Galaxy Digital, led by Michael Novogratz, is currently in the process of raising $100 million in new venture funding from external investors as reported by Bloomberg. This fundraising effort coincides with the company's positive financial results and growth in assets under management.

Previously, Galaxy Ventures had made direct investments in various cryptocurrency startups focusing on different sectors like payments, decentralized finance, and infrastructure. The decision to seek external funding was made last year with the establishment of Galaxy Ventures Fund I to allow outside investors to participate in the venture fund.

In order to raise the required capital, Galaxy Ventures will be reaching out to external investors while also monitoring its current portfolio. It has been reported that a startup looking to secure funding from Galaxy Ventures will need to invest a minimum of $1 million.

With the fourth-quarter results showing a significant increase in profits, Michael Novogratz's Galaxy Digital reported a net income of $301.5 million or 90 cents per share, compared to a loss of $288.8 million in the previous year. The company attributed its profitability to strong trade volumes, favorable cryptocurrency prices, and increased market volatility during the quarter.

Looking ahead, Galaxy Digital reported a pre-tax income of approximately $300 million for the fiscal year ending in February 2024, with its Assets Under Management (AUM) rising to $10.1 billion as of February 29, 2024.