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, a venture capital fund targeting early-stage digital asset companies, against a $150 million target.
- • The fund has drawn institutional allocators, family offices and high-net-worth individuals since fundraising began in Q2 2024, and Galaxy expects to keep raising into 2025 and reach, if not exceed, the $150 million goal.
- • The fund plans a portfolio of roughly 30 investments across crypto protocols, software infrastructure and financialized applications, led by General Partners Will Nuelle and Mike Giampapa.
- • Galaxy Ventures has backed more than 100 portfolio companies to date; fund investments include Ethena, M^0, Monad and Plume.
Summary
Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY), has 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. The firm describes itself as one of the world's largest digital assets and blockchain investment managers. Per the announcement, the fund has attracted institutional allocators, family offices and high-net-worth individuals since fundraising started in the second quarter of 2024.
Given the additional interest from institutional investors, Galaxy expects to continue fundraising into 2025 and reach, if not exceed, the fund's $150 million target. The fund will pursue Galaxy Ventures' existing thesis of backing companies that engineer digital asset innovation and enable financial institutions, startups and markets to participate in the onchain economy. The team aims to build a portfolio of approximately 30 investments in what it considers the most promising 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 history of deploying balance sheet capital into 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. Steve Kurz, Global Head of Asset Management at Galaxy, characterized the first close as a vote of confidence in the firm's active, risk-based approach. 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.
Galaxy Ventures supports portfolio companies through a dedicated Venture Platform that draws on the broader group's business lines, offering capital markets support, hands-on product feedback and brand building. The firm reports more than 450 employees globally. The release carries standard risk disclosures stating that an investment in the fund involves a high degree of risk, including possible loss of the entire amount invested, and that any offering would be made only under the fund's confidential offering memorandum.
Given the additional interest from institutional investors, Galaxy expects to continue fundraising into 2025 and reach, if not exceed, the fund's $150 million target. The fund will pursue Galaxy Ventures' existing thesis of backing companies that engineer digital asset innovation and enable financial institutions, startups and markets to participate in the onchain economy. The team aims to build a portfolio of approximately 30 investments in what it considers the most promising 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 history of deploying balance sheet capital into 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. Steve Kurz, Global Head of Asset Management at Galaxy, characterized the first close as a vote of confidence in the firm's active, risk-based approach. 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.
Galaxy Ventures supports portfolio companies through a dedicated Venture Platform that draws on the broader group's business lines, offering capital markets support, hands-on product feedback and brand building. The firm reports more than 450 employees globally. The release carries standard risk disclosures stating that an investment in the fund involves a high degree of risk, including possible loss of the entire amount invested, and that any offering would be made only under the fund's confidential offering memorandum.
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