Galaxy Interactive, an affiliate of Galaxy Digital Holdings Ltd., has raised $325 million to expand its digital presence. The event attracted more than 70 LPs, including endowments, strategic investors and family offices.
Youngsters move from the physical to the digital world
A recent announcement revealed that nearly $150 million of the $325million has been invested in new companies. These will join Galaxy Interactive’s existing portfolio of more than 60 interactive firms. This includes Mythical Games and Immutable as well as StockX, Genvid GreenPark, Current and Bad Robot Games.
The current round of funding was dedicated to artificial intelligence and blockchain-based games. Sam Englebardt, founder of Galaxy Interactive, stated that younger generations are already “moving en masse to the digital world from the physical.”
He said, “There’s never been a better moment to focus on the intersection between content, finance and tech, and it’s our full commitment to leading the charge to grow this sector.”
Mike Novogratz, Chief Executive Officer at Galaxy Digital, also spoke out on the subject. He indicated that Galaxy Interactive was able to see the strengths of the industry’s early days.
“They were the first to insist that gaming and digital objects, which weren’t even known as “NFTs“, would offer the greatest opportunity for blockchain technology scale and that Galaxy Digital had to specialize in this area.
Galaxy Interactive is a division within Galaxy Digital. It was founded in 2018 and focuses on companies that operate at the intersection between content, finance, technology.
Galaxy Digital’s Crypto Endeavors
The firm bought BitGo, a crypto custodian, earlier this year. Based on Galaxy Digital’s share prices at the beginning May, the transaction value was approximately $1.2 billion.
The latter pledged to be a “leading global platform that provides full-service services to institutions looking for access to the cryptocurrency economy” following the move.
Mike Novogratz’s firm filed an application with the SEC in August to get approval for a Bitcoin ETF. This was the company’s second attempt. Galaxy Digital had in April sought approval using the traditional securities act of 1933. This time, it used the securities act 1940.
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