Galaxy Digital to launch $100 million fund for early-stage crypto companies

Quick Take

  • The $100 million fund will bankroll as many as 30 companies in the next three years.
  • The fund will focus on financial application, software infrastructure and protocols building.

Galaxy Digital Holdings is establishing a $100 million fund for early-stage cryptocurrency startups, CoinDesk reported today, citing an email to the company's investors.

The Galaxy Ventures Fund I, LP, will funnel upwards of $1 million into each of as many as 30 startups over three years, with a focus on “financial applications, software infrastructure and protocols building in crypto,” according to the report.

Galaxy's move to start up a new fund for early-stage digital asset companies comes amid a resurgence in funding rounds in the cryptocurrency industry. Crypto startups raised roughly $3.1 billion in the fourth quarter of 2023, up from $1.7 billion in the preceding quarter, according to public data cited by Blockworks.

"We're excited to build on our successful track record of investing in digital asset companies and blockchain infrastructure," Mike Wursthorn, Galaxy's head of communications, told The Block in a statement. "For years, we've been putting our own capital behind these innovators. Now we're launching Galaxy Ventures Fund I LP to partner with outside investors, allowing us to continue fueling the digital asset ecosystem by backing promising early-stage companies."


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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About Author

Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano

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