Galaxy Digital Closes $175M Venture Fund for Crypto Startups

Galaxy Digital, the crypto investment firm founded by ex-Goldman Sachs partner Mike Novogratz, has secured $175 million for its inaugural outside capital venture fund—exceeding its $150 million target. The fund signals Galaxy's strategic pivot from balance sheet investments to managing external capital, reinforcing its role as a bridge between traditional finance and crypto markets.

The vehicle will focus on early-stage startups developing decentralized finance (DeFi) solutions, stablecoins, and blockchain infrastructure. "Closing above target during crypto's fundraising winter demonstrates conviction in real-world blockchain applications," said Novogratz, emphasizing Galaxy's commitment to foundational crypto adoption.

General partner Mike Giampapa framed the fund as a bet on crypto's evolution from speculation to tangible financial utility. Galaxy anchors the capital pool as institutional interest shifts toward infrastructure and regulated digital asset products.