Galaxy Digital plans to bring in external capital, investing $100 million in crypto startups

According to a report by CoinDesk, cryptocurrency venture firm Galaxy Digital is in the process of raising a $100 million fund and for the first time, introducing external investors' capital to invest in early-stage cryptocurrency startups.

Goal to Invest in Thirty Startups Over Three Years

The risk team at Galaxy Digital has long been investing its own funds in cryptocurrency companies. However, sensing the opportunity of a bull market, Galaxy Digital has decided to bring in external investors and set up a $100 million fund named Galaxy Ventures Fund I, LP. The goal is to invest in up to 30 startups over the next three years, with a minimum investment of $1 million. Investments will focus on financial applications, software infrastructure, and the construction of cryptographic protocols.

Galaxy has been deeply involved in crypto investments for many years, having invested $200 million in over 100 projects in the past six years.

Founder Mike Novogratz Ranks as a Billionaire

According to the Forbes 2024 list of global billionaires, Galaxy Digital founder Mike Novogratz ranks thirteenth on the crypto billionaire list with a net worth of $2.5 billion. As an early Bitcoin investor, Novogratz leads the cryptocurrency investment firm Galaxy Digital Holdings, which is listed on the Toronto Stock Exchange and manages around $6 billion in assets. His stake in the company is valued at around $2 billion. Prior to entering the crypto industry, Novogratz worked on Wall Street. He spent ten years at Goldman Sachs, then led a macro fund at the private equity firm Fortress Investment Group, eventually becoming the company's CEO.