Galaxy Digital is about to go public in the United States, and crypto investment funds are also overfunded

Billionaire Michael Novogratz's Galaxy Ventures Fund I LP has exceeded its goal of raising $150 million to build about 30 portfolios, according to Bloomberg, citing people familiar with the matter. In addition, its group Galaxy Digital is also expected to be listed on the NASDAQ Stock Exchange (NASDAQ) under the ticker symbol GLXY after an extraordinary general meeting in May, marking a new milestone in the global capital market.

The Galaxy Ventures Fund was still overraised during the period of stagnation in venture capital

Galaxy Ventures Fund I LP, which invests in early-stage startups with a focus on payments and stablecoins, is expected to close by the end of June, raising $175 million to $180 million, exceeding the target amount of $150 million, sources said.

Although the digital asset environment in the United States and globally is more friendly, venture capital activity has largely stagnated, especially in the crypto industry, venture capital funds are still difficult to obtain. Data compiled by Pitchbook shows that in the first three months of this year, US cryptocurrency venture capital fell by 22% to just about $1.3 billion.

The digital asset company's Galaxy Ventures has long invested between $30 million and $50 million in its own funds annually into various crypto startups. Subsequently, Galaxy incorporated the group into its asset management division and established the Galaxy Ventures Fund, which is open to outside investors. It is reported that most of the limited partners of the new fund are family offices and high-net-worth individuals, and Galaxy itself has invested in the fund.

Galaxy Digital has received (SEC) approval from the U.S. Securities and Exchange Commission and is expected to be listed on the NASDAQ Exchange (NASDAQ) under the ticker symbol GLXY after an extraordinary general meeting in May, marking a new milestone in the global capital markets.

(Galaxy Digital was approved by the SEC to relocate to Delaware and plans to list the Nasdaq ) in May

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