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.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.