MEV Capital AUM collapses 80% in four months as Belem absorbs team
MEV Capital's assets under management plummeted 80% following a stablecoin depeg, leading to Belem Capital absorbing its institutional team.Summary
Onchain asset manager MEV Capital experienced an 80% collapse in its assets under management (AUM), falling to about $300 million by February 25 from a peak of $1.5 billion in October 2025. This sharp decline was triggered by a stablecoin depeg event involving deUSD in October, which caused over $10 million in direct losses for the firm due to heavy exposure to yield strategies. The AUM erosion resulted in a massive drop in revenue, with Q1 2026 gross protocol revenue falling 86.8% from the previous quarter. Concurrently, MEV Capital's CEO, Laurent Bourquin, has stepped back, and about 10 of its 15 employees have departed. In response, Luxembourg-based Belem Capital announced it has internalized the institutional asset management team from MEV Capital, concluding their management mandate. Furthermore, tokenization protocol Midas severed ties with MEV Capital, appointing RockawayX as the new strategy manager for its products.
(Source：The Block)