Galaxy Digital closed a vintage capital fund of $ 175 million, its first with ETTO
The fund, which exceeded its target of $ 150 million, marks the first time that Galaxy accepted outside the capital. Until now, the company had only relied on its own assessment for venture capital investments, according to a makeshift report.
General partner Mike Giampapa said to the point of sale that the objective was to support start-up businesses using stablescoins, deffi applications and other cases of the blockchain that go beyond speculation.
“You see this fundamental passage of more speculative use of blockchains to something that is much more … tangible,” he told Fortune.
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Galaxy extends the venture capital arm after the collapse of the FTX
According to Giampapa, Galaxy had long wanted to evolve his venture capital operation beyond the investment of the balance sheet, but saw the right time after the collapse of the FTX.
“Silently, we had this stable revolution,” he said. “While the industry again put our feet below us, it has become obvious that we wanted to pass our Venture franchise to the next level.”
The new fund is anchored by Galaxy himself, which contains both a general partner and the challenges of limited partners. Giampapa refused to identify other investors, but described them as institutional players, including families and funds related to customers in the management of Galaxy assets.
Galaxy announced a first fence of $ 113 million in July 2024 and has already deployed $ 50 million, support companies such as Monad (a blockchain focused on performance) and Ethena (the transmitter of a yield stable).
Cointelegraph stretched out Galaxy to comment but had not received an answer by publication.
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Galaxy becomes a cryptographic giant
Founded in 2018 by the former partner of Goldman Sachs, Mike Novogratz, Galaxy has become a conglomerate of sprawling crypto with exposure to asset management, Bitcoin negotiated funds (ETF), mining investments and businesses.
In May, the company was registered with the NASDAQ and declared $ 7 billion in management assets. However, he suffered a loss of $ 295 million in the first quarter of 2025 due to the drop in prices and restructuring in his mining arm.
As Cintelelegraph reported, Galaxy Digital timed his largest negotiation day in 2024 on November 5, the day when the 2024 US elections were called and Donald Trump was declared elected president. On that day, the net value of Novogratz jumped approximately 15%, or about $ 600 million, to $ 4.6 billion.
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