Galaxy Asset Management Secures $113M for New Crypto Fund
Galaxy Asset Management has successfully raised $113 million for a cutting-edge crypto venture fund in order to inject fresh capital into cryptocurrency startups.
Spearheaded by billionaire Michael Novogratz, the fund is set to focus on nurturing early-stage crypto ventures specializing in cryptocurrency software, infrastructure, and financial applications, according to a report from Bloomberg.
The fund is dubbed Galaxy Ventures Fund I LP and aims to kickstart investments in approximately 30 companies.
However, it plans to continue fundraising efforts until it reaches its $150 million target, anticipated to culminate by 2025.
Galaxy’s track record includes previous investments in prominent protocols such as Ethena and Monad.
With a bullish outlook on blockchain technology, Galaxy envisions a future where blockchain solutions become the cornerstone of global transaction settlements, a sentiment echoed by Mike Giampapa, a general partner at Galaxy.
“Our macro view is blockchains will be utilized to settle the majority of transactions… It’s a one-, two-decade transition that we are betting on.”
In alignment with its forward-looking approach, the new fund is poised to allocate between $3 million to $5 million to individual projects, signifying Galaxy’s strategic investment in the transformative potential of blockchain technologies.
Back in March, Galaxy surpassed $10 billion in assets under management (AUM) amid a surge in institutional interest in digital assets.
Notably, the company experienced a 24.8% increase in assets during February, primarily driven by market appreciation.
Galaxy Asset Management has exceeded $10 billion in AUM for the first time ever, solidifying our position as a global leader in digital asset management.
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