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According to Bloomberg, billionaire Michael Novogratz's Galaxy Asset Management company has secured $113 million for a venture fund investing in early-stage firms focused on cryptocurrency software, infrastructure and financial applications.
The Galaxy Ventures Fund I LP aims to establish a portfolio of around 30 investments. It has already invested funds into projects such as Ethena, Monad and Plume. In a statement Thursday, Galaxy stated that the fund plans to continue fundraising until it reaches the $150 million target by next year at the latest.
The fund is yet another indication of a resurgence in venture capital investments in cryptocurrency, with firms such as Pantera Capital and Paradigm raising new funds. With Bitcoin reaching a new all-time high of nearly $74,000 in mid-March, investor euphoria seems to have picked up.
Tomiwabold OlajideGalaxy Ventures has traditionally spent between $30 million and $50 million of its own money each year on various crypto firms, with a focus on infrastructure, decentralized banking and payments.
Last year, Galaxy chose to shift the group to its asset management business and launch Galaxy Ventures Fund I, which is open to outside investors.
In a significant milestone for the cryptocurrency industry, on Tuesday, eight new spot-Ether exchange-traded funds were launched in the United States, while the Grayscale Ethereum Trust, the largest for Ethereum with $8 billion in assets, transitioned from a closed-end structure to an ETF after more than six years.
Ethereum experienced "sell-the-news" pressure shortly after the ETF's launch. Ether, the second-largest cryptocurrency, led a decrease in digital assets following an equities plunge that sparked concern on global markets.
Ethereum fell around 8%, the most in three weeks and was trading at $3,169 at press time. Bitcoin was down almost 4%, reaching $64,460.
Godfrey Benjamin