Mike Novogratz’s Galaxy Digital has secured a $460 million private investment from one of the world’s leading asset managers to fast-track the transformation of its former Bitcoin mining site in Texas into an AI data center.

The agreement includes the acquisition of 12.77 million Class A shares at $36 each, with the funds allocated for general corporate purposes and the expansion of its Helios campus, which is anticipated to provide 133 megawatts of IT capacity by early 2026, the company announced on Friday.

“Having one of the world’s largest and most advanced institutional investors make such a substantial investment in our company will bolster our strategic vision and our capacity to build leading businesses in digital assets and data centers,” Novogratz stated.

The transaction is projected to finalize around October 17, 2025, subject to approval from the Toronto Stock Exchange.

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Galaxy secures $1.4 billion loan to enhance Helios expansion

This new investment follows Galaxy’s $1.4 billion loan facility obtained in August to finance approximately 80% of the Helios development. Under a 15-year agreement with CoreWeave, an AI cloud infrastructure provider, Galaxy will deliver compute power for AI and high-performance computing workloads starting in 2026.

The company anticipates generating over $1 billion in annual revenue from this partnership, amounting to about $15 billion over the contract duration.

Once fully developed, the Helios data center will have a 3.5-gigawatt capacity, making it one of the largest AI infrastructure projects in North America. CoreWeave has committed to 800 megawatts, while Galaxy plans to lease the remaining 2.7 gigawatts to other clients.

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More crypto firms shift toward AI

This move occurs alongside a rising trend of crypto-native firms shifting toward AI infrastructure amid a record Bitcoin hashrate, which diminishes the likelihood of miners receiving rewards.