Galaxy Asset Management has successfully closed its inaugural Galaxy Ventures Fund I at over $175 million, exceeding its initial $150 million target despite challenging conditions for crypto venture fundraising.
The fund marks a significant evolution for Galaxy Ventures, which had previously invested directly from Galaxy's balance sheet since 2018. The formalized fund structure now backs over 120 startups, including recent investments in Ethena, Monad, Plume, and Yellow Card.
Galaxy Ventures Fund I will concentrate on early-stage startups that are building core infrastructure and applications for the onchain economy. Key focus areas include financialized applications, blockchain protocols, and software infrastructure, with an emphasis on long-term growth sectors such as stablecoins, tokenization, and payments.
“Closing our first fund above target during a historically difficult time for crypto VC highlights our unique market edge,” said Mike Novogratz, Founder and CEO of Galaxy. “We’re committed to backing teams that are creating real-world crypto use cases shaping the next chapter of adoption.”
The successful raise comes amid a broader slowdown in crypto venture funding, yet underscores that experienced players with strong portfolios continue to attract institutional capital. Galaxy’s extensive ecosystem and multi-disciplinary support give it an edge, offering startups access to its global network of over 550 employees and expertise across infrastructure, lending, and trading.
“We’re seeing rising adoption globally—particularly around payments, capital markets, and broader financial services,” said Mike Giampapa, Partner at Galaxy Ventures. “By investing early and supporting company growth, we’re positioned at the forefront of crypto innovation.”
The fund is led by Will Nuelle and Mike Giampapa, leveraging Galaxy’s platform to support portfolio companies with strategic resources, operational scaling, and connectivity across its diverse business lines.
As the crypto sector continues to evolve, Galaxy Ventures’ first fund positions the firm as a foundational backer of next-generation blockchain startups—and a key player in institutionalizing the onchain economy.
June 2025, Cryptoniteuae