Galaxy Interactive, a subsidiary of Galaxy Digital Holdings Ltd., has raised $325 million to grow further into the digital arena. Institutional investors, endowments, strategic investors, and family offices were among the more than 70 limited partners who attended the event.
Young people are transitioning from the physical to the digital world
As per a recent statement, approximately $150 million of the $325 million has already been spent on new businesses, adding to Galaxy Interactive’s current portfolio of over 60 interactive businesses. Mythical Games, Immutable, StockX, Genvid, GreenPark, Current, and Bad Robot Games are among the companies on the list.
The current financing round, on the other hand, was devoted to blockchain-based gaming and artificial intelligence. On that topic, Sam Englebardt, one of Galaxy Interactive’s creators, stated that younger generations had begun “moving en masse from the physical to the digital realm.”
He went on to say, “There has never been a better time to focus on the intersection of content, finance, and tech, and we’re fully dedicated to leading the charge in growing this sector.”
Mike Novogratz, the Chief Executive Officer of Galaxy Digital, also chimed in on the topic, claiming that the company’s executives were able to recognize the industry’s advantages early on:
“They were the first people to pound my desk insisting that gaming and digital objects – which weren’t even called “NFTs” yet – would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”
Galaxy Digital has a branch called Galaxy Interactive. It is a stage-agnostic venture fund that focuses on startups at the confluence of content, finance, and technology. It was established in 2018.
Crypto Projects at Galaxy Digital
The business bought the cryptocurrency custodian BitGo earlier this year for a total transaction value of $1.2 billion, based on Galaxy Digital’s share price at the start of May.
The latter promised to become a “leading worldwide full-service platform for institutions seeking entry to the cryptocurrency economy” due to the move.
In August, Mike Novogratz’s business submitted a Bitcoin ETF application with the Securities and Exchange Commission (SEC). This was the company’s second try. Galaxy Digital sought approval in April using the more typical Securities Act of 1933, but this time it used a new route – the Securities Act of 1940.