Apollo Global Management has entered a partnership with DeFi lending protocol Morpho and may acquire up to 90 million MORPHO tokens over the next 48 months. Based on the current token price of about $1.19, the planned purchases would be worth roughly $107 million and represent 9% of the token’s total supply.
According to the announcement, Apollo or its affiliates can purchase MORPHO through open-market buys, over-the-counter transactions, and other contractual arrangements. The acquisition is capped at 90 million tokens and is subject to transfer and trading restrictions. Galaxy Digital UK Limited is acting as Morpho’s exclusive financial adviser on the deal.
Apollo fund already used in a strategy on Morpho
The relationship was already in motion before this announcement. Apollo’s Apollo Diversified Credit Securitize Fund, or ACRED, has been tokenized through Securitize and used in a lending strategy on Morpho. The arrangement was described as the first time a private credit fund had been used in an onchain structured product designed to enhance yield.
The agreement goes beyond token accumulation. Apollo and Morpho said they will work together to support onchain lending markets built on the Morpho protocol, linking a large traditional asset manager with DeFi credit infrastructure.
Morpho nears $4 billion in total value locked
MORPHO has a total supply of 1 billion tokens, with about 549 million currently in circulation. Morpho’s total value locked is now close to $4 billion, making it the second-largest lending protocol after Aave.
Apollo Global Management is one of the world’s largest alternative asset managers. The source material states that its assets under management reached $938 billion as of the fourth quarter of 2025. Through this partnership, Apollo is also positioned to take a more active role in protocol governance and future development by holding the governance token.