Galaxy Digital Launches $175M Venture Fund for Early-Stage Crypto Startups

Galaxy Asset Management, a division of Mike Novogratz's Galaxy Digital, has closed its inaugural Galaxy Ventures Fund I with $175 million—surpassing its initial $150 million target. The fund marks a strategic pivot as Galaxy opens its venture arm to external investors for the first time, having previously deployed only balance sheet capital since 2018.

The vehicle will target financial infrastructure builders in the on-chain economy, with particular focus on stablecoins, tokenization platforms, and payment systems. Portfolio companies already include Monad, Ethena, and Yellow Card, extending Galaxy's reach across 120+ crypto startups to date.

Led by Will Nuelle and Mike Giampapa, the venture team is doubling down on what Novogratz calls 'the plumbing of Web3'—a bet that institutional capital continues flowing into foundational blockchain layers despite market cycles.