Galaxy Digital, a leading American cryptocurrency company, has completed the capital raising phase for its first venture fund, Galaxy Ventures Fund I LP, securing $175 million. The fund exceeded its initial target of $150 million and marks the company’s first initiative involving external investors, while Galaxy Digital remains the primary limited partner.
This is reported by Finway
Investment Strategy and Fund Priorities
Galaxy Digital’s General Partner Mike Giampapa noted that the fund’s primary focus is on supporting startups operating at the intersection of traditional finance and cryptocurrency technologies. Special emphasis is placed on the stablecoin and DeFi application segments, which the company believes have the greatest potential for industry growth.
“We are witnessing a fundamental shift from speculative uses of blockchains to more tangible cases,” said Giampapa.
The fund’s investors include institutional players, such as family offices and funds that are already collaborating with Galaxy Digital in asset management. To date, approximately $50 million has already been invested in projects Monad (a trading blockchain network) and Ethena (a stablecoin issuer backed by crypto assets).
From Scaling to Integration into the Ecosystem
Galaxy Digital has long invested in crypto startups from its own balance sheet, including Fireblocks. However, following the crisis triggered by the collapse of the FTX exchange in 2022, the company decided to develop its venture direction by attracting external investors. The first closed round took place in July 2024, with an investment amount of $113 million.
The Galaxy Ventures Fund I LP operates as a separate investment vehicle but remains integrated into the broader ecosystem of the company. This allows for leveraging Galaxy Digital’s network of institutional clients and fostering the development of innovative products in the digital asset space.
The company is actively developing several areas, including asset management, crypto trading, mining, and ETFs. In 2024, Galaxy Digital launched a Bitcoin ETF in partnership with Invesco and is considering launching a Solana ETF. Despite a loss of $295 million in the first quarter of 2025, the company manages assets totaling approximately $7 billion.
Additionally, it is worth noting that the U.S. Securities and Exchange Commission recently approved the listing of Galaxy Digital’s shares on the Nasdaq exchange. According to Mike Giampapa, the company’s strategy is to further bridge traditional finance and cryptocurrency solutions, opening new opportunities for industry development.