Marco Bello
Galaxy Digital Holdings (OTCPK:BRPHF) is planning to raise $100 million to create a fund that will invest in as many as 30 cryptocurrency startups over the next three years, according to a media report dated Wednesday.
The new fund, called Galaxy Ventures Fund I, LP, will target cryptocurrency-based financial apps, software infrastructure and protocols, CoinDesk reported, citing an investor letter.
Crypto venture capital is not a new foray for Galaxy Digital (OTCPK:BRPHF). Over the past six years, the company has invested $200 million in more than 100 projects, the article said. Last year, Galaxy (OTCPK:BRPHF) added its venture capital unit to its asset management business.
Mike Novogratz’s Galaxy Digital (OTCPK:BRPHF) did not immediately respond to Seeking Alpha’s request for comment.
The news comes as cryptocurrency market investors have enjoyed a bull market over the past year, with Bitcoin (BTC-USD) hitting a new record high of $73,800 last month and rising nearly 50% this month. year and +137% Yes/Yes. The coin changed hands at $65.8 thousand at the time of this writing.