Galaxy's new fund has successfully raised $175 million, marking its first external capital raise.

BlockBeats News, June 26th - According to Fortune, Mike Novogratz's Galaxy is expanding its venture capital business through a $175 million fund. On Thursday, the company announced that the fund had completed its final raise, exceeding the initial $150 million target.

Reportedly, this is Galaxy's first time accepting external capital, although the company still acts as the anchor investor for the fund using its own funds. Galaxy serves as both a limited partner and holds general partner interests in the fund. As a company that went public on Nasdaq in May, Galaxy's new fund also provides retail investors with a rare opportunity to participate in a crypto venture capital portfolio.