Galaxy Digital closed the Venture fund in the amount of $ 175 million, the first of Outhere Capital, because the company increases investing plans in early cryptographic start-ups.
The fund, which exceeded the goal of USD 150 million, means that Galaxy first adopted capital outside capital. Until now, the company has relied only on its own balance sheet for the Venture investment, According to for a fortune report.
The message Mike Giampapap told The Outlet that the goal is to support companies at an early stage dealing with Stablecouins, DEFI applications and other cases of using blockchains going beyond speculation.
“You see this fundamental change from more speculative cases of using blockchain for something that is much more … tangible,” said Fortune.
Related: Galaxy digital lists on NASDAQ aims to lift the action
Galaxy expands the shoulder of the undertaking after the fall of FTX
According to Giampapap, Galaxy has long wanted to scale the operation of the project outside the balance investment, but saw the right moment after collapsing after FTX.
“We quietly had this Stablecoin revolution,” he said. “While the industry again raised us under us, it became obvious that we wanted to move our Venture franchise to a higher level.”
The recent fund is anchored by Galaxy itself, which maintains both the stakes of the general partner and the confined partners. Giampapapa refused to mention other investors, but described them as institutional players, including family offices and funds related to Galaxy’s Asset Management clients.
Galaxy announced The first closure of $ 113 million in July 2024 and has already arranged $ 50 million, such as Monad (Blockchain oriented to performance) and Ethen (issuer Stablecoin with efficiency).
Cointelegraph contacted Galaxy to get a comment, but did not receive an answer by the publication.
Related: Galaxy Digital to pay $ 200 million on Fallout Terra promotion
Galaxy becomes a cryptographic giant
Established in 2018 by the former partner Goldman Sachs Mike Novogratz, Galaxy became a huge cryptographic conglomerate with the exposure to assets management, funds from Bitcoin exchange (ETF), investing in mining and undertaking.
In May, the company was listed at NASDAQ and reported $ 7 billion in managed assets. However suffered Loss of USD 295 million in the first quarter of 2025 due to the falling prices and restructuring in the mining arm.
According to Cointelegraph, Galaxy Digital reached the largest commercial day of 2024. On November 5, on the day on which the elections in the USA were called and Donald Trump was announced by the President of Elekt. On this day, the net value of Novogratz increased by about 15%or about $ 600 million to $ 4.6 billion.
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