Galaxy Digital Raises $113 Million For Crypto CV Fund, Targets $150M

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As a seasoned financial analyst with extensive experience in traditional markets and the burgeoning crypto space, I find Mike Novogratz’s latest move with Galaxy Digital both intriguing and noteworthy. With $113 million already raised for their new VC fund focusing on digital asset startups, it’s clear that institutional interest in crypto is far from waning.

Mike Novogratz’s Galaxy Digital has announced the creation of a new venture capital fund dedicated to crypto assets, having already raised $113 million from investors. The fund aims to eventually reach a target size of up to $150 million, with a specific focus on infrastructure investments. This development follows a surge in interest from investors in digital assets as the sector recovers.

Novogratz Galaxy Digital Raises Capital For VC Fund 

As a crypto investor following the latest developments in the industry, I’m excited to share that Galaxy Digital, the renowned crypto investment firm led by Mike Novogratz, has recently announced the successful closure of a new venture capital fund, dubbed the Galaxy Venture Fund. This fund aims to provide financial backing and strategic support to early-stage startups focusing on cryptographic software solutions.

Expert: Galaxy Digital has invested between $30 million and $50 million per year in crypto businesses. Recently, they have merged their asset management division with the Galaxy Venture Fund. Notably, this fund is open to outside investors, which expands collaboration and enhances market liquidity. In April, the company announced an initial target of raising $100 million for the fund, indicating planned investments over the next three years.

Mike Wursthorn, Communications Officer at Galaxy, shared the reasoning behind inviting external collaborators. “We’ve invested in pioneering ideas for quite some time. Now, we’re establishing Galaxy Ventures Fund I LP to team up with additional investors. This move enables us to keep nurturing the digital asset sector by funding budding startups that show great promise.”

Recently, Galaxy has announced both stand-alone and investment into funds in the crypto space. 

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As someone who has closely followed the cryptocurrency market for several years now, I can attest to the significant surge in institutional investment we’ve witnessed this year. With the approval of spot Bitcoin ETFs, traditional financial institutions have finally entered the crypto space in a big way. This trend is driven by the rising prices of crypto assets and the explosive growth of decentralized finance (DeFi) activities.

In the second quarter of 2024, crypto venture capital funds managed to raise a total of $3.2 billion, an achievement made even more noteworthy by the fact that digital asset prices had decreased from the first quarter of that year, as reported by Galaxy Digital.

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2024-07-25 15:58