Michael Novogratz’s 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. According to an April 17 Bloomberg report citing people familiar with the matter, the fund — which has had a focus on payments and stablecoins — has surpassed its goal of raising $150 million. The 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. Earlier this year, Novogratz’s 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 “not particularly suited to venture capital.” Venture 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. Crypto 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. Global 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. Crypto VC funding by quarter. Source: CryptoRank Related: Mike Novogratz’s Galaxy Digital gets SEC nod for Nasdaq listing The initial close for the Galaxy Ventures Fund I was in June 2024, when it raised $113 million . At the time, the fund’s 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. Crypto doing what its supposed to do Galaxy CEO Mike Novogratz remains confident in crypto and Bitcoin ( BTC ), stating on X on April 16 that it is “doing what it’s supposed to,” and “acting as a report card on financial stewardship.” “In 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’t thrive in disorder.” Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express
