Catenaa, Sunday, July 13, 2025-Galaxy Asset Management announced Thursday it raised $175 million for Galaxy Ventures Fund I LP, surpassing its $150 million target.
The inaugural external fund will back about 30 early-stage companies focused on blockchain protocols, software infrastructure and financialized applications.
Since 2018, Galaxy has invested from its own balance sheet. The firm began soliciting outside capital in the second quarter of 2024, closing an initial $113 million.
Continued demand from institutional allocators, family offices and high-net-worth individuals drove the final total to $175 million.
“Closing above target at a time when raising crypto venture capital is challenging shows our unique market edge,” Galaxy founder and chief executive Mike Novogratz said.
“We are committed to supporting founders building real-world use cases that shape the next chapter of crypto adoption.”
Galaxy President and chief investment officer Chris Ferraro said the fund will focus on secular growth areas such as stablecoins, payments and tokenization, alongside infrastructure that makes these technologies viable.
Bloomberg reported in April that the fund expected a final close of $175 million to $180 million by late June. Galaxy did not name its new investors.
Last month the firm completed its move to the United States ahead of a planned Nasdaq listing. It reported a first-quarter net loss of $295 million, driven by digital asset price declines and a mining impairment, while its stock (GLXY) was down 1.6 percent at $19.40 on Wednesday.
Galaxy Ventures has invested in over 120 companies to date, including 1Money, Ethena and Yellow Card.
