Key Takeaways
- • Galaxy Asset Management, an affiliate of Galaxy Digital Holdings (TSX: GLXY), announced a $113 million initial close for Galaxy Ventures Fund I LP, its inaugural venture capital fund, on July 25, 2024.
- • The fund targets a $150 million total, and Galaxy expects to continue fundraising into next year to reach or exceed that goal.
- • The fund invests in early-stage companies across crypto protocols, software infrastructure, and financialized applications, with a goal of roughly 30 portfolio investments.
- • Institutional allocators, family offices, and high-net-worth individuals have participated since fundraising began in Q2 2024.
- • Led by General Partners Will Nuelle and Mike Giampapa; announced investments include Ethena, M^0, Monad, and Plume.
Summary
Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) and one of the world's largest digital assets and blockchain investment managers, announced an initial close of $113 million for Galaxy Ventures Fund I LP, a venture capital fund focused on early-stage companies across crypto protocols, software infrastructure, and financialized applications. According to the firm's announcement, fundraising began in the second quarter of 2024 and has drawn institutional allocators, family offices, and high-net-worth individuals.
Given continued institutional interest, Galaxy expects to keep raising capital into 2025 and to reach, if not exceed, the fund's $150 million target. The fund is designed to extend the Galaxy Ventures thesis of backing companies that engineer digital asset innovation and enable financial institutions, startups, and markets to participate in what the firm calls the onchain future. The team aims to build a portfolio of approximately 30 investments in digital asset companies. The fund is led by General Partners Will Nuelle and Mike Giampapa and is supported by Galaxy's business lines, building on the firm's balance sheet investments in blockchain infrastructure since 2018.
Chris Ferraro, President and Chief Investment Officer of Galaxy, said that by taking on external capital the firm can extend its expertise and track record to institutional investors seeking exposure to the next wave of growth in digital assets. Galaxy Ventures has invested in more than 100 portfolio companies to date, and investments from the new fund include Ethena, M^0, Monad, and Plume, among others. Steve Kurz, Global Head of Asset Management at Galaxy, described the first close as a vote of confidence in the firm's active, risk-based investing approach.
The firm says Galaxy Ventures supports portfolio companies through a dedicated Venture Platform offering capital markets support, hands-on product feedback, and brand building, drawing on more than 450 employees globally. The announcement carries standard risk disclosures: the fund invests in digital assets subject to significant volatility and counterparty risk, no return of capital is guaranteed, and the release is not an offer to sell interests, which would be made only under the fund's confidential offering memorandum.
Given continued institutional interest, Galaxy expects to keep raising capital into 2025 and to reach, if not exceed, the fund's $150 million target. The fund is designed to extend the Galaxy Ventures thesis of backing companies that engineer digital asset innovation and enable financial institutions, startups, and markets to participate in what the firm calls the onchain future. The team aims to build a portfolio of approximately 30 investments in digital asset companies. The fund is led by General Partners Will Nuelle and Mike Giampapa and is supported by Galaxy's business lines, building on the firm's balance sheet investments in blockchain infrastructure since 2018.
Chris Ferraro, President and Chief Investment Officer of Galaxy, said that by taking on external capital the firm can extend its expertise and track record to institutional investors seeking exposure to the next wave of growth in digital assets. Galaxy Ventures has invested in more than 100 portfolio companies to date, and investments from the new fund include Ethena, M^0, Monad, and Plume, among others. Steve Kurz, Global Head of Asset Management at Galaxy, described the first close as a vote of confidence in the firm's active, risk-based investing approach.
The firm says Galaxy Ventures supports portfolio companies through a dedicated Venture Platform offering capital markets support, hands-on product feedback, and brand building, drawing on more than 450 employees globally. The announcement carries standard risk disclosures: the fund invests in digital assets subject to significant volatility and counterparty risk, no return of capital is guaranteed, and the release is not an offer to sell interests, which would be made only under the fund's confidential offering memorandum.
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