DeutschHe was once known as an altcoin hunter with a penchant for risk. Now, Arthur Hayes is causing a stir with a remarkably lean crypto list. The co-founder of the Maelström fund has made his current portfolio public – and surprises with concentration instead of diversification. Hayes, who reaches a large global following with his pointed market commentary, published his allocation on X. Translated, it says:
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“My current portfolio: stocks, gold, silver, and copper mines, oil majors, defense companies, energy companies in Latin America… Cryptocurrencies: Bitcoin, Ether, Zcash, and HYPE. Also physical gold.” In the crypto space, Hayes is thus betting exclusively on Bitcoin, Ethereum, Zcash, and Hyperliquid. Nothing more. For an investor who regularly bet on smaller altcoins and memecoins in the past, this selection seems almost defensive. Two market heavyweights, a privacy coin, and a single more speculative token – it’s quite manageable.
Arthur Hayes speaks out: THIS is his crypto portfolio
The phrasing “defense companies” – referred to more drastically in the original as “merchants of death” – particularly shows how Hayes views geopolitical tensions as an investment thesis. The portfolio is supplemented by energy and commodity assets. Gold, silver, copper. Oil. Physical gold. It reads like a bet on real assets during a phase of global uncertainty. What’s striking is less what is included, but rather what is missing. No broad altcoin collection. No list of trendy projects. No obvious meme position.
Hayes, who is considered risk-tolerant, seems to have deliberately focused his crypto exposure. Zcash represents privacy in the blockchain universe. In times of growing regulation, this position could be understood as a strategic statement. Hyperliquid, on the other hand, is a significantly smaller, more volatile bet compared to Bitcoin and Ethereum – a sign that Hayes doesn’t avoid risk, but doses it.
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It is also interesting that no classic cash positions appear in the published overview. In previous statements, Hayes had emphasized that US Treasuries would “provide passive income and cover my expenses.” In the current disclosure, they play no visible role. Whether they are held outside the mentioned structure remains open.
When even an altcoin advocate tightens his portfolio…
The overall picture seems more clearly aligned than before. Commodities, energy, defense – supplemented by a compact crypto allocation. Less playfulness, more macro strategy. For market observers, the question arises whether Hayes wants to be prepared for a phase of increased volatility and geopolitical risks. The reduction to four coins can be read as a signal: quality over quantity. In a market where new tokens are created daily, one of the industry’s best-known investors is betting on concentration.
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For investors, this disclosure doesn’t provide a direct roadmap, but it does provide food for thought. If even a self-proclaimed altcoin advocate tightens his portfolio, it could be an expression of a more cautious risk assessment. Hayes remains a colorful figure – but his strategy currently seems less playful and much more focused. Sometimes a short list says more than any market forecast. (mck)
