In 2020, Hayes co-founded 100x Group to develop decentralized financial systems, aiming to challenge traditional finance.
Arthur Hayes is an American entrepreneur born in 1985, best known for co-founding BitMEX (Bitcoin Mercantile Exchange), where he also served as CEO. He is a key figure behind 100x Group, Chief Investment Officer at Maelstrom, and an investor in Ethena Labs. Based in Hong Kong, Hayes has played a major role in the cryptocurrency space.
Arthur Hayes, originally from Detroit, Michigan, attended Nichols School in Buffalo, New York, where he stood out in tennis and cross-country, finishing second in his class in 2004. His family relocated to Buffalo, seeking the best academic and athletic environment for him.
Arthur Hayes started his career in finance at Deutsche Bank, where he received a graduate scheme contract. He first worked in the London office before moving to Hong Kong to continue his career in investment banking. From 2008 to 2011, Hayes worked as an equity derivatives trader and associate at Deutsche Bank, gaining important experience in financial markets and trading strategies.
In 2011, Hayes left Deutsche Bank and joined Citibank in Hong Kong as a Delta One Trader. He continued to build his knowledge of financial markets during his time there, holding the position until May 2013. It was during this time that Hayes’s interest in new financial products began to grow, laying the foundation for his future work in the cryptocurrency world.
In 2014, Arthur Hayes co-founded BitMEX (Bitcoin Mercantile Exchange) with Ben Delo, an Oxford-educated mathematician, and Samuel Reed, a programmer and cryptocurrency enthusiast. Their goal was to create a new, advanced peer-to-peer trading platform that could compete directly with major cryptocurrency exchanges like Coinbase, Binance, and Coinmama.
The three founders wanted to build a platform that offered advanced financial products, such as leveraged contracts, quanto futures, and perpetual swaps, which would allow users to trade Bitcoin in ways similar to traditional financial contracts. BitMEX was designed for more experienced traders by offering high leverage and complex trading options. The platform also acted as a market maker, holding Bitcoin for companies that were unsure about accepting it due to concerns over price changes.
BitMEX quickly became one of the most successful exchanges in the cryptocurrency world. On its first day of operation, the platform handled $50 million in trading volume. By the end of its first year, BitMEX had earned over $1 billion in revenue, making it a leader in the industry.
Despite its success, BitMEX faced legal problems. In December 2019, Hayes and BitMEX were sued for $300 million by Frank Amato, a former JPMorgan Chase commodity derivatives trader, and RGB Coin Ltd., who claimed to be the first seed investor in BitMEX. The lawsuit said their initial $30,000 investment in 2015 was supposed to turn into shares of the company, but they were never given the shares they were promised. The lawsuit was settled in January 2021, with the issue being resolved outside of court.
Arthur Hayes stepped down as CEO of BitMEX in October 2020 due to growing legal and regulatory challenges. The U.S. Commodity Futures Trading Commission (CFTC) filed charges against BitMEX for failing to comply with proper anti-money-laundering and customer-verification rules. Hayes decided to leave the CEO role to focus on these issues, though he remained involved with the company. After his departure, Alexander Höptner took over as CEO to help BitMEX handle the regulatory concerns.
In July 2020, Hayes co-founded 100x Group, a company that owned HDR Global Trading, the parent company of BitMEX. Hayes was the CEO of 100x Group until October 2020. The aim of 100x Group was to change the digital financial system by creating an open and decentralized system for financial products. Through 100x Group, Hayes continued working on his vision of making finance more accessible and innovative, with the goal of challenging traditional financial institutions.
In December 2022, Hayes became the Chief Investment Officer (CIO) at Maelstrom, a family office fund that invests in blockchain technology, digital assets, and financial services. At Maelstrom, Hayes used his experience in finance and cryptocurrency to help guide the fund’s investment decisions, focusing on opportunities in new technologies.
In June 2024, Hayes became a strategic advisor at Covalent, a blockchain data company. Covalent offers data solutions for the blockchain industry, especially Ethereum. Hayes’s expertise in blockchain, finance, and data will help Covalent grow and lead in the Web3 space. He will also help the company expand into the growing link between blockchain and AI.
Arthur Hayes is also an investor in Ethena Labs, a company focused on blockchain and decentralized finance (DeFi). His experience in the cryptocurrency and financial sectors has made him a valuable contributor to Ethena Labs’ growth and development. Through his investment, Hayes continues to support innovative projects in the blockchain space, aiming to advance the industry and create more accessible financial products.
Arthur Hayes has played a key role in changing finance by creating systems that promote inclusivity and innovation. His work with BitMEX, 100x Group, and Maelstrom helped shape cryptocurrency trading and decentralized finance. His continued involvement with Covalent shows his dedication to advancing blockchain technology in the digital economy.
As of 2026, Arthur Hayes’ net worth is believed to be between $200 million and $400 million, though given how the crypto markets have moved over the past couple of years, the actual number could be much higher. The bull runs of 2024 and 2025 were good to those who stayed heavily positioned in Ethereum, which Hayes has never been shy about, and his early bet on the Ethena (ENA) token through his Maelstrom family office looks like another well-timed call in hindsight.
His on-chain holdings alone were worth around $57 million at last count, but that’s really just the tip of the iceberg when you factor in his stake in BitMEX and a portfolio of early-stage investments that never show up in public data. Nobody outside his inner circle knows the precise number, but it’s pretty clear that Hayes has done a solid job turning his early crypto success into something that has lasted well past BitMEX’s glory days.
Arthur Hayes has left a lasting mark on the world of cryptocurrency and digital finance. From co-founding BitMEX and turning it into one of the leading crypto exchanges to launching 100x Group and supporting innovative blockchain projects, he has consistently pushed the boundaries of decentralized finance. Even after stepping down as BitMEX CEO and navigating legal challenges, Hayes has continued to shape the industry through roles at Maelstrom, Covalent, and strategic investments like Ethena Labs. His journey shows how early vision, smart risk-taking, and dedication to innovation can create lasting influence and a net worth that reflects his impact. Hayes’ story isn’t just about financial success; it’s about helping redefine how modern finance operates in a rapidly evolving digital world.
