Michael Novogratz’s Galaxy Ventures Fund I LP is expected to raise about $ 175 million to $ 180 million by the end of June to build a portfolio of 30 crypto and blockchain startups.
According to In an April 17 Bloomberg report citing people familiar with this matter, the fund – who had a focus on payments and stablecoins – exceeded its goal to raise $ 150 million.
The closure fund above the target arrived at a time when the crypto venture capital was skinny on the ground despite a friendly industry administration in the United States.
Earlier this year, Novogratz’s firm reported That 2024 is also a tough year for Crypto VC despite potential market drivers such as Bitcoin ETF, the Memecoin Craze, and Ai agentsThat said it was “not particularly suitable for venture capital.”
Venture capitalists invested $ 11.5 billion in crypto and blockchain startups all 2,153 deals in 2024, it reported. It was slightly higher than the $ 10 billion invested in 2023 but dropped from more than $ 30 billion invested in 2022.
Crypto VC investments in America also reduced 22% to $ 1.3 billion in the first quarter of 2025, according to the pitchbook. This is it too reported That had a pivot in AI, with the sector taking 58% of the global adventure dollar in the first quarter.
Global Crypto VC funding reached $ 4.8 billion in Q1, the highest from Q3 2022, reported Cryptorank was earlier this month. However, the $ 2 billion Investment In Binance from the Abu Dhabi investment firm MGX is about half of it.
Related: Mike Novogratz’s Galaxy Digital gets a SEC Nod for the NASDAQ list
The initial close for the Galaxy Ventures Fund I was in June 2024, when it was Raised $ 113 million. At this time, the funding portfolio includes the synthetic dollar issuer Eden;;;;;;;;;;;;;;;;;;;;;;; M^zero, a stablecoin liquidity defi protocol; Layer-1 blockchain Monad; Layer-2 tokenized asset chain plume; and Renzo, a protocol that supports derivatives in property -locked in Eigenlayer and Ethereum.
Crypto does what to do
Galaxy CEO Mike Novogratz remains confident in crypto and bitcoin (Btc) stating to x On April 16 it “does what should be,” and “acting as a financial financial card report.”
“In times of uncertainty, it shows the same flight to safety and a long-term stake in a new financial system. But as a young property, it still needs to be calm to grow. The adoption does not develop in chaos.”
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