Onchain asset manager MEV Capital saw its assets under management fall 80% as of February 25, from a peak of $1.5 billion in October 2025 to around $300 million, according to DefiLlama. Data.
The four-month drop in AUM follows a stablecoin dip event on Oct. 10 that triggered automatic liquidations across multiple protocols, costing the firm more than $10 million in direct losses, The Big Wheel claimed on Wednesday. Report.
MEV Capital, which maintains offices in Vilnius and Dubai with a primarily French team, was heavily exposed to production strategies involving deUSD, the stablecoin issued by Elixir.
Last year, Depug dealt an initial blow to the firm’s operations, with a source close to the matter describing the situation as “a true industrial disaster,” BigWheel reported.
The contraction in assets has translated into a sharp decline in income. According to DefiLlama data, the firm’s total protocol revenue fell to $804,720 in Q1 2026, an 86.8% drop from the $6.10 million reported in Q4 2025 and a 92.4% drop from its peak of $10.62 million in Q1 2025. Quarterly revenue followed a similar trajectory, falling from $608,910 in Q4 2025 to $99,020 in the most recent quarter.
Apart from AUM erosion, the company faces an operational vacuum. Laurent Bourquin, chief executive of MEV Capital and former Société Générale executive, has stepped back from public view, according to The Big Wheel. Of the first 15 employees at the firm, about 10 have left, the outlet reported. A source close to Bourquin told The Big Whale that he is “taking a break.”
Belium Capital internalizes the team.
Luxembourg-based Bellum Capital said on Wednesday it has internalized the institutional asset management team from MEV Capital, which historically managed the fund’s portfolios. According to one statement From Belem, the management mandate with MEV Capital has ended, and all investment operations are now centralized on Belem’s internal platform.
Bellum Capital is a digital asset investment platform that offers regulated defi exposure to institutional investors, including banks, asset managers and family offices. It said the merger strengthens a team of 10 experts in asset management, risk and technology.
Meanwhile, tokenization protocol Midas has cut ties with MEV Capital. In one Post On X, Midas said it has appointed RockawayX as 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 strategic oversight. Midas added that all pending compensations have been processed at the latest verified price.
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