Apollo Global Management Deepens Crypto Foray with $90 Million Morpho Protocol Deal
Apollo Global Management, one of the world’s largest asset managers with over $900 billion in assets under management, is significantly expanding its presence in the decentralized finance (DeFi) space. The firm has entered into a cooperation agreement with Morpho Association, the entity behind the onchain lending protocol Morpho, potentially acquiring up to 90 million MORPHO tokens over a four-year period.
The agreement, announced on February 13, 2026, allows Apollo or its affiliates to purchase MORPHO tokens through a combination of open-market purchases, over-the-counter (OTC) transactions, and other contractual arrangements [Morpho Association]. The acquisition is capped at 90 million tokens over 48 months and is subject to transfer and trading restrictions.
Collaboration to Support Onchain Lending Markets
Beyond the token purchase, Apollo and Morpho will collaborate to support the development and expansion of onchain lending markets on the Morpho protocol [CoinDesk]. Morpho provides the infrastructure for onchain lending and curator-managed vaults that allocate assets across various lending markets. The protocol is governed by MORPHO token holders.
Galaxy Digital UK Limited served as exclusive financial advisor to Morpho in the deal [Morpho Association].
A Growing Trend of Traditional Finance Entering DeFi
Apollo’s move follows a similar strategic shift by BlackRock, the world’s largest asset manager, earlier in February 2026. BlackRock announced plans to create shares of its tokenized U.S. Treasury fund, BUIDL, tradable on the decentralized exchange Uniswap and purchased an undisclosed amount of UNI, Uniswap’s governance token [CoinDesk]. These developments signal a growing interest from traditional financial institutions in exploring the potential of decentralized finance.
Apollo’s Expanding Blockchain Investments
This agreement builds upon Apollo’s existing blockchain initiatives. The firm previously made a “seven-figure” investment in PLUME, a project focused on bringing traditional financial products onchain [CoinDesk]. Apollo’s credit strategies are likewise being tokenized through partnerships with Securitize (ACRED) and Anemoy (ACRDX) [CoinDesk].
The price of the MORPHO token increased by 17% following the announcement [CryptoNews].