Galaxy Digital, led by Mike Novogratz, has raised $113 million for a new venture capital fund aimed at crypto startups and technology, targeting a total of $150 million. This fund focuses on infrastructure investments, reflecting the growing investor interest in digital assets as the sector rebounds.
The Galaxy Venture Fund has already invested in companies like Monad and Ethena, and plans to partner with 30 crypto firms. They aim to invest between $3 to $5 million per project. The fund allows outside investors, enhancing cooperation and market depth.
Significantly, Galaxy Digital has been investing $30 to $50 million annually in crypto companies. This new initiative opens the door for external partners, aiming to fuel the digital asset ecosystem by supporting early-stage ventures.
Institutional investment in crypto has surged, partly due to the approval of spot Bitcoin ETFs. In Q2 2024, crypto VC funds attracted $3.2 billion despite falling prices from Q1 2024. This trend shows a robust recovery and strong future potential for the crypto market.
