Galaxy Digital raises $175 million to invest in crypto startups
Galaxy Digital has successfully closed a $175 million venture fund, surpassing its initial $150 million target, and marking the firm’s first fund that includes external capital.
Previously, Galaxy’s venture investments were financed exclusively through its balance sheet, reports Cointelegraph.
The new fund will target early-stage crypto startups focused on practical applications, such as stablecoins, decentralized finance (DeFi), and other blockchain use cases beyond speculative trading. General partner Mike Giampapa emphasized a market shift toward more tangible and functional blockchain solutions, signaling a maturation of the crypto investment landscape.
Galaxy Scales Venture Operations After FTX Collapse
Giampapa explained that Galaxy had long sought to expand its venture division but found the right moment after the FTX collapse, which reshaped the industry’s priorities. He noted that while the sector was recovering, stablecoin innovation quietly surged, prompting Galaxy to aggressively scale its venture platform. The firm has already deployed $50 million from the fund, backing companies like Monad, a high-performance blockchain, and Ethena, which issues a yield-bearing stablecoin. Galaxy itself remains the fund’s largest backer, while additional limited partners include institutional investors, family offices, and fund-of-funds affiliated with Galaxy’s asset management clientele.
Galaxy Digital’s Growing Influence in Crypto Finance
Founded in 2018 by former Goldman Sachs executive Mike Novogratz, Galaxy Digital has evolved into a major player in the crypto ecosystem, with diversified operations spanning asset management, Bitcoin ETFs, mining, and venture capital. The firm achieved a significant milestone in May when it was listed on Nasdaq, further cementing its mainstream financial presence. As of 2025, Galaxy manages approximately $7 billion in assets, although it faced a $295 million loss in the first quarter due to falling crypto prices and mining restructuring challenges. Despite these setbacks, Galaxy’s venture arm expansion positions the company as a key influencer in shaping the next generation of blockchain and DeFi innovation.
Recently we wrote that Galaxy Digital Holdings has received a green light from the U.S. Securities and Exchange Commission (SEC) to proceed with its corporate reorganization and re-domestication from the Cayman Islands to Delaware—marking a pivotal step in its plan to re-enter U.S. public markets.
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