MEV Capital AUM Plunges 80% to $300M Following deUSD Depeg, Belem Capital Absorbs Team

MEV Capital, an onchain asset manager, has seen its assets under management collapse by approximately 80% from a peak of $1.5 billion in October 2025 to roughly $300 million as of February 25, 2026, following a depeg event involving the deUSD stablecoin that triggered automatic liquidations and direct losses exceeding $10 million.

In response, Luxembourg-based Belem Capital announced it has terminated its management mandate with MEV Capital and internalized the firm’s institutional asset management team to consolidate risk and execution frameworks, while tokenization protocol Midas has replaced MEV Capital with RockawayX as its strategy manager.

AUM Collapse and Financial Impact

According to DefiLlama data, MEV Capital’s onchain assets under management have declined by 80% over four months, falling from a peak of $1.5 billion in October 2025 to approximately $300 million as of February 25, 2026. The sharp contraction follows a depeg event on October 10, 2025, involving deUSD, the stablecoin issued by Elixir.

The depeg triggered automatic liquidations across multiple protocols where MEV Capital was heavily exposed to yield strategies involving deUSD. Direct losses from the event exceeded $10 million, according to sources familiar with the matter, with one industry observer describing the situation as “a true industrial catastrophe.”

The asset contraction has translated into a precipitous revenue decline. Gross protocol revenue fell to $804,720 in the first quarter of 2026, representing an 86.8% decrease from the $6.10 million reported in the fourth quarter of 2025 and a 92.4% drop from the peak of $10.62 million in the first quarter of 2025. Quarterly earnings followed a similar trajectory, sliding from $608,910 in Q4 2025 to $99,020 in the most recent quarter.

Leadership and Team Exodus

Laurent Bourquin, MEV Capital’s chief executive and a former Société Générale executive, has stepped back from public view amid the crisis, according to industry reports. A source close to Bourquin indicated he is “taking a break.”

The operational disruption extends to the broader team. Of approximately 15 employees previously at the firm, about 10 have departed, leaving the organization significantly reduced as it attempts to navigate the aftermath of the October depeg event.

Belem Capital Internalizes Management Team

Luxembourg-based Belem Capital, a digital asset investment platform offering regulated DeFi exposure to institutional investors including banks, asset managers, and family offices, announced on February 25, 2026, that it has terminated its management mandate with MEV Capital and internalized the firm’s institutional asset management team.

According to a statement from Belem, the integration consolidates a team of 10 specialists across asset management, risk, and technology onto Belem’s internal platform. All investment operations are now centralized on Belem’s systems, with the firm stating that its goal from inception has been to support banks and institutional investors in DeFi, and that through this operation it now controls both management and onchain execution internally.

The vertical integration aims to reassure institutional clients who have become increasingly demanding on risk standards following successive market setbacks since 2022. According to sources, Belem Capital may recover several clients from MEV Capital, including SG Forge—a subsidiary of Société Générale—which maintains a vault on Morpho.

Midas Severs Relationship, Appoints RockawayX

Tokenization protocol Midas has formally severed its relationship with MEV Capital, announcing on X that it has appointed RockawayX as the strategy manager for its mMEV and mevBTC products, effective immediately.

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

Industry Context and Competitive Landscape

MEV Capital’s fall stands in contrast to other market participants. Players including Steakhouse Financial and Gauntlet managed to stabilize their assets—at approximately $1.5 billion and $1.3 billion respectively—despite October’s turbulence. Industry observers suggest these firms benefited from the loss of confidence in MEV Capital as institutional capital sought more stable custodians of DeFi exposure.

Belem Capital has indicated it does not intend to remain on the defensive. Through a collaboration with RockawayX, the company aims to position itself on public vaults with a stated ambition to rebuild and quickly return to October levels, once again exceeding one billion dollars in assets under management.

FAQ: Understanding MEV Capital’s Collapse and Belem’s Takeover

Q: What caused MEV Capital’s assets under management to collapse?

A: MEV Capital suffered approximately $10 million in direct losses following a depeg of the deUSD stablecoin on October 10, 2025, which triggered automatic liquidations across protocols where the firm was heavily exposed to yield strategies. The losses and subsequent loss of confidence led to an 80% decline in AUM from $1.5 billion to approximately $300 million.

Q: What is Belem Capital’s relationship to MEV Capital following the crisis?

A: Belem Capital, which previously relied on MEV Capital as its operational arm for managing institutional DeFi exposure, has terminated its management mandate with MEV Capital and internalized the firm’s institutional asset management team. All investment operations are now centralized on Belem’s internal platform.

Q: How has the deUSD depeg affected MEV Capital’s revenue?

A: Gross protocol revenue fell 86.8% from $6.10 million in Q4 2025 to $804,720 in Q1 2026, while quarterly earnings declined from $608,910 to $99,020 over the same period, reflecting the impact of reduced assets under management on management and performance fees.

Q: What happened to MEV Capital’s leadership and team?

A: CEO Laurent Bourquin has stepped back from public view and is reportedly “taking a break.” Of approximately 15 employees previously at the firm, about 10 have departed, leaving the organization significantly reduced as it navigates the aftermath of the October depeg event.