TLDR

  • Arthur Hayes has put more than $3.4 million into four DeFi tokens amid a wider market slump
  • His biggest investment is in PENDLE, a yield tokenization protocol
  • Ether.fi says it processes $50 million in monthly card payments and conducts weekly buybacks of up to $1.5 million
  • Lido now holds almost 25% of staked ETH, twice as much as its closest rival

Arthur Hayes, co-founder of BitMEX, has moved more than $3.4 million into a set of decentralized finance (DeFi) tokens. On-chain transaction data shows this shift started during the recent market downturn. Hayes’ actions are viewed as a deliberate strategy to gather undervalued DeFi assets in anticipation of a potential 2026 recovery.

The newest allocation features $1.97 million in Ethena (ENA), $735,330 in Ether.fi (ETHFI), $515,360 in Pendle (PENDLE), and $259,960 in Lido DAO (LDO). The tokens were bought via wallet activity verified by blockchain tracking service Lookonchain.

Majority of Allocation Focused on Pendle and ENA

Over half of Hayes’ current portfolio in this segment is concentrated on Pendle, a protocol that specializes in tokenized yield. Lookonchain states he withdrew $515,360 worth of PENDLE during recent market drops.

He also bought 4.86 million ENA tokens worth $986,000 as part of a larger $5.5 million shift from Ethereum into DeFi. ENA, which powers , is under close watch for possible institutional interest because of Bitwise’s ETF filing, which lists ENA among its cryptocurrencies.

Market analyst Neo Nguyen noted that, even with the token’s low price, Pendle brought in $44.59 million in revenue over four quarters in 2025. The protocol made $12.88 million in Q1, $7.52 million in Q2, $16.17 million in Q3, and $8.02 million in Q4.

Ether.fi Sees Strong On-Chain Revenue Growth

Ether.fi (ETHFI) has become another key holding in ’ portfolio. He bought 697,851 ETHFI tokens valued at $485,000. The protocol recently shifted into financial services using its Neobank model.

DefiLlama data indicates Ether.fi now handles almost $50 million in monthly card payments. The project also does weekly protocol buybacks ranging from $500,000 to $1.5 million. These buybacks aim to cut token supply and boost long-term token value.

Ether.fi is also getting ready to reduce emissions in 2026, which could further ease sell pressure. Its treasury position and market share may be crucial to its performance as demand for on-chain financial services grows.

Lido’s Staking Share Supports Continued Interest

Lido DAO (LDO) is still a smaller part of Hayes’ DeFi strategy, but the token offers access to Ethereum staking yields. Lido holds almost 25% of all staked ETH, more than double its closest competitor’s share.

The protocol remains a leader in liquid staking. As more holders look for passive yield, Lido’s dominant position and efficient validator setup could maintain its role in staking markets.

Consistent Accumulation Signals Long-Term Strategy

Crypto analyst Ted Pillows stated that Hayes has repeatedly withdrawn the same four DeFi tokens when prices are lower. The recent total withdrawn includes the latest $1.97 million in ENA, $735,330 in ETHFI, $515,360 in PENDLE, and $259,960 in LDO.

Hayes’ consistent accumulation pattern seems to reflect a strategy centered on project revenue, user growth, and lower token emissions. His choices appear to prioritize protocols with measurable activity and actual cash flow over speculative hype.

Though the wider DeFi sector is still under pressure, Hayes’ recent portfolio changes signal preparation for a longer time frame. Regulatory developments like ETF approvals and emissions schedule changes could impact how these tokens perform in 2026 and later.