(Bloomberg) -- Billionaire Michael Novogratz’s Galaxy Asset Management unit has raised $113 million for a venture fund investing in early-stage startups focused on crypto software, infrastructure and financial applications.

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The Galaxy Ventures Fund I LP will seek to build a portfolio of approximately 30 investments. It has already poured money into projects including Ethena, Monad and Plume. The fund expects to continue fundraising to reach a $150 million target next year at the latest, New York-based Galaxy Digital Holdings said in a statement Thursday.

The digital-asset firm’s Galaxy Ventures has long invested between $30 million and $50 million a year of Galaxy’s own money into various crypto startups, focused on areas such as infrastructure, decentralized finance and payments. Galaxy decided last year to move the group into its asset management division, and start Galaxy Ventures Fund I that’s open to outside investors.

“Our macro views is blockchains will be utilized to settle the majority of transactions,” General Partner Mike Giampapa said in an interview. “It’s a one-, two-decade transition that we are betting on.” The fund expects to invest between $3 million and $5 million per project, though the amount may vary, said Will Nuelle, the other general partner for the fund.

The fund is yet another sign of a revival in venture-capital investments into crypto, with companies like Pantera Capital and Paradigm raising new funds. Rising crypto prices are driving much of the investor enthusiasm, with Bitcoin having hit a new all-time high in March. The possibility of a better regulatory environment for the industry in the US, pending outcome of this year’s presidential election, is fueling growth as well.

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