes' previous experience as an equity derivatives trader at Deutsche Bank and Citibank Hong Kong, where he used his derivatives background to design the perpetual swap that is now the industry standard. Over the years, Arthur Hayes has become a prominent voice in the crypto space with his sharp market analysis and often provocative articles, although he himself has been embroiled in controversy on several occasions. In 2022, Arthur Hayes, along with other co-founders of BitMEX, was convicted of violating the Bank Secrecy Act, and he himself was sentenced to six months in home imprisonment, two years of probation, and a $10 million fine. However, in March 2025, US President Donald Trump officially announced a pardon for them. Arthur Hayes' net worth speculation During the 2021 crypto bull run, the media speculated that Arthur Hayes' net worth had reached the billion-dollar level. However, on-chain data shows that Arthur Hayes' public address has a peak asset of "only" about $88 million, which is a far cry from the billion-dollar scale. Arthur Hayes' net worth is much more than verifiable on-chain holdings (about $57 million at the time of writing), and speculation about his "billionaire" status may stem more from his status as the founder of BitMEX. To calculate Arthur Hayes' true net worth, it is necessary to evaluate the current valuation of BitMEX and Arthur Hayes' remaining equity in the trading platform. Referring to the valuations of similar cryptocurrency trading platforms, combined with current trading volumes and historical valuations of $3.6 billion when trading volume exceeded one trillion in 2019, BitMEX's enterprise value is conservatively estimated at $500 million. Arthur Hayes' stake in BitMEX is unknown, but it is bound to be considerable as a founder. He co-founded BitMEX with two others, assuming an equal share of up to 33%, but after many turmoil, his stake is likely to be diluted. In addition, Arthur Hayes' family office, Maelstrom, focuses on venture capital and is an early supporter of the Ethena token ENA — whose ENA holdings may be much higher than Arkham tracks. Therefore, a conservative estimate of Arthur Hayes' net worth is between $200 million and $400 million. BitMEX valuation in 2025 BitMEX was once the dominant player in the global cryptocurrency derivatives market, with over $1 trillion in trading volume and a valuation of $3.6 billion in 2019. However, with the rise of competitors, regulatory pressures, and leadership changes, BitMEX's market share has declined significantly. The latest data shows that BitMEX's daily trading volume hovers around $677 million, corresponding to an annual trading volume of approximately $247 billion — down about 75% from its peak in 2019. If the valuation and volume multiples are used similarly to 2019 for value estimates, and are appropriately downgraded to reflect its weakening competitive position and various legal hurdles, BitMEX's enterprise value would be well below $3.6 billion. Based on this, a reasonable estimate of BitMEX's valuation in 2025 is around $500 million. This figure reflects both its still significant trading volume and the reality that BitMEX is no longer the dominant force it once was. Although it is still profitable and has a presence in the derivatives market, its relative importance in the market has shrunk – and its valuation has declined. The mystery of the billionaire's identity Speculation about whether Arthur Hayes is officially among the billionaires has been around for a long time. At the peak of BitMEX, several media outlets, including Vanity Fair, reported in April 2021 that Arthur Hayes had become one of the youngest billionaires in the crypto space, and his stake in BitMEX was likely to bring him huge gains during the platform's golden years - in 2019, BitMEX exchange trading volume exceeded $1 trillion, accounting for 57% of the crypto derivatives market, beating competitors such as Deribit and CME. Arthur Hayes is also known for his significant holdings of Bitcoin and Ethereum, although the exact number has never been made public. In 2023, Arthur Hayes also founded the family office Maelstrom and personally served as chief investment officer. In conclusion, there was a lot of speculation about Hayes' net worth in 2021, when it was widely reported that his net worth had exceeded $1 billion during the peak of the bull market. However, many claims about its net worth are difficult to verify due to the private nature of its finances and the volatility faced by its personal crypto holdings. Branded ETH whales On-chain analytics tools such as Arkham Intelligence have repeatedly identified Arthur Hayes as an ETH whale. The latest data shows that Arthur Hayes purchased 1,750 ETH, worth approximately $7.43 million, in early August 2025, on top of the 4,424 ETH he already held. This additional purchase brings his total holdings to 6,174 ETH, valued at over $26.5 million at current market prices. In addition, Arthur Hayes holds EtherFi's EETH and WEETH products worth $18.7 million, making ETH and ETH staking products a slightly more than 80% of his traceable on-chain net assets. Arthur Hayes also heavily took positions in Hyperliquid (HYPE), Ethena (ENA), Lido (LDO), and Pendle (PENDLE), totaling approximately $9 million. Arthur Hayes has been an outspoken supporter of Ethena (ENA). Ethena, a synthetic dollar and yield generation protocol, has gained significant traction in 2024 and 2025. Arthur Hayes is an early investor in the project and often writes about its potential to revolutionize stablecoin design and on-chain liquidity. Arthur Hayes' verifiable ENA holdings are worth $3.9 million, but he may also hold a significant amount of unverified ENA. Non-crypto asset holdings While most of Arthur Hayes' wealth is concentrated in the cryptocurrency space, he is also known for his involvement in other alternative investments. In a 2025 video interview, Arthur Hayes revealed that he had recently invested in a stem cell business with clinics in Mexico and Bangkok, and said he was a frequent visitor to the institution. Arthur Hayes also joined the company's board of directors, but did not disclose the specific name of the business. There is little public information about Arthur Hayes' non-crypto assets. However, in a post on the BitMEX blog at the end of 2024, he mentioned that he prefers to hold gold (ideally in a vault) in addition to crypto assets and crypto company equity. Odaily Note: In a recent conversation interview with Arthur Hayes on Odaily, he revealed that he bought a lot of gold bars. Trajectory of net asset changes Since the majority of Arthur Hayes' assets are concentrated in cryptocurrencies and related businesses, his net worth has been highly synchronized with the ups and downs of the crypto market since his involvement in BitMEX operations in 2014. His wealth is likely to grow significantly in previous bull markets - in 2017, his assets grew exponentially for the first time as Bitcoin and Ethereum hit new highs and BitMEX dominated daily trading volume. Arthur Hayes' wealth valuation may have exceeded $1 billion in the 2021 bull market driven by quantitative easing and interest rate cuts, during which his net worth surged mainly due to BitMEX's transaction fee income and the appreciation of his main allocated BTC and ETH holdings. Between 2021 and 2022, the Bank Secrecy Act allegations and subsequent fines on BitMEX caused a major setback for Arthur Hayes, with significant financial penalties and the removal of the CEO significantly weakening Arthur Hayes' ability to access cash flow from exchange operations. Despite this, Arthur Hayes' heavy holdings in BTC and ETH maintain a correlation between his net worth and cryptocurrency prices, a correlation that could likely drive his portfolio value back up in the 2024-2025 bull run. conclusion Arthur Hayes' crypto career epitomizes the immense financial opportunities and volatility that are unique to this industry. Starting as a derivatives trader, Arthur Hayes quickly gained global fame by founding BitMEX and promoting perpetual contracts. Despite legal turmoil, including convictions under the Bank Secrecy Act and hefty fines, he continues to maintain his influence in the industry with his astute market commentary and publicly recognized whale status. Considering his on-chain verifiable holdings, BitMEX stake, Maelstrom fund, and unverified ENA tokens that may be held as a major backer, Arthur Hayes' net worth is estimated to be between $200 million and $400 million. It is important to note that this valuation is based on a conservative estimate of BitMEX's enterprise value in 2025 and its remaining equity calculations. Additionally, while Arthur Hayes has verified that his on-chain holdings are "only" $57 million, there may be unidentified wallet addresses that further increase his total net worth.