The fund invests in companies that are
building an onchain future across crypto protocols,
software infrastructure, and financialized applications
NEW
YORK, July 25, 2024 /CNW/ - Galaxy Asset
Management, an affiliate of Galaxy Digital Holdings Ltd. (TSX:
GLXY) and one of the world's largest digital assets and blockchain
investment managers, today announced an initial close of
$113 million for Galaxy Ventures Fund
I LP, a venture capital fund focused on investing in early-stage
companies across crypto protocols, software
infrastructure, and financialized applications.
This new fund has attracted institutional allocators, family
offices, and high-net-worth individuals since fundraising started
in the second quarter of this year. Given the additional interest
from institutional investors, Galaxy expects to continue
fundraising into next year and reach, if not exceed, the fund's
$150 million target.
The fund will expand upon Galaxy Ventures' time-tested thesis:
Investing in companies that engineer digital asset innovation and
enable financial institutions, startups, and markets to participate
in the onchain future. The team's goal is to build a portfolio of
approximately 30 investments in the most promising digital asset
companies. Led by General Partners Will
Nuelle and Mike Giampapa, the
fund is supported by Galaxy's diverse business lines and builds on
the firm's extensive history of investing balance sheet capital in
innovative blockchain infrastructure companies.
"From the very beginning, successfully investing in and
supporting founders, technologies, and companies at the forefront
of digital asset innovation has been central to Galaxy's mission
since 2018," said Chris Ferraro,
President and Chief Investment Officer of Galaxy. "By taking on
external capital, we can extend our expertise, experience, and
proven track record to institutional investors eager to tap into
the next wave of growth."
To date, Galaxy Ventures has invested in more than 100 portfolio
companies. Investments from the new fund include Ethena, M^0,
Monad, and Plume, among others.
"Galaxy Ventures' successful first close is a vote of confidence
in Galaxy's active, risk-based approach to investing," said
Steve Kurz, Global Head of Asset
Management at Galaxy. "This fund will strengthen our commitment to
fostering innovation in the digital asset space, enabling us to
back visionary startups and gain unparalleled insights into the
emerging technologies that will shape both our company and the
future of finance."
"If we get to the end of the Fund life and Galaxy Ventures has
supported teams making global payments cheaper and faster, teams
expanding access to financial markets, and teams designing new base
layer infrastructure for the financial internet-of-value, all while
making our investors elite returns, that is how I would define
success for this Fund," said Will
Nuelle, General Partner of Galaxy Ventures.
Galaxy Ventures directly supports its portfolio companies
through a dedicated Venture Platform that leverages Galaxy's
broader business lines to provide unique value-added services.
These services include capital markets support, hands-on product
feedback, and brand building. With over 450 employees globally,
Galaxy offers unparalleled connectivity and technical expertise
that enables us to secure strategic deal allocations and support
portfolio companies by understanding key technological shifts
across crypto infrastructure and financial
services.
About Galaxy
Galaxy (TSX: GLXY) is a digital asset and blockchain leader
providing access to the growing digital economy. We serve a
diversified client base, including institutions, startups, and
qualified individuals. Since 2018, Galaxy has been building a
holistic financial platform spanning three complementary operating
businesses: Global Markets, Asset Management, and Digital
Infrastructure Solutions. Our offerings include, amongst others,
trading, lending, strategic advisory services, institutional-grade
investment solutions, proprietary bitcoin mining and
hosting services, network validator services, and the development
of enterprise custodial technology. The company is headquartered in
New York City, with global offices
across North America, Europe, and Asia. Additional information about Galaxy's
businesses and products is available on www.galaxy.com.
Disclaimers
The TSX has neither approved nor disapproved the contents of
this press release.
This press release is not an offer to buy or sell, nor is
it a solicitation of an offer to buy or sell, interests in the fund
or any advisory services or any other security or to participate in
any advisory services or trading strategy. If any offer and sale of
securities is made, it will be pursuant to the confidential
offering memorandum of the fund (the Offering Memorandum or fund
prospectus ("Prospectus")). Any decision to make an investment in
the fund should be made after reviewing such Offering Memorandum or
Prospectus, conducting such investigations as the investor deems
necessary and consulting the investor's own investment, legal,
accounting and tax advisors in order to make an independent
determination of the suitability and consequences of an
investment.
An investment in the fund, involves a high degree of risk,
including the risk that the entire amount invested may be lost. The
fund will invest in Digital Assets (such as Bitcoin,
Ethereum, other cryptocurrencies or
blockchain based assets, including those that represent the
Decentralized Finance (or DeFi) portion
or sector of the digital assets market) using strategies and
investment techniques with significant risk characteristics,
including risks arising from the volatility of the global Digital
Assets markets and the risk of loss from counterparty defaults. The
fund's investment program may use investment techniques that
involve substantial volatility and can, in certain circumstances,
substantially increase the adverse impact to which the fund may be
subject. All investments made by the fund will risk the loss of
capital. No guarantee or representation is made that the fund's
investment program will be successful, that the fund will achieve
its investment objective or that there will be any return of
capital invested to investors in the fund, and investment results
may vary.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking information and
forward-looking statements, as defined in applicable securities
laws (collectively referred to herein as "forward-looking
statements"). These forward- looking statements relate to the
Tokenization Wizard launch and opportunities. All statements other
than statements of historical fact are forward-looking statements.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "budget",
"scheduled", "estimates", "continues", "forecasts", "projects",
"predicts", "intends", "anticipates" or "believes", "seeks" or
variations of, or the negatives of, such words and phrases, or
state that certain actions, events or results "may", "could",
"would", "should", "might" or "will" be taken, occur or be
achieved. The forward-looking statements contained in this release
are based on our current expectations and beliefs concerning future
developments and their potential effects on us taking into account
information currently available to us. There can be no assurance
that future developments affecting us will be those that we have
anticipated. Forward-looking statements involve known and unknown
risks uncertainties and other factors that may cause actual results
to differ materially from those anticipated in such forward-looking
statements. Inherent in forward-looking statements are risks,
uncertainties and other factors beyond the Company's ability to
predict or control. The forward-looking statements are subject to
the risks regarding the product and launch. Factors that could
cause outcomes to differ materially from those described in such
forward-looking statements include, but are not limited to global
developments, a delay or failure in the ability to launch and
changes in applicable law or regulation. Readers are cautioned that
such risk factors, uncertainties and other factors are not
exhaustive. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the
forward-looking statements in this release. The forward-looking
statements in this release are applicable only as of the date of
this release or as of the date specified in the relevant
forward-looking statement and the Company does not intend, and does
not assume any obligation, to update these forward-looking
statements, except as required by applicable securities laws.
Investors are cautioned that forward-looking statements are not
guarantees of future performance and are inherently uncertain.
Accordingly, investors are cautioned not to put undue reliance on
forward-looking statements.
SOURCE Galaxy Digital Holdings Ltd.