Galaxy Digital has successfully closed a $175 million venture fund, its first with outside capital, to support early-stage crypto startups. This fund surpassed its initial target of $150 million and marks a shift for Galaxy, which previously relied solely on its balance sheet for investments. General partner Mike Giampapa shared that the fund aims to back companies focused on stablecoins, decentralized finance (DeFi), and practical blockchain applications beyond speculation. He noted that the moment felt right after the FTX collapse, allowing Galaxy to enhance its venture operation. The fund is primarily backed by Galaxy itself, with inputs from institutional investors like family offices and fund-of-funds. Since its first close in July 2024, Galaxy has already invested $50 million in companies including Monad and Ethena. Founded in 2018 by Mike Novogratz, Galaxy Digital has grown into a major crypto conglomerate with significant assets under management, although it faced a loss of $295 million in the first quarter of 2025 due to market fluctuations.

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