Onchain asset supervisor MEV Capital noticed its property underneath administration drop by 80% to roughly $300 million as of Feb. 25, down from a peak of $1.5 billion in October 2025, based on DefiLlama knowledge.
The four-month decline in AUM follows a stablecoin depeg occasion on Oct. 10 that triggered computerized liquidations throughout a number of protocols, resulting in direct losses exceeding $10 million for the agency, The Massive Whale claimed in a Wednesday report.
MEV Capital, which maintains workplaces in Vilnius and Dubai with a predominantly French crew, was closely uncovered to yield methods involving deUSD, the stablecoin issued by Elixir.
The depeg final 12 months served because the preliminary shock to the agency’s operations, with a supply near the matter describing the state of affairs as “a real industrial disaster,” per The Massive Whale report.
The asset contraction has translated into a pointy income decline. In accordance with DefiLlama knowledge, the agency’s gross protocol income fell to $804,720 in Q1 2026, an 86.8% lower from the $6.10 million reported in This autumn 2025 and a 92.4% drop from its Q1 2025 peak of $10.62 million. Quarterly earnings adopted an identical trajectory, sliding from $608,910 in This autumn 2025 to $99,020 in the newest quarter.
Past the AUM erosion, the corporate is going through an operational vacuum. Laurent Bourquin, MEV Capital’s chief govt and a former Société Générale govt, has stepped again from public view, based on The Massive Whale. Of 15 workers beforehand on the agency, about 10 have departed, the outlet reported. A supply near Bourquin informed The Massive Whale he’s “taking a break.”
Belem Capital internalizes crew
Luxembourg-based Belem Capital mentioned Wednesday it has internalized the institutional asset administration crew from MEV Capital, which had traditionally managed the fund’s portfolios. In accordance with an announcement from Belem, the administration mandate with MEV Capital has concluded, and all funding operations at the moment are centralized on Belem’s inner platform.
Belem Capital is a digital asset funding platform providing regulated DeFi publicity to institutional buyers, together with banks, asset managers and household workplaces. The mixing consolidates a crew of 10 specialists throughout asset administration, threat, and know-how, it mentioned.
In the meantime, tokenization protocol Midas has severed its relationship with MEV Capital. In a put up on X, Midas mentioned it had appointed RockawayX because the technique supervisor for its mMEV and mevBTC merchandise, efficient instantly.
RockawayX, a digital asset agency with $2 billion in property underneath administration, will assume duty for ongoing threat monitoring and technique oversight. Midas added that every one pending redemptions have been processed on the newest verified value.
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