Arthur Hayes’ crypto investment fund, Maelstrom, has introduced the Bitcoin Grant Program, a new initiative aimed at advancing Bitcoin's technical development and enhancing its core features.

Supporting Bitcoin's Evolution

Maelstrom’s Bitcoin Grant Program is set to award grants ranging from $50,000 to $150,000 to developers working on improving Bitcoin's resilience, scalability, censorship resistance, and privacy. The grants, distributed monthly over a 12-month period, will be provided in either bitcoin (BTC) or stablecoins such as Circle’s USDC and Tether’s USDT.

The initiative is open to developers contributing to Bitcoin's technical progress, including those involved with Bitcoin Core through activities like pull requests and code reviews. Maelstrom emphasizes its commitment to an “open and transparent grant process,” reflecting its intention to support the broader Bitcoin ecosystem.

Maelstrom’s announcement highlights the company’s recognition of the vital role that open-source Bitcoin developers play in the ecosystem. Arthur Hayes, Maelstrom’s Chief Investment Officer, stated, “Maelstrom, like other companies in the space, indirectly relies on the work of open-source Bitcoin developers. We are therefore keen to give back and donate to the Bitcoin technology, on which the crypto ecosystem depends.”

Application Process and Grant Details

Applications for the Bitcoin Grant Program must be submitted by August 25, with grant distribution expected in the third or fourth quarter of the year. Applicants are allowed to stack grants, though the total funding is capped at $250,000 per year.

The review committee will be led by Jonathan Bier, Chief Investment Officer of London-based Farside Investors, who will serve as the Grant Program Administrator.

Hayes announced the program via Twitter, stating, “Announcing the Maelstrom Fund’s Bitcoin Developer Grant Program. As loyal followers of Lord Satoshi, we are doing our part to spread the word.”

Maelstrom’s Investment Portfolio

In addition to the Bitcoin Grant Program, Maelstrom has been actively investing in various crypto projects. The fund’s recent investments include Pendle Finance, a protocol that allows users to tokenize and trade future yields, which Hayes has praised as a significant derivative exchange. Other notable investments in Maelstrom’s portfolio include the Bitcoin trading app Oyl and the modular network project Elixir. The fund is also a founding advisor to the synthetic dollar protocol Ethena.

Maelstrom’s new grant initiative underscores its ongoing commitment to supporting the development and growth of Bitcoin’s infrastructure and broader blockchain ecosystem.