MEV Capital AUM collapses 80% in four months as Belem absorbs team

Onchain asset manager MEV Capital saw its assets under management drop by 80% to approximately $300 million as of Feb. 25, down from a peak of $1.5 billion in October 2025, according to DefiLlama data. 

The four-month decline in AUM follows a stablecoin depeg event on Oct. 10 that triggered automatic liquidations across multiple protocols, leading to direct losses exceeding $10 million for the firm, The Big Whale claimed in a Wednesday report. 

MEV Capital, which maintains offices in Vilnius and Dubai with a predominantly French team, was heavily exposed to yield strategies involving deUSD, the stablecoin issued by Elixir.

The depeg last year served as the initial shock to the firm's operations, with a source close to the matter describing the situation as "a true industrial catastrophe," per The Big Whale report. 

The asset contraction has translated into a sharp revenue decline. According to DefiLlama data, the firm’s gross protocol revenue fell to $804,720 in Q1 2026, an 86.8% decrease from the $6.10 million reported in Q4 2025 and a 92.4% drop from its Q1 2025 peak of $10.62 million. Quarterly earnings followed a similar trajectory, sliding from $608,910 in Q4 2025 to $99,020 in the most recent quarter.

Beyond the AUM erosion, the company is facing an operational vacuum. Laurent Bourquin, MEV Capital’s chief executive and a former Société Générale executive, has stepped back from public view, according to The Big Whale. Of 15 employees previously at the firm, about 10 have departed, the outlet reported. A source close to Bourquin told The Big Whale he is “taking a break.”

Belem Capital internalizes team

Luxembourg-based Belem Capital said Wednesday it has internalized the institutional asset management team from MEV Capital, which had historically managed the fund's portfolios. According to a statement from Belem, the management mandate with MEV Capital has concluded, and all investment operations are now centralized on Belem's internal platform.

Belem Capital is a digital asset investment platform offering regulated DeFi exposure to institutional investors, including banks, asset managers and family offices. The integration consolidates a team of 10 specialists across asset management, risk, and technology, it said. 

Meanwhile, tokenization protocol Midas has severed its relationship with MEV Capital. In a post on X, Midas said it had appointed RockawayX as the strategy manager for its mMEV and mevBTC products, effective immediately. 

RockawayX, a digital asset firm with $2 billion in assets under management, will assume responsibility for ongoing risk monitoring and strategy oversight. Midas added that all pending redemptions have been processed at the latest verified price.