Galaxy raises $175 million in venture capital fund to expand its venture capital business

According to Foresight News, according to Fortune magazine, Galaxy announced that its first venture capital fund has been raised, with a size of $175 million, exceeding the initial target of $150 million. This fund is Galaxy's first introduction of external capital. Galaxy's general partner Mike Giampapa stated that the company has decided to expand its venture capital business in order to expand its investment scope to startups dedicated to the growing intersection of traditional finance and cryptocurrency, including stablecoins and decentralized financial applications. Galaxy's business scope is extensive, covering asset management, cryptocurrency mining, and its own Bitcoin ETF. The company jointly launched a Bitcoin ETF with investment firm Invesco in early 2024. Galaxy is still exploring the launch of Solana ETF. Mike Novogratz was a former partner at Goldman Sachs and a seasoned figure in the blockchain industry. He founded Galaxy in 2018.