News

Galaxy Digital Set to Raise $100 Mln Venture Fund with External Backing

Galaxy Digital, led by Michael Novogratz, is now seeking to raise $100 million in new venture funds, via external sources.
Published by
Galaxy Digital Set to Raise $100 Mln Venture Fund with External Backing

Highlights

  • Michael Novogratz's Galaxy Digital is in the process of raising $100 million in venture funds.
  • Galaxy Ventures will raise the capital while keeping an eye on its current portfolio.
  • The fourth-quarter results of Michael Novogratz's Galaxy Digital showed the firm swinging to profit.

Michael Novogratz’s Galaxy Digital is in the process of raising $100 million in venture funds, according to Bloomberg. The raise came right around the corner when the firm had posted a positive result and assets under management.

Advertisement

Galaxy Digital to Use External Sources for Raise

Bloomberg highlights that the majority of Galaxy Digital’s $100 million goal is anticipated to come from outside investors as the company begins the process of building a new venture fund.

Galaxy Ventures has long made direct financial investments from the corporation into several cryptocurrency startups that are concentrating on payments, decentralized finance, and infrastructure. However, the business decided last year to launch Galaxy Ventures Fund I and make it available to outside investors, according to a person with knowledge of the decision who wished to remain anonymous because the details of the decision have not been made public.

Galaxy Ventures will raise the capital while keeping an eye on its current portfolio. According to the source, a startup will require a minimum investment of $1 million.

Read Also: Bitcoin (BTC) Price: Is Long-Term Holder Selloff A Blessing In Disguise?

Advertisement

Q4 Profit Soar For Michael Novogratz’s Firm

The fourth-quarter results of Michael Novogratz’s Galaxy Digital showed the firm swinging to profit. In addition to turning a profit in the fourth quarter, the blockchain startup disclosed the amount of digital assets it possesses through its total assets under management report.

The company’s total profit skyrocketed because of strong trade volumes and favorable cryptocurrency prices during the quarter. Nevertheless, upon the release of the results, the company’s shares dropped.

The company’s net income for the period was $301.5 million, or 90 cents per share, as opposed to a loss of $288.8 million, or $3.13 last year. The company’s operations benefited, according to a statement released by Galaxy, which cited “heightened market volatility and increased trading volumes” as the primary causes. Another major aspect was the increase in the cost of digital assets.

For the year that concluded in February 2024, the corporation reported income before taxes of about $300 million. Furthermore, Assets Under Management, or “AUM,” increased to $10.1 billion as of February 29, 2024.

Read Also: Robert Kiyosaki Reacts to Fed Chair Powell’s Inflation Admission

Advertisement

Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000

Bitcoin (BTC) has climbed above $113,000 as optimism grew ahead of President Donald Trump’s meeting…

October 26, 2025
  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025