Galaxy and Sharplink to launch $125M DeFi yield fund

Galaxy, founded by Mike Novogratz, and Ethereum treasury firm Sharplink have announced plans to launch a $125 million decentralized finance (DeFi) yield fund. The fund, named the Galaxy Sharplink Onchain Yield Fund, will be seeded with $100 million from Sharplink's ETH treasury and $25 million from Galaxy, with Galaxy serving as the sole manager. Sharplink, which currently manages an ETH treasury of approximately $2.1 billion, explained that it plans to expand beyond its existing staking strategy into more active DeFi yield strategies such as lending and liquidity provision. Sharplink CEO Joseph Chalom said the goal is to make the company's ETH productive beyond simply holding it, adding that they will focus investments on DeFi protocols that meet institutional-grade security standards.