This article is from: Arkham ; Original author: 0xKira

Compiled by Odaily Planet Daily ( @OdailyChina ); Translated by Azuma ( @azuma_eth )

Editor's Note: You've seen a lot of "Little Black" Arthur Hayes' market predictions, but do you know how much money he actually has?

On September 10, Arkham, an on-chain data analysis agency, estimated Arthur Hayes' net worth by tracking his addresses and estimating other assets, which may reveal the mystery of Arthur Hayes's property status.

The following is the original text of Arkham, translated by Odaily. Some content has been edited for clarity.

Arthur Hayes' Personal Information (skip if familiar)

Arthur Hayes is the co-founder and former CEO of the cryptocurrency derivatives exchange BitMEX.

BitMEX went online in November 2014. Prior to that, Arthur Hayes worked as an equity derivatives trader at Deutsche Bank and Citibank's Hong Kong branches. He used his derivatives background to design the perpetual swap, which has now become an industry standard. This key innovation helped BitMEX quickly gain a long-term dominant position in the early days of the industry.

Over the years, Arthur Hayes has become an important voice in the crypto space with his sharp market analysis and often provocative articles, although he has been embroiled in controversy many times.

In 2022, Arthur Hayes and other co-founders of BitMEX were convicted of violating the Bank Secrecy Act. Hayes was sentenced to six months of home confinement, two years of probation, and a $10 million fine. However, in March 2025, US President Donald Trump officially pardoned them.

Arthur Hayes' estimated net worth

During the 2021 cryptocurrency bull run, media outlets speculated that Arthur Hayes' net worth had reached the billion-dollar mark. However, on-chain data shows that the peak value of Arthur Hayes' public addresses was "only" approximately $88 million, a far cry from the billion-dollar mark.

Arthur Hayes’ net worth consists of far more than just verifiable on-chain holdings (approximately $57 million at the time of writing) , and speculation about his “billionaire” status may be more due to his status as the founder of BitMEX.

To calculate Arthur Hayes' true net worth, we need to assess BitMEX's current valuation and his remaining stake in the exchange. By comparing the valuations of similar cryptocurrency exchanges, and considering current trading volume and its historical valuation of $3.6 billion in 2019, when trading volume surpassed one trillion, we conservatively estimate BitMEX's enterprise value at $500 million.

Arthur Hayes's ownership stake in BitMEX is unknown, but as a founder, it's undoubtedly substantial. He co-founded BitMEX with two others, and assuming an equal share split, his holdings would be as high as 33%. However, after numerous turmoil, his stake is likely diluted.

In addition, Arthur Hayes' family office Maelstrom focuses on venture capital, and he himself was an early supporter of the Ethena token ENA - his ENA holdings may be far higher than the amount tracked by Arkham.

Therefore, a conservative estimate of Arthur Hayes' net worth is between $200 million and $400 million.

BitMEX Valuation in 2025

BitMEX once dominated the global cryptocurrency derivatives market, with trading volume exceeding $1 trillion and a valuation of $3.6 billion in 2019. However, with the rise of competitors, regulatory pressure, 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 annualized volume of approximately $247 billion—a decrease of approximately 75% from its 2019 peak. Using similar valuation and trading volume multiples as in 2019, with appropriate downward adjustments to reflect its weakened competitive position and various legal hurdles, BitMEX's enterprise value would be significantly less than $3.6 billion.

Based on this, a reasonable estimate for BitMEX's valuation in 2025 is approximately $500 million. This figure reflects both its still-significant trading volume and the fact that BitMEX is no longer the dominant force it once was. While it remains profitable and has a significant presence in the derivatives trading market, its relative importance has shrunk, and its valuation has declined accordingly.

The mystery of the billionaire's identity

Speculation has long swirled about whether Arthur Hayes has officially joined the ranks of billionaires.

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 field, and his holdings in BitMEX are likely to have brought him huge profits during the platform's golden age - in 2019, BitMEX exchange trading volume exceeded US$1 trillion, accounting for 57% of the crypto derivatives market, beating competitors such as Deribit and CME.

