Galaxy Digital, founded by Mike Novogratz, has announced the launch of a new $175 million venture fund focused on investing in crypto startups, particularly in DeFi and stablecoins.
Launch of New Fund
According to a report by Fortune, Galaxy Digital has successfully raised $175 million for its new venture fund, exceeding its initial target of $150 million.
Investment Strategy
Mike Giampapa, a general partner at Galaxy Digital, noted that investments will be focused on companies operating at the intersection of traditional finance and crypto, with an emphasis on stablecoins and DeFi, which present significant opportunities.
> "You’re seeing this fundamental shift from more speculative use cases of blockchains to something that’s much more…tangible," said Mike Giampapa.
Expansion of Galaxy Digital's Capabilities
Galaxy Digital is actively involved in various segments of the crypto industry, including venture capital and crypto mining. In May, the company reported $7 billion in assets under management, most of which is funding for crypto startups. The firm is also exploring the potential to create an ETF for Solana and has submitted an S-1 form to the U.S. Securities and Exchange Commission.
With the new fund and strategic investments, Galaxy Digital aims to strengthen its position in the crypto industry and become a leader at the intersection of traditional finance and new digital assets.
