{"id":127350,"date":"2025-04-17T04:20:52","date_gmt":"2025-04-17T04:20:52","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127350"},"modified":"2025-04-17T04:20:52","modified_gmt":"2025-04-17T04:20:52","slug":"crypto-venture-fund-galaxy-ventures-could-hit-a-180m-fundraise-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127350","title":{"rendered":"Crypto venture fund Galaxy Ventures could hit a $180M fundraise: Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsMichael Novogratz\u2019s Galaxy Ventures Fund I LP is expected to raise around $175 million to $180 million by the end of June to build a portfolio of 30 crypto and blockchain startups.<br \/>\nAccording to an April 17 Bloomberg report citing people familiar with the matter, the fund \u2014\u00a0 which has had a focus on payments and stablecoins \u2014 has surpassed its goal of raising $150 million.<br \/>\nThe fund closing above target comes at a time when crypto venture capital is thin on the ground despite an industry-friendly administration in the United States.\u00a0<br \/>\nEarlier this year, Novogratz\u2019s firm reported that 2024 was also a tough year for crypto VC despite potential market drivers such as Bitcoin ETFs, the memecoin craze, and AI agents, which it said were \u201cnot particularly suited to venture capital.\u201d\u00a0<br \/>\nVenture capitalists invested $11.5 billion into crypto and blockchain-focused startups across 2,153 deals in 2024, it reported. This was slightly higher than the $10 billion invested in 2023 but way down from over $30 billion invested in 2022.\u00a0<br \/>\nCrypto VC investments in America have also decreased by 22% to around $1.3 billion in the first quarter of 2025, according to Pitchbook. It also reported that there has been a pivot to AI, with the sector taking 58% of global venture dollars in the first quarter.<br \/>\nGlobal crypto VC funding reached $4.8 billion in Q1, the highest since Q3 2022, reported CryptoRank earlier this month. However, the $2 billion investment in Binance from Abu Dhabi investment firm MGX was almost half of that.\u00a0<br \/>\nCrypto VC funding by quarter. Source: CryptoRankRelated: Mike Novogratz\u2019s Galaxy Digital gets SEC nod for Nasdaq listing<br \/>\nThe initial close for the Galaxy Ventures Fund I was in June 2024, when it raised $113 million. At the time, the fund\u2019s portfolio included synthetic dollar issuer Ethena; M^Zero, a stablecoin liquidity DeFi protocol; layer-1 blockchain Monad; layer-2 tokenized asset chain Plume; and Renzo, a protocol supporting derivatives on assets locked in EigenLayer and Ethereum.\u00a0<br \/>\nCrypto doing what its supposed to do<br \/>\nGalaxy CEO Mike Novogratz remains confident in crypto and Bitcoin (BTC), stating on X on April 16 that it is \u201cdoing what it\u2019s supposed to,\u201d and \u201cacting as a report card on financial stewardship.\u201d<br \/>\n\u201cIn times of uncertainty, it reflects both the flight to safety and a long-term bet on a new financial system. But as a young asset, it still needs calm to grow. Adoption doesn\u2019t thrive in disorder.\u201d<br \/>\nMagazine: Illegal arcade disguised as \u2026 a fake Bitcoin mine? Soldier scams in China: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/crypto-venture-fund-galaxy-ventures-i-tops-fundraising-goal?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsMichael Novogratz\u2019s Galaxy Ventures Fund I LP is expected to raise around $175 million to $180 million by the end of June to build a portfolio of 30&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127350"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127350"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127350\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127350"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}