Source: Cointelegraph Original: "{title}"

Mike Novogratz's Galaxy Ventures Fund I LP is expected to raise approximately $175 million to $180 million by the end of June to invest in 30 cryptocurrency and blockchain startups.

According to a Bloomberg report on April 17, insiders revealed that this fund, which primarily focuses on the payment and stablecoin sectors, has already surpassed its fundraising target of $150 million.

Despite the U.S. government's friendly stance towards the cryptocurrency industry, the fund has still exceeded its fundraising goals in the current environment where venture capital for cryptocurrencies is scarce.

Earlier this year, Novogratz's company reported that despite potential market drivers such as Bitcoin ETFs, meme coin booms, and AI agents emerging in 2024, these areas "are not particularly suited for venture capital," making the year still challenging for cryptocurrency venture capital.

The report indicated that in 2024, venture capitalists invested $11.5 billion in cryptocurrency and blockchain startups through 2,153 deals. This is a slight increase from the $10 billion in 2023 but far below the over $30 billion investment scale in 2022.

According to Pitchbook data, U.S. cryptocurrency venture capital investment in the first quarter of 2025 fell by 22% year-on-year to about $1.3 billion. The report also noted that the investment focus has shifted towards the AI sector, which accounted for 58% of global venture capital funding in the first quarter.

CryptoRank reported earlier this month that global cryptocurrency venture capital financing reached $4.8 billion in the first quarter of 2025, marking a new high since the third quarter of 2022. However, nearly half of this total came from Abu Dhabi investment firm MGX's $2 billion investment in Binance.

Galaxy Ventures Fund I completed its initial fundraising in June 2024, raising $113 million. At that time, the fund's portfolio included synthetic dollar issuer Ethena, stablecoin liquidity DeFi protocol M^Zero, layer one blockchain Monad, layer two tokenized asset chain Plume, and the protocol Renzo, which supports EigenLayer and Ethereum locked asset derivatives.

Galaxy CEO Mike Novogratz remains confident in cryptocurrencies and Bitcoin (BTC). On April 16, he stated on social media platform X that cryptocurrencies "are playing their rightful role" and "serving as a report card for financial management."

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