Galaxy Asset Management, a subsidiary of Galaxy Digital Holdings, has officially closed its inaugural external fund——at $175 million, exceeding its initial $150 million target despite a challenging crypto venture capital environment.

The fund is aimed at fueling early-stage investments across blockchain-native sectors like tokenized payments, stablecoin infrastructure, and digital financial applications. With plans to build a portfolio of roughly 30 companies, the fund targets high-conviction bets on foundational blockchain protocols, fintech infrastructure, and real-world tokenization use cases.

Mike Novogratz, CEO and founder of Galaxy, noted the significance of the raise: “Successfully closing this fund above target in a market that remains cautious highlights our strategic advantage. We’re doubling down on technologies and entrepreneurs pushing the boundaries of real-world crypto adoption.”

Originally launched in Q2 2024, the fund marks Galaxy's first external capital vehicle—shifting from its prior strategy of deploying capital solely from its own balance sheet. After securing $113 million in its initial close, the firm extended fundraising due to strong institutional demand, attracting interest from family offices and high-net-worth investors.

Galaxy President and CIO Chris Ferraro emphasized the firm’s ongoing mission: “This new capital allows us to share our experience and track record with outside investors looking for exposure to crypto’s next growth wave.”

Backed startups already receiving capital from the new fund include:
, , , , , , RedotPay, Rain, M^0, Ubyx, and Yellow Card—all positioned at the convergence of decentralized finance and practical, global applications.

The fund’s closing follows Galaxy’s recent transition to a U.S. domicile and a planned Nasdaq listing. While the firm reported a Q1 loss of $295 million due to volatile market conditions and mining impairments, its long-term positioning remains robust. Galaxy has also co-launched spot Bitcoin and Ethereum ETFs in the U.S. with Invesco and recently filed for a spot Solana ETF with the SEC.

In total, Galaxy Ventures has now backed more than 120 companies, signaling a deepening commitment to supporting the future of digital assets through targeted, high-impact capital deployment.