Apollo Global Management Expands Crypto Strategy with Morpho Token Deal

Apollo Global Management (NYSE: APO) is accelerating its push into crypto and decentralized finance (DeFi) through a new agreement with the Morpho Association, the organization behind the Morpho lending protocol. The $938 billion asset manager has signed a cooperation deal that allows Apollo and its affiliates to acquire up to 90 million MORPHO governance tokens over the next four years, positioning the firm as a potential major stakeholder in the decentralized lending platform.

Under the agreement, Apollo may purchase the tokens through open-market transactions, over-the-counter (OTC) deals, and other structured arrangements. The purchases are subject to ownership limits and transfer restrictions. If fully executed, the 90 million MORPHO tokens would represent approximately 9% of the protocol’s total token supply, giving Apollo significant governance influence within the Morpho ecosystem. Galaxy Digital UK served as the exclusive financial adviser to Morpho on the transaction.

Morpho provides infrastructure for on-chain lending markets and curator-managed vaults that allocate capital across decentralized credit markets. The protocol is governed by MORPHO token holders, making governance participation a central feature of its decentralized structure. Beyond token acquisition, Apollo and Morpho plan to collaborate on expanding lending markets built on the Morpho protocol, further bridging traditional finance and blockchain-based credit systems.

This move strengthens Apollo’s growing blockchain footprint. In 2024, the firm made a seven-figure investment in Plume, a blockchain project focused on tokenizing traditional financial products. Apollo’s credit strategies have also been brought on-chain through partnerships with tokenization platforms. Securitize issues ACRED, a token offering exposure to the Apollo Diversified Credit Fund, while Anemoy provides ACRDX, tracking Apollo’s global private and public credit strategies.

Apollo joins other major asset managers exploring decentralized finance. BlackRock recently announced that shares of its tokenized U.S. Treasury fund, BUIDL, will be tradable on Uniswap and disclosed a purchase of UNI governance tokens, signaling increasing institutional adoption of DeFi infrastructure.