TLDR:
Galaxy Digital Holdings, through Galaxy Asset Management, has raised $113M for a new venture-capital fund called Galaxy Ventures Fund I LP. The fund aims to invest in early-stage startups in the cryptocurrency sector, with a target of $150M. This fundraising effort reflects a renewed interest in venture capital investments in the crypto space, driven by increasing crypto prices and potential regulatory clarity in the U.S.
Article Summary:
Galaxy Digital Holdings Ltd.’s Galaxy Asset Management has successfully raised $113M for their new venture fund, Galaxy Ventures Fund I LP. This fund is focused on investing in early-stage startups in the cryptocurrency sector, specifically targeting digital-asset firms. With a goal of building a portfolio of 30 investments, Galaxy expects to continue fundraising into the next year to reach a target of $150M.
Galaxy Ventures has already made investments in over 100 portfolio companies, including notable names like Ethena, M^0, Monad, and Plume. Steve Kurz, the global head of Asset Management at Galaxy, expressed that this fund would strengthen their commitment to fostering innovation in the digital asset space and supporting visionary startups.
The uptick in venture-capital investments in the crypto sector can be attributed to the enthusiasm among investors, fueled by the rising prices of cryptocurrencies, especially after Bitcoin’s recent all-time high in March. Additionally, the potential for increased regulatory clarity in the U.S. acts as a catalyst for growth in the space.
This fundraising success for Galaxy Ventures Fund I LP showcases the growing interest and confidence in the future of the cryptocurrency sector, as well as the continued support for innovative startups in the industry.
