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Galaxy Digital closed a $ 175 million risk fund, its first with external capital, as the company increases plans to invest in start -up starting.
The fund, which exceeded its $ 150 million target, means the first time the Galaxy has accepted out of capital. Until now, the company has rely only on its own balance sheet for investment in business, according to to the message from Fortune.
Mike Giampapa General Partner told Outlet that the goal is to support companies at an early stage that deal with stablecoins, defi applications, and other cases of using blockchain that exceed speculation.
“You see this fundamental shift from speculative cases of using blockchains to something that is much more … tangible,” Fortune said.
Related: Galaxy Digital lists on Nasdaq seeks tokenize shares
Galaxy expands the corporate arm after FTX collapse
According to Giampapa, Galaxy long wanted to expand her business over investment in the balance sheet, but recorded the right moment after the collapse of FTX.
“We had this revolution of Stablecoin quietly,” he said. “While the industry reacted under us again, it was clear that we wanted to move the franchise of our business to the next level.”
The new fund is anchored by Galaxy himself, which is held by both the general partner and the limited partnership. Giampapa refused to name other investors, but described them as institutional players, including family offices and fund funds associated with Galaxy Asset clients.
Galaxy notified The first closure of $ 113 million in July 2024 and has already deployed $ 50 million, accompanying companies such as monad (blockchain focused on performance) and Ethena (issuent A. Stablecoin carrying yields).
Cointlegraph approached Galaxy to express, but did not receive the answer.
Related: Galaxy Digital to pay $ 200 million for Promotion Terra Propagation Fallout
Galaxy becomes a cryptomaniac
Galaxy was founded in 2018 by a former partner Goldman Sachs Mike Novogratz, Galaxy has grown to a large crypto conglomerate with asset management, bitcoin exposure, bitcoin Funds traded on stock exchange (ETF)mining and investment in the company.
In May was listed on Nasdaq And they reported $ 7 billion in an asset management. But suffered Loss of $ 295 million in the first quarter of 2025 due to falling prices and restructuring in its mining arm.
As Caintelegraph reported, Galaxy Digital threw its largest trading day in 2024 November 5, on the day when the US elections were called in 2024 and Donald Trump was declared a elected president. On that day, Novogratz’s net assets increased by about 15%or approximately $ 600 million to $ 4.6 billion.
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