Mike Novogratz’s crypto conglomerate Galaxy Digital is making moves to capitalize on the revived interest in the digital asset space. The company is reportedly in the early stages of launching a $100 million venture fund, dubbed Galaxy Ventures Fund I, aimed at backing promising early-stage crypto startups.
This move comes as venture capital firms are flocking back to the crypto market, buoyed by the recent rally in Bitcoin’s price and the approval of spot Bitcoin ETFs in the U.S. The influx of institutional capital has ignited a new wave of optimism and investment opportunities within the industry.
Unlike its previous investment strategy, which relied solely on internal funds, Galaxy Ventures Fund I will open its doors to external investors. This strategic shift allows Galaxy Digital to broaden its reach and solidify its position as a prominent player in the burgeoning crypto ecosystem.
The minimum investment per startup from the fund will be $1 million, reflecting Galaxy’s commitment to supporting innovative projects with significant growth potential. The company has already made notable investments, such as leading a $2.7 million round for Citrea, a project focused on bringing zero-knowledge rollups to Bitcoin.
Galaxy Digital’s foray into a dedicated crypto venture fund aligns with the broader industry trend. Other prominent firms, including Andreessen Horowitz and Hack VC, have also allocated substantial funds to support Web3 and crypto-focused startups, signaling a growing appetite for disruptive technologies in the space.
As the crypto market continues to gain mainstream acceptance and adoption, the influx of venture capital is poised to fuel further innovation and drive the development of groundbreaking projects. Galaxy Digital’s $100 million fund positions the company at the forefront of this exciting landscape, enabling it to shape the future of finance and technology.
