Galaxy Ventures Closes Oversubscribed $175M Fund Amid Growing Crypto VC Appetite

Galaxy Asset Management has closed its inaugural Galaxy Ventures Fund I at over $175 million, surpassing its $150 million target amid what industry observers describe as a difficult environment for crypto venture fundraising, the firm announced in a statement on Thursday.

The fund launch formalizes Galaxy Ventures' investment activities, which previously operated from Galaxy's balance sheet since 2018. The portfolio already includes promising startups such as Ethena, Monad, Plume, and Yellow Card, with Galaxy Ventures having backed more than 120 companies including historical balance sheet investments.

Galaxy Ventures will focus on early-stage companies building critical infrastructure and applications for the onchain economy, targeting investments across financialized applications, blockchain protocols, and software infrastructure. The fund particularly emphasizes secular growth areas including stablecoins, payments, and tokenization along with supporting infrastructure.

"Galaxy Ventures closing its first fund above the target at a time when raising crypto venture is historically difficult showcases our team's unique edge in the market," said Mike Novogratz, Founder and CEO of Galaxy. "With deep roots in onchain markets and blockchain infrastructure, we're committed to backing founders and startups building real-world use cases that are shaping the next chapter of crypto adoption."

The timing of the successful fundraise highlights a notable divergence in the crypto venture landscape. While many funds face challenging conditions, established players with proven track records continue attracting capital from investors seeking exposure to blockchain technology's institutional adoption.

Galaxy Ventures operates under the leadership of Will Nuelle and Mike Giampapa, supported by Galaxy's global team of over 550 employees. The firm's platform function provides portfolio companies with company-building resources and connectivity to Galaxy's business lines including blockchain infrastructure, lending, and trading.

"We're seeing an acceleration of adoption from both institutions and retail users globally—especially around use cases like payments, capital markets, and financial services more broadly," said Giampapa. "By investing in the teams that are building these core technologies and supporting their growth directly, we have a front-row seat to the most novel concepts and products in crypto."