The fund, Galaxy’s first to accept outside capital, is anchored by the company’s own balance sheet, according to an editorial by Fortune reporter Leo Schwartz. The report notes that Galaxy serves as both a limited partner and general partner. As a Nasdaq-listed firm, GLXY also offers retail investors rare exposure to a crypto venture portfolio.

General Partner Mike Giampapa told Fortune the fund aims to broaden bets on startups merging traditional finance (TradFi) and crypto, like stablecoins and decentralized finance (DeFi). The report disclosed that Galaxy began fundraising in 2024. While investors weren’t named in Fortune’s editorial, Giampapa confirmed many institutional limited partners are clients of its asset management arm.

The fund held an initial close of $113 million in July 2024. The report further clarified that the firm has deployed about $50 million already, investing in projects like trading-focused blockchain Monad and synthetic dollar protocol Ethena. Giampapa emphasized a returns-driven strategy, aligning with Galaxy’s long-term thesis that traditional and crypto finance are converging.

Galaxy’s stock dipped 1.9% Thursday when measured against the U.S. dollar, and over the past five trading days, GLXY has edged down a mild 0.35%. Still, zooming out to the bigger picture, GLXY has gained more than 11% since the start of the year. The company currently holds a total market cap of $7.56 million, with 383,859,095 shares in circulation.

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