Galaxy Ventures Fund I, led by Mike Novogratz, is projected to raise between $175 million and $180 million by the end of June, exceeding its initial target of $150 million. This fundraising success comes amid challenging conditions for crypto venture capital, highlighted by a significant decrease in overall crypto VC investments in the United States. In 2024, venture capitalists injected $11.5 billion into blockchain startups, slightly up from 2023 but significantly down from over $30 billion in 2022. Furthermore, crypto VC funding in the first quarter of 2025 dropped 22% to around $1.3 billion. Despite these challenges, Novogratz remains optimistic about the future of crypto and Bitcoin, asserting that they act as a 'report card on financial stewardship.' The fund aims to invest in a portfolio of 30 crypto and blockchain startups, focusing on sectors such as stablecoins and payments, as the landscape around traditional VC funding continues to shift towards AI.

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