Galaxy Digital has completed a $175 million venture fund raise, marking the company's first fund to incorporate external capital and signifying a strategic move to increase its investment in early-stage crypto startups.
According to Fortune magazine, the fund exceeded its fundraising target of $150 million, becoming a milestone for Galaxy as it marks the first time the company has accepted external capital. Previously, the company's venture capital activities operated solely on its own balance sheet.
General Partner Mike Giampapa noted in an interview that the fund aims to support early-stage companies that leverage stablecoins, DeFi applications, and other blockchain use cases that go beyond pure speculation.
"We are witnessing a fundamental shift in blockchain applications from speculative use cases to more substantive directions," Giampapa told Fortune magazine.
Giampapa explained that Galaxy has always planned to expand its venture capital business beyond balance sheet investments, and the market environment following the FTX collapse provided an ideal opportunity.
"During this time, we quietly experienced a stablecoin revolution," he said. "As the industry regains its footing, we clearly recognize the need to elevate our venture capital business to new heights."
This new fund is primarily backed by Galaxy itself, which holds both general partner and limited partner roles. Giampapa did not disclose specific information about other investors but described them as institutional-level participants, including family offices and funds of funds associated with Galaxy's asset management clients.
Galaxy announced the first close of $113 million in July 2024 and has currently deployed $50 million, investing in innovative companies such as Monad (a performance-focused blockchain) and Ethena (a yield-generating stablecoin issuer).
Cointelegraph has reached out to Galaxy for further comments but has not received a response as of the time of publication.
Founded in 2018 by former Goldman Sachs partner Mike Novogratz, Galaxy has grown into a large crypto financial group with operations spanning asset management, Bitcoin ETFs, mining, and venture capital.
In May of this year, the company successfully went public on Nasdaq and reported assets under management of $7 billion. Nevertheless, due to market price declines and restructuring in the mining sector, the company recorded a loss of $295 million in the first quarter of 2025.
According to Cointelegraph, Galaxy Digital set a record for its largest trading volume of the year on November 5, 2024, the day the U.S. election results were announced, with Trump declared the elected president. On that day, Novogratz's net worth increased by approximately 15%, adding about $600 million, reaching $4.6 billion.
Related: Analyst: Michael Saylor's strategy had a 91% probability of qualifying for the S&P 500 in the second quarter.
Original article: “Galaxy Digital Raises $175 Million First Fund to Expand Crypto Investments”
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