Galaxy Asset Management, a division of Galaxy Digital Inc., announced it has finalized the close of its inaugural venture fund, Galaxy Ventures Fund I, LP, securing over $175 million in capital.
In a press release shared with CryptoNews, the firm said it was initially targeting $150 million, the fund surpassed expectations due to strong investor interest in early-stage digital asset ventures.
The fund’s investment mandate centers on early-stage startups building infrastructure and applications for the on-chain economy, with emphasis on financialized applications, software infrastructure, and blockchain protocols.
Key sectors of interest include stablecoins, tokenization, and digital payment systems, which are seen as foundational to the evolving blockchain landscape.
This launch marks the first time Galaxy Ventures is accepting capital from outside investors, having previously deployed capital from Galaxy’s own balance sheet since 2018.
Galaxy Ventures said it is broadening its reach and influence within the digital asset investment space. The fund has formed a portfolio of early-stage startups such as Monad, Ethena, Arch Lending, Rail, and Yellow Card, among others. In total, including previous balance sheet investments, Galaxy Ventures says it has backed over 120 companies.
The Galaxy Ventures team is led by Will Nuelle and Mike Giampapa, supported by the Ventures Platform team that helps portfolio companies scale through operational support.
CEO Mike Novogratz stresses that the oversubscribed close shows the firm’s market insight and its commitment to supporting real-world use cases for blockchain technology.
Giampapa adds that as blockchain infrastructure continues to gain traction — especially in areas like payments and financial services — the fund is positioned to engage directly with the next wave of innovation in crypto.
On May 16, Galaxy Digital, began trading on the Nasdaq. The debut followed Coinbase’s inclusion in the S&P 500 and eToro’s public listing.
Galaxy CEO and founder Novogratz described the step as a “milestone” in a statement on April 30, emphasizing that it will strengthen Galaxy’s role in bridging investor access to the digital asset and artificial intelligence sectors.
Previously listed on the Toronto Stock Exchange, Galaxy Digital — known for its crypto investments and focus on AI data center infrastructure.
