Mike Novogratz’s Galaxy Asset Management is looking to launch a new crypto fund. The firm has raised $113 million and will invest in early-stage startups revolving around crypto software, infrastructure, and financial apps.
A recent report pointed out that the new fund — called Galaxy Ventures Fund I LP — intends to build a portfolio of around 30 investments. Additional funds will be raised, with Galaxy eying a $150 million target.
Galaxy already financially backs several projects from the space including Ethena, Monad, and Plume. The firm’s executives are optimistic about blockchain and its prospects.
One of the fund’s general partners, Mike Giampapa, said that blockchains will be used to settle the “majority” of transactions. He added,
“It’s a one-two decade transition that we are betting on.”
Meanwhile, Will Nuelle, the other general partner revealed that the fund will shell out between $3 million and $5 million per project it decides to back.
Institutions have played an instrumental role in shaping the trajectory of cycles in the crypto market. The heavy lifting has only amplified with time.
The likes of Goldman Sachs and Coinbase are focussing more on tokenization and launching money market funds and products revolving around the debt issuance complex.
Meanwhile, venture firm Paradigm unveiled a few weeks back that it has raised $850 million for its third fund focused on investing in crypto.
Pantera Capital is another institution that is looking to raise $1 billion for a new fund that will offer exposure to a “full spectrum” of blockchain assets. The aforementioned fund is scheduled for launch in April 2025.
Hamilton Lane, on the other hand, became the first asset manager to roll out a fund on Solana earlier this week. The firm — which manages over $900 billion in assets — launched a private credit endowment on the aforementioned blockchain that investors can access via its Senior Credit Opportunities Fund [SCOPE].
