{"id":22512,"date":"2025-04-17T09:32:00","date_gmt":"2025-04-17T09:32:00","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22512"},"modified":"2025-04-17T09:32:00","modified_gmt":"2025-04-17T09:32:00","slug":"galaxy-ventures-targets-180m-raise-to-back-30-crypto-startups-by-june","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22512","title":{"rendered":"Galaxy Ventures Targets $180M Raise To Back 30 Crypto Startups By June"},"content":{"rendered":"
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Galaxy Ventures Fund I LP, spearheaded by Michael Novogratz, is on track to raise between $175 million and $180 million by the end of June, surpassing its original $150 million target.<\/span><\/p>\n

The capital will be used to support a portfolio of approximately 30 startups focused on crypto and blockchain infrastructure, with an emphasis on stablecoins and payment systems, according to <\/span>an April 17 Bloomberg report<\/span><\/a> citing sources familiar with the matter.<\/span><\/p>\n

The fund\u2019s progress is noteworthy given the broader slowdown in crypto venture capital. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n

2024 Was a Challenging Year for Crypto VCs<\/span><\/h2>\n

Despite signs of renewed retail interest driven by Bitcoin ETFs, meme coin speculation, and AI integrations, Novogratz\u2019s firm acknowledged that 2024 was a challenging year for crypto VCs. <\/span><\/p>\n

Galaxy Digital previously stated that these trends\u2014particularly the rise of AI agents\u2014were not inherently compatible with traditional venture funding models.<\/span><\/p>\n

Data supports that caution. Venture capitalists poured $11.5 billion into the crypto and blockchain sector in 2024 across 2,153 deals\u2014up slightly from $10 billion in 2023 but a sharp decline from over $30 billion during the 2022 bull run. <\/span><\/p>\n

U.S.-based crypto VC activity has also slowed in 2025, with PitchBook reporting a 22% drop in funding during Q1, totaling around $1.3 billion. Meanwhile, AI-related startups have absorbed 58% of global venture dollars <\/span>so far<\/span> this year.<\/span><\/p>\n

Globally, Q1 2025 saw crypto VC funding hit $4.8 billion\u2014the highest since Q3 2022\u2014according to CryptoRank. However, a $2 billion investment in Binance by Abu Dhabi\u2019s MGX accounted for nearly half of that figure, suggesting the rebound is still uneven.<\/span><\/p>\n

Galaxy Ventures Fund I initially raised $113 million during its first close in June 2024. <\/span><\/p>\n

Its portfolio <\/span>already<\/span> includes synthetic dollar platform Ethena, DeFi stablecoin protocol M^Zero, Layer-1 network Monad, tokenized asset Layer-2 chain Plume, and Renzo, which supports derivative staking on Ethereum via EigenLayer.<\/span><\/p>\n

Despite market turbulence, Novogratz remains optimistic. In an April 16 post on X, he said Bitcoin is \u201cacting as a report card on financial stewardship,\u201d adding that during uncertainty, it serves as both a <\/span>safe<\/span> haven and a long-term bet on a new financial system.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Best AI Crypto Coins to Invest in 202<\/span><\/a><\/strong><\/p>\n

Crypto VC Funding Surges to $7.3B in Q1 Despite Market Lull <\/span><\/h2>\n

Crypto venture capital funding surged in Q1 2025, reaching $7.3 billion across 550 deals, according to Messari. March saw a notable uptick in activity, even as major cryptocurrencies remained relatively flat. <\/span><\/p>\n

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~$154 million in venture funding this week. <\/p>\n

Q1 closing with $7.3B+ raised across more than 550 rounds. https:\/\/t.co\/aPQcrAdnG6<\/a><\/p>\n

\u2014 Messari (@MessariCrypto) March 28, 2025<\/a><\/p>\n<\/blockquote>\n