Galaxy Asset Management has raised $175 million for its first external venture fund, surpassing its initial target by a large margin despite a challenging environment for crypto venture capital.
The fund aims to support approximately 30 early-stage startups, with a strategic focus on stablecoins, tokenization, and large-scale payment systems.
Galaxy is expanding its horizons by opening up its capital to external investors for the first time, while strengthening its presence in crypto ETFs and multi-chain projects.
Breaking Records in a Tense Market
Raising $175 million for a crypto venture fund in 2025? A nearly impossible mission… except for Galaxy.
While many struggle to convince hesitant investors, Galaxy Asset Management has exceeded its initial $150 million target and closed its very first external fund, Galaxy Ventures Fund I, with a comfortable lead.
It sends a strong signal. And a clear bet on the future of the crypto industry, even after the turbulence of 2022-2023.
What Galaxy is Seeking: Stability, Scalability, and Tokenization
The fund’s goal is clear: about 30 investments in early-stage startups with high potential, with a focus on three growth axes deemed “secular” by Galaxy:
- stablecoins,
- payment systems,
- tokenization.
But the fund doesn’t stop there: it also targets all technological components capable of supporting these use cases on a large scale. This includes software infrastructures, robust blockchain protocols, and decentralized financial products usable in the real world.
A Message to Institutional Investors: The Door is Open
It’s a first: Galaxy is opening its investments to external capital. Since 2018, the firm led by Mike Novogratz has only invested from its own balance sheet.
But this time, it attracts family offices, HNWI, and institutionals, drawn to the team’s on-ground positioning and its track record of over 120 deals.
We raised this fund in one of the worst historical contexts for crypto venture capital. It’s proof that our real-world grounded approach makes a difference.
Novogratz
Signed Deals and a Well-Thought-Out Strategy
Among the fund’s initial investments: Ethena, M^0, Monad, Plume, Rail, RedotPay, and Yellow Card.
These startups sit at the intersection of Web3 and programmable finance, focusing on utility over hype.
At the same time, Galaxy is also advancing on other fronts: its Spot Bitcoin and Ethereum ETFs (co-managed with Invesco) are already active, and the company has filed for an ETF spot Solana, showing its belief in the multi-chain sector’s potential.
A Tense Context, but a Bold Move
The fundraising comes as Galaxy emerges from a first quarter in the red (-$295 million), impacted by the fall in crypto prices and a mining-related blunder.
But it doesn’t matter: the firm presses on, relocates to the United States, prepares for its Nasdaq listing, and most importantly… it invests.
A Clear Bet on the Next Crypto Wave
This fund is more than just a check: it’s a leap of faith in useful, concrete crypto, ready for mass adoption. And a call to action for entrepreneurs in the sector:
Galaxy has the cash, and it’s looking for the builders of tomorrow’s Web3.