Arthur Hayes is also known for holding large amounts of Bitcoin and Ethereum , although the specific amount has never been made public. In 2023, Arthur Hayes also established the family office Maelstrom and personally served as chief investment officer.

Overall, Hayes' net worth was subject to significant speculation in 2021, with it widely reported to have surpassed $1 billion during the peak of the bull market. However, due to the private nature of his finances and the volatility his personal crypto holdings face, many of these claims are difficult to verify.

The ETH whale

On-chain analysis 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 in early August 2025, valued at approximately $7.43 million. This purchase adds to his existing holdings of 4,424 ETH. 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 $18.7 million in EtherFi's EETH and WEETH products, bringing his ETH and ETH-collateralized products to just over 80% of his traceable on-chain net assets.

Arthur Hayes also holds large positions in Hyperliquid (HYPE), Ethena (ENA), Lido (LDO) and Pendle (PENDLE), with a total value of approximately $9 million.

Arthur Hayes has been an outspoken supporter of Ethena (ENA), a synthetic dollar and yield-generating protocol that gained widespread attention in 2024 and 2025. He was an early investor in the project and has frequently written about its potential to revolutionize stablecoin design and on-chain liquidity. While Hayes's verifiable ENA holdings are valued at $3.9 million, he likely holds a significant amount of unverified ENA.

Non-crypto asset holdings

While the majority of Arthur Hayes' wealth is in cryptocurrencies, 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 company with clinics in Mexico and Bangkok, and that he was a frequent visitor there. He also joined the company's board of directors, but did not disclose the specific company's name.

There is little public information about Arthur Hayes’ non-crypto assets. However, in a post on the BitMEX blog in late 2024, he mentioned that in addition to crypto assets and crypto company equity, he prefers to hold gold (ideally stored in a vault).

• Odaily Note: In a recent Odaily interview with Arthur Hayes, he revealed that he bought a lot of gold bars.

Net asset change trajectory

Because the majority of Arthur Hayes' assets are concentrated in cryptocurrencies and related businesses, his net worth has closely tracked the crypto market's ups and downs since he joined BitMEX in 2014. His wealth has likely grown significantly during previous bull markets—his first exponential growth in 2017, as Bitcoin and Ethereum reached new highs and BitMEX dominated daily trading volume. During the 2021 bull market, fueled by quantitative easing and interest rate cuts, Arthur Hayes's estimated wealth may have surpassed $1 billion. This surge in net worth was primarily driven by BitMEX's trading fees and the appreciation of his primary holdings of BTC and ETH.

Between 2021 and 2022, Arthur Hayes suffered significant setbacks due to the Bank Secrecy Act charges and subsequent fines against BitMEX. The substantial financial penalties and his resignation as CEO significantly diminished his ability to generate cash flow from the exchange's operations. Despite this, Hayes's significant holdings in BTC and ETH maintain a correlation between his net worth and cryptocurrency prices, a correlation that is likely to drive further growth in his portfolio value during the bull market of 2024-2025.

in conclusion

Arthur Hayes's career in crypto epitomizes the immense financial opportunities and extreme volatility inherent in this industry. Starting out as a derivatives trader, he quickly rose to global prominence through the creation of BitMEX and the popularization of perpetual swaps. Despite legal battles, including a Bank Secrecy Act conviction and substantial fines, he maintained his influence in the industry with his sharp market commentary and openly acknowledged status as a major investor.

Taking into account his verifiable on-chain holdings, BitMEX equity, Maelstrom Fund, and the unverified ENA tokens he likely holds as a major backer, Arthur Hayes' net worth is estimated to be between $200 million and $400 million. It should be noted that this valuation is based on a conservative estimate of BitMEX's enterprise value in 2025 and its remaining equity. Furthermore, while Arthur Hayes' verified on-chain holdings are "only" $57 million, there may be unidentified wallet addresses that further increase his total net worth.