Wall Street giant Apollo, managing nearly a trillion dollars, teams up with DeFi lending platform Morpho to acquire 90 million tokens

Managing a $938 billion asset global alternative asset giant Apollo Global Management announced a partnership with DeFi lending protocol Morpho, planning to purchase up to 9 million MORPHO tokens over four years, representing 9% of the total token supply, with an estimated value of over $100 million at current prices.
(Background: Vitalik: “Algorithmic stablecoins” are the real DeFi! The dollar-pegged model should step aside.)
(Additional context: Robinhood plans to open 24/7 US stock trading and DeFi features, with the CEO stating that tokenization will reshape traditional stock markets.)

According to an official announcement, Apollo or its subsidiaries may acquire MORPHO tokens through public market purchases, OTC trades, and other contractual arrangements, with a total purchase cap of 90 million tokens over 48 months, subject to transfer and trading restrictions.

The total supply of MORPHO tokens is 1 billion, with approximately 549 million currently in circulation. Based on the current price of about $1.19, this purchase agreement is valued at approximately $107 million, with 90 million tokens accounting for 9% of the total supply.

Galaxy Digital UK Limited serves as Morpho’s exclusive financial advisor.

Building an On-Chain Lending Market

Under the agreement, Apollo and Morpho will collaborate to support the on-chain lending markets on the Morpho protocol. In fact, their cooperation has already begun. Apollo’s “Apollo Multi-Asset Securitization Fund” (ACRED) has tokenized via Securitize and is operating lending strategies on Morpho, marking the first time a private credit fund has been used in on-chain structured products to enhance yields.

As a core infrastructure in DeFi lending, Morpho’s total value locked (TVL) is approaching $4 billion, making it the second-largest lending protocol after Aave.

Traditional Financial Giants Accelerate Embracing DeFi

Apollo Global Management is one of the world’s largest alternative asset managers, managing $938 billion as of Q4 2025, approaching the trillion-dollar mark. This partnership with Morpho is seen as a significant milestone for traditional financial institutions embracing on-chain financial infrastructure.

Notably, this move is not just a token investment but a strategic layout for Apollo to acquire governance tokens, allowing deep participation in DeFi protocol decision-making and development directions.