Apollo Global Management entered into an agreement with Morpho Association to collaborate in the field of on-chain lending. Under the agreement, affiliated entities of the investment firm will acquire ~9% of the total MORPHO token supply over the next four years.
Morpho Association, a nonprofit organization developing decentralized lending protocol Morpho, formalized its partnership with Apollo Global Management. As part of the deal, certain Apollo subsidiaries will be able to purchase MORPHO tokens through open market transactions, OTC deals, and other contractual mechanisms.
The maximum ownership cap is set at 90 million tokens over a 48-month period, subject to transfer and trading restrictions. With a current total supply of 1 billion MORPHO, this represents approximately 9% of the issuance. The U.K. division of Galaxy Digital acted as Morpho’s exclusive financial advisor in the transaction.
Apollo Global Management is a U.S.-based global asset management firm specializing in alternative investments. The company manages over $930 billion in assets.
Morpho provides infrastructure for lending markets and curated yield-generating vaults. According to data from DefiLlama, Morpho’s total value locked (TVL) stands at $5.8 billion, placing the protocol sixth in the DeFi project rankings.
Apollo Global Management and Morpho Association plan to jointly support on-chain lending markets built on the Morpho protocol, develop decentralized lending infrastructure, and expand liquidity and institutional participation within the ecosystem.
In Q3 2025, the crypto lending market reached $73.59 billion, driven by growing interest in lending platforms from TradFi institutions and FinTech companies. Read more about crypto lending and the platforms that offer it in CP Media’s special feature.
