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Galaxy Raises $113M for New Venture Fund
Mike Novogratz's Galaxy Asset Management banks new funding to invest in crypto startups.
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Galaxy Asset Management has raised $113 million for its Galaxy Ventures Fund.
What's the scoop?
- Investor Interest: Since fundraising started in the second quarter of this year, the fund has attracted institutional allocators, family offices, and high-net-worth individuals.
- Future Goals: Galaxy intends to continue fundraising into next year, targeting $150M, driven by additional interest from institutional investors.
- Investment Strategy: The fund plans to build a portfolio of around 30 investments, led by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa.
Bankless Take:
Galaxy's $113M raise speaks to solid institutional interest and confidence in the maturation of crypto this cycle, which means expanding products beyond the insular focus that currently dominates. This can be seen in the focus of Galaxy’s new fund: global payments, financial market access, and new financial infrastructure. As GLXY is one of Crypto Twitter’s favorite “crypto stock” picks right now, we can expect the ecosystem to watch how the raise and capital deployment unfolds closely.
$COIN price: $227 | P/E ratio: 43.36$GLXY price: $17 | P/E ratio: 3.4$GLXY price if the P/E ratio was same as $COIN: $216 pic.twitter.com/IpmDDy2x1x
— jeetsbyNav (@jeetsbyNav) July 3, 2024