Research
← A brief history of Bitcoin venture capital
8 / 20
Bitcoin Venture Capital · 2018-Present

Galaxy Digital

Mike Novogratz.

Fund Size

Publicly traded (NASDAQ: GLXY), having moved its primary listing from the Toronto Stock Exchange in 2025. Venture portfolio of 100+ companies.

Thesis

Full-stack financial services for the digital asset economy, combining venture investing, trading, mining, lending, and asset management under one public company. Novogratz's vision is to build the 'Goldman Sachs of digital assets.'

Portfolio

BlockFi, Fireblocks, Figment, Ripple, Ethena, Monad, Celestia, and many others across the ecosystem.

Why It Matters

Galaxy is one of the only publicly traded, full-stack digital asset financial services firms. Novogratz's willingness to be a public face for institutional digital asset adoption, and to put his reputation on the line, has been significant in normalizing the asset class for traditional finance.

Companies on this list they backed

BlockFi, Fireblocks

Cite & share

Early Riders. “A Brief History of Bitcoin Venture Capital: Galaxy Digital.” https://earlyriders.com/top50/vc/galaxy-digital/

Share on X LinkedIn
← 7. Paradigm 9. Stillmark →

Get Early Riders in your inbox

New research, portfolio letters, and the Open Range weekly, from the team behind this series.

© 2026 Early Riders. Reach out to contact@earlyriders.com for the full report.