Apollo Global Management is stepping deeper into decentralized finance.
The investment giant has signed a long-term deal with the Morpho Association, the group behind the Morpho lending protocol.
Under the agreement, Apollo and its affiliates can buy up to 90 million MORPHO tokens over the next 48 months.
That’s a big move.
If Apollo buys the full amount, it would own about 9% of Morpho’s total governance token supply. At recent prices between $1.19 and $1.37 per token, that stake would be worth roughly $107 million to $115 million.
How the Token Deal Works
Apollo won’t just buy everything at once.
The tokens can be acquired through open-market purchases, over-the-counter deals, or other negotiated transactions. The agreement also includes ownership limits and trading restrictions. These rules are meant to prevent sudden supply shocks and reduce sharp price swings.
In short, the structure is designed to keep things stable while Apollo builds its position.
Galaxy Digital UK acted as Morpho’s exclusive financial adviser during the deal.
Why This Matters for Morpho
The partnership gives Apollo long-term influence in Morpho’s governance. At the same time, it strengthens Morpho’s position as a serious on-chain lending platform.
Morpho says the collaboration will help expand lending markets, build stronger credit infrastructure, and grow curator-managed vaults across the protocol.
And this isn’t Morpho’s first big institutional partnership.
Recent Institutional Momentum
In January 2026, Bitwise Asset Management launched its first on-chain USDC yield vault on Morpho, offering returns of up to 6%. It marked Bitwise’s first step into non-custodial DeFi yield strategies.
In early February 2026, Morpho integrated with the Flare blockchain. That move allowed users to lend and borrow XRP-linked assets like FXRP, along with vaults backed by FXRP, FLR, and USDT0.
Coinbase also integrated Morpho’s infrastructure in 2025 to power its crypto-backed lending services. That integration supported over $960 million in active loans and $1.7 billion in collateral, mostly backed by Ethereum and Bitcoin. More than $450 million in USDC was earning yield through the system.
Morpho has also partnered with platforms like Bitget, Société Générale Forge, Gemini, and Crypto.com, expanding its reach to both retail and institutional users.
Building for the Future
Morpho has been improving its core product as well.
The release of Morpho Vaults 1.1 in 2025 strengthened risk management tools. Now, the team is working on Morpho V2, planned for 2026. The next version is expected to introduce fixed-rate and fixed-term loans, along with decentralized risk controls.
The Bigger Picture
The Apollo deal signals something bigger.
Traditional asset managers are starting to take on-chain credit markets seriously. Instead of watching from the sidelines, firms like Apollo are looking for direct exposure to blockchain-based financial infrastructure.
For Morpho, this partnership brings capital, credibility, and long-term backing.
For Apollo, it’s a clear bet that decentralized lending isn’t just a trend — it’s part of the future of finance.
