Galaxy Digital, led by Mike Novogratz, has secured a $460 million private investment from one of the largest asset managers globally to fast-track the conversion of its former Bitcoin mining facility 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 designated for general corporate purposes and the expansion of its Helios campus, which is projected to provide 133 megawatts of IT capacity by early 2026, as the company announced on Friday.
“The involvement of one of the world’s most prestigious institutional investors with such a substantial investment in our firm will enhance our strategic vision and empower us to build leading enterprises in digital assets and data centers,” Novogratz remarked.
The deal is expected to finalize around October 17, 2025, pending Toronto Stock Exchange approval.
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Galaxy secures $1.4 billion loan for Helios expansion
This new investment follows Galaxy’s $1.4 billion loan facility acquired in August to finance approximately 80% of the Helios development. Under a 15-year agreement with CoreWeave, an AI cloud infrastructure provider, Galaxy will offer computing power for AI and high-performance computing tasks commencing in 2026.
The company anticipates generating over $1 billion in yearly revenue from this partnership, totaling around $15 billion throughout the contract period.
Upon full completion, the Helios data center will boast a 3.5-gigawatt capacity, making it one of North America’s largest AI infrastructure projects. Of this capacity, CoreWeave has committed to 800 megawatts, while Galaxy plans to lease out the remaining 2.7 gigawatts to other clients.
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More crypto companies shifting towards AI
This strategic pivot is occurring amid a rising trend of crypto-native companies transitioning to AI infrastructure, coinciding with record Bitcoin hashrate levels, which diminishes the likelihood of miners securing rewards.
In July, CoreWeave, initially a cryptocurrency mining firm, revealed its acquisition of crypto miner Core Scientific in a $9 billion all-stock deal to enhance its data center capacity and accommodate AI and HPC workloads.
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