Arthur Hayes Reshuffles Crypto Portfolio Towards DeFi Tokens

TLDR

• Hayes sold 1,871 ETH for $5.53 million.
• He invested over $4 million in DeFi tokens.
• His Ethereum holdings decreased by over 50% recently.

Arthur Hayes, co-founder and former CEO of BitMEX, has recently made significant movements in the cryptocurrency market. Hayes sold 1,871 ETH, equivalent to approximately $5.53 million, and redirected over $4 million into various decentralized finance (DeFi) tokens.

This portfolio reshuffle involved purchasing tokens such as PENDLE, LDO, ENA, and ETHFI. The investment breakdown included 961,113 PENDLE tokens valued at $1.75 million, which represented 48.9% of the total allocation. Additionally, 2.3 million LDO tokens were acquired for $1.29 million, and 6.05 million ENA tokens for $1.24 million. Haynes also secured 491,401 ETHFI tokens worth $343,000.

Hayes’ Withdrawal and DeFi Focus

Beyond his Ethereum sale, Hayes withdrew $2.52 million from exchanges, further fueling his dive into DeFi tokens. This move has not seen any direct statements from Hayes across platforms like LinkedIn, Medium, or other blogs. On-chain data from Lookonchain on X highlighted these transactions, although Hayes did not provide specific commentary.

Hayes’ reallocation of funds signals a continued focus on DeFi investments, with the former BitMEX executive now holding nearly $48 million in USDC stablecoins, likely as a strategic hedge against market volatility.

Reduction in Ethereum Holdings

Over recent months, Hayes’ Ethereum holdings have decreased by more than 50%, according to Arkham data. This shift signifies a reduced exposure to Layer 1 assets like ETH, opting instead for governance and utility tokens within the DeFi sector.

Hayes’ current target tokens, including PENDLE for yield trading, LDO tied to Lido DAO staking, ENA as a synthetic dollar, and ETHFI for ether liquid staking, have not shown any direct changes in total value locked (TVL) or liquidity as a result of his investment.

Historical Trading Activities

This is not Hayes’ first move in the DeFi token space. He recently sold 682 ETH, equivalent to $2 million, specifically for PENDLE. Additionally, in a past transaction, he transferred 508.6 ETH worth $1.5 million to Galaxy Digital. In August 2025, Hayes purchased 1,750 ETH, valued at $7.43 million at the time.

Previous sell-offs of ETH have been used to fund investments in what Hayes perceives to be undervalued DeFi tokens. These assets have seen a decrease of 80-90% year-to-date, and the shift came amid general bearish sentiment towards Ethereum.

Overview of Related Cryptocurrencies

In these transactions, the cryptocurrencies primarily involved were Ethereum (ETH) sold, and DeFi tokens such as PENDLE, LDO, ENA, and ETHFI bought. Usual stablecoin USDC is kept as a reserve holding. Notably, there is no reported impact on Bitcoin (BTC) or any Layer 1/2 beyond ETH.

There has been no significant reaction from known opinion leaders like CZ, Vitalik, or Raoul Pal. However, Lookonchain on X continues to track any possible developments from Hayes’ extensive blockchain engagements.

No Regulatory Changes Linked

No new regulatory or institutional updates have emerged in connection with these transactions. Although Hayes has a history involving charges from U.S. authorities, related to AML violations, these recent business decisions appear to be solely within the realm of personal trading activities, with no institutional or regulatory ties noted.

In the broader community, there has been limited sentiment data gathered from developer or cryptocurrency forums, such as GitHub, Reddit, or Discord, where discussions surrounding Hayes’ latest asset shuffle remain sparse.