- Apollo Global Management signed a deal to acquire up to 90M MORPHO tokens over 48 months.
- The full allocation equals about 9% of total supply, valued at roughly $107M to $115M at mid-February prices.
- The partnership supports lending markets on Morpho’s onchain protocol and gives Apollo governance exposure.
Apollo Global Management has signed a cooperation agreement with the Morpho Association to expand into decentralized finance. The deal allows Apollo and its affiliates to acquire up to 90 million MORPHO tokens over 48 months.
The purchases can happen through open-market buys, over-the-counter deals, and other negotiated arrangements. The agreement includes ownership limits and trading restrictions to control supply pressure and limit sharp price swings.
If Apollo buys the full allocation, it would hold about 9% of Morpho’s total governance token supply. At mid-February prices between $1.19 and $1.37, the stake would be worth roughly $107 million to $115 million.
The partnership was announced on Feb. 13. Galaxy Digital UK Limited acted as exclusive financial adviser to Morpho. The agreement gives Apollo long-term exposure to onchain credit markets and potential influence over Morpho’s governance.
Expansion of the Institutional Lending Infrastructure
Morpho is an open network that provides infrastructure for onchain lending markets. It runs curator-managed vaults that allocate assets across lending pools. The protocol is governed by holders of the MORPHO token.
Apollo and Morpho said they will work together to support lending markets, credit infrastructure, and vault development on the protocol.
Morpho has expanded its ecosystem through several institutional integrations. In January 2026, Bitwise Asset Management launched a USDC yield vault on the platform with returns of up to 6%, marking its entry into non-custodial DeFi strategies.
In early February, Morpho integrated with the Flare blockchain, enabling lending and borrowing of XRP-linked assets such as FXRP. The rollout included vaults backed by FXRP, FLR, and USDT0.
Earlier growth also came from a 2025 integration with Coinbase. That system supported over $960 million in active loans, $1.7 billion in collateral mainly tied to Ethereum and Bitcoin, and more than $450 million in USDC yield positions.
Morpho’s lending services also reach users through partnerships with Bitget, Société Générale Forge, Gemini, and Crypto.com.
Protocol upgrades have supported this growth. Morpho Vaults 1.1 improved risk management in 2025, while Morpho V2 is planned for 2026 with fixed-rate and fixed-term loans and decentralized risk controls.
On the other hand, Apollo previously made a seven-figure investment in the blockchain project PLUME, which focuses on bringing traditional financial products on-chain.
Related: Flare Brings DeFi Lending and Borrowing to XRP Holders via Morpho
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