Galaxy Digital Drops $175M Bomb on Crypto Startups!

Hang onto your hats, folks! Mike Novogratz's Galaxy Digital just launched a jaw-dropping $175 million fund aimed straight at the heart of new crypto startups. This ain't no small change!

Galaxy Digital isn't playing around with their crypto startup venture capital game. They've raked in $175 million for their latest venture fund, according to a June 26 report by Fortune. This beast of a fund, zooming in on DeFi and stablecoins, smashed its original target of $150 million. Talk about overachieving!

Mike Giampapa, the big cheese at Galaxy Digital, spilled the beans that the firm is ready to throw cash at more companies sitting at the crossroads of traditional finance and crypto. They're zeroing in on stablecoins and DeFi, claiming these are the golden tickets.

"You're seeing this fundamental shift from more speculative use cases of blockchains to something that's much more...tangible," Mike Giampapa, Galaxy Digital.

Here's the kicker: the firm first scooped up outside capital before jumping in as a limited partner in the fund. Being a public company on the Nasdaq, Galaxy Digital's giving investors a sweet chance to ride the crypto startup wave through its stock.

Giampapa let slip that they've already thrown $50 million from the fund at hotshots like the Monad blockchain and the yield-bearing dollar stablecoin protocol Ethena. These guys mean business!

Galaxy Digital Cranks Up the Crypto Heat

Galaxy Digital's not just dipping their toes in the crypto pool—they're diving in headfirst. They're dabbling in everything from venture capital to crypto mining, and they've got a cool $7 billion in assets under management as of May. Most of that cash is fueling various crypto startups.

And guess what? They're not stopping there. Recently, Galaxy Digital's been sniffing around a Solana ETF and made moves to kickstart the Invesco Galaxy Solana Trust. On June 25, they teamed up with Invesco and slapped an S-1 form down on the Securities and Exchange Commission's desk.

With the U.S. finally easing up on crypto regulations, venture funds and financial bigwigs are getting more adventurous at the intersection of crypto and traditional finance. And Galaxy Digital? They're aiming to lead the charge in this wave of innovation.