Mike Novogratz’s Galaxy Untures Fund on track to collect $ 180 million for CRIPTO Startups

Billionaire Mike Newgratz Fund in Ventures Fund and LP is on the way to reach $ 180 million to June to back early phase Cripto and Blocchain Startup, with a focus on payments and stablecoins.

According to unnamed sources specified in April 17 Bloomberg reportThe fund has already surpassed its target goal of $ 150 million and is expected to close between $ 175 million and $ 180 million.

The final closure is scheduled for the end of June. Galaxy did not give public numbers, and the spokesman refused to comment.

The Galaxi Untures Fund invests in the early phases of the company’s infrastructure and financial tools for the crypto economy. His current portfolio includes Ethena Synthetic Defuer Ethena, Stablecoin focused protocol M ^ zero, layer-1 Blocchain Monad, Chenisation Connisaon Connisant Plume and Renzo, which supports Etherum have redistributed via Eigenlayer.

The Fund had the first close in June 2024. year, when she announced the Galaxy Assets Management Raised $ 113 million. At that time, the company said the entry fund will target the launch of construction cryptological protocols, software and financial applications.

“This fund will strengthen our commitment to the interference of the digital asset,” Global Global Head ASSET Management, “allowing us to return visionary startups and incomparable insights into the emerging technology and the future of funding.”

At the head with general partners, Nuelle and Mike Giampapa, the Fund aims to build a portfolio of about 30 investment aimed at the help of institutions and startups participate in Onchain’s economy.

The spreaded Galaxy operations previously moved under his asset management department before initiating this fund. His strong progress of fundraising comes despite the wider translations in the sector, where the crypto VC activity is slow to recover.

In Q1 2025. years, American Cripto Venture Offers PAO 22% Years in relation to approximately $ 1.3 billion, according to PitchBook. A large part of the capital moved to artificial intelligence, which was absorbed by 58% of global VC dollars in the same period.

February report The company analytics was pointed out how careful the market has become. Despite Bitcoin, hit $ 100,000 at the end of 2024. year, the middle Crypto Vc Deal Deals dropped almost 90% since 2018. Years.

At the time, Robert Le told the capital of capital education with only white newspapers, with today’s founders who needed a “significant amount of traction or something other than technical white paper.”

However, Le hoped that it was almost 2025. years and projected over $ 18 billion in risk capital to flow in crypto.