Galaxy Raises $175M to Fuel Crypto-Finance Crossover

Galaxy has revealed the last close of its first externally raised crypto venture fund, totaling $175 million, exceeding the original $150 million target. The fund, initiated in 2024 and finalized in mid-2025, will focus on early-stage investments in projects bridging traditional finance with digital assets. Galaxy’s general partner, Mike Giampapa, aims to bolster support for startups working on stablecoins, decentralized finance, and blockchain-based financial tools. This marks Galaxy’s first venture fund accepting external capital, with investments directed towards companies like Monad and Ethena. The firm’s strategic shift towards external fundraising followed the FTX collapse in 2022, signaling a growing interest in practical blockchain applications. Galaxy, led by Mike Novogratz since 2018, operates in asset management, mining, and ETFs, managing $7 billion in assets as of May 2025. The company’s crypto ETF business is expanding, evident in partnerships like the Invesco Galaxy Solana ETF. The new fund not only supports early-stage growth but also provides institutional clients access to emerging crypto startups. Galaxy’s venture team, headed by Giampapa and Nuelle, brings expertise from firms like IVP and Bessemer, offering potential exposure to early-stage crypto investments for public shareholders through its Nasdaq listing.

Key Points:

• Galaxy has announced the final close of its first externally raised crypto venture fund.
• The fund includes institutional backers such as family offices and fund-of-funds.
• Galaxy’s core strategy focuses on returns rather than business synergy.
• Established by Mike Novogratz in 2018, Galaxy bridges traditional finance and crypto.
• The fund’s performance may become relevant for Galaxy’s public shareholders through its Nasdaq listing.