Gold prices hold sharp gains as soft US jobs data fuels Fed rate cut bets
NEW YORK - Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (NASDAQ:GLXY) (TSX:GLXY), announced Thursday the final close of its Galaxy Ventures Fund I with over $175 million in capital commitments, exceeding its $150 million target. The company’s stock has delivered an impressive 61.46% return over the past year, and according to InvestingPro analysis, currently trades near its Fair Value.
The fund will focus on early-stage companies developing infrastructure and applications for the blockchain-based economy, targeting investments in areas including stablecoins, payments, and tokenization.
This marks a transition for Galaxy Ventures, which previously invested from Galaxy’s balance sheet since 2018. The new fund attracted institutional investors, family offices, and strategic digital asset businesses.
The fund’s portfolio already includes startups such as 1Money, Arch Lending, Ethena, and Yellow Card. Including historical investments, Galaxy Ventures has backed more than 120 companies to date.
"Galaxy Ventures closing its first fund above the target at a time when raising crypto venture is historically difficult showcases our team’s unique edge in the market," said Mike Novogratz, Founder and CEO of Galaxy.
Led by Will Nuelle and Mike Giampapa, the Galaxy Ventures team is supported by a dedicated platform function that provides portfolio companies with resources and connectivity to Galaxy’s global business lines.
The information is based on a press release from Galaxy Digital Inc.
In other recent news, Galaxy Digital Holdings Ltd has been at the center of several noteworthy developments. The company recently announced a significant 15-year lease agreement with CoreWeave for 133 megawatts (MW) of IT load at its Helios mining facility in West Texas, expected to contribute approximately $4.5 billion in revenue over the lease period. This lease agreement has been highlighted by several analysts, with Piper Sandler maintaining an Overweight rating but reducing the price target to C$34, and Benchmark maintaining a Buy rating with a Cdn$41.00 target. Meanwhile, BTIG initiated coverage with a Buy rating and a C$30 target, emphasizing Galaxy Digital’s diversified operations within the digital asset ecosystem.
The Helios facility is a significant asset for Galaxy Digital, with plans for further expansion, including an additional 600MW of approved gross capacity. Analysts from Keefe, Bruyette & Woods also cut their price target to C$36, citing macroeconomic challenges and delays in the listing process, but maintained an Outperform rating, suggesting confidence in the company’s growth potential. The firm is optimistic about Galaxy Digital’s ability to benefit from regulatory developments favorable to the digital asset industry.
These recent developments reflect Galaxy Digital’s strategic positioning in the market, with the Helios facility playing a crucial role in its operations. The company’s focus on long-term contracts and expansion plans underscores its commitment to capitalizing on the increasing demand for digital infrastructure solutions. As the company navigates these developments, it continues to receive varied yet generally positive evaluations from multiple analyst firms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.