Mike Novogratz’s Galaxy Digital has landed a $460 million investment to transform its former Bitcoin mining facility in Texas into a large-scale AI data center, marking one of the company’s biggest strategic shifts yet.
The funding comes from one of the world’s largest asset managers through a private deal that includes the purchase of 12.77 million Class A shares at $36 each. Galaxy said the proceeds will support its broader corporate goals and the expansion of its Helios campus, which is expected to deliver 133 megawatts of IT capacity by early 2026.
“Having one of the world’s largest and most sophisticated institutional investors make such a significant investment in our company strengthens our strategic vision and ability to build leading businesses across digital assets and data centers,” Novogratz said in the announcement.
The transaction is set to close around October 17, 2025, pending approval from the Toronto Stock Exchange.
Galaxy Expands Helios With $1.4B Loan Facility
This latest deal follows Galaxy’s $1.4 billion loan secured in August to cover roughly 80% of the Helios expansion. Under a 15-year agreement with AI cloud provider CoreWeave, Galaxy will deliver computing power for artificial intelligence and high-performance computing (HPC) workloads starting in 2026.
The partnership is projected to generate more than $1 billion in annual revenue, totaling about $15 billion over the duration of the contract.
At full capacity, the Helios site will boast a massive 3.5-gigawatt infrastructure, making it one of the largest AI data centers in North America. CoreWeave has already committed to 800 megawatts of capacity, while Galaxy plans to lease the remaining 2.7 gigawatts to other enterprise clients.
Crypto Firms Shift Focus Toward AI
The move comes amid a growing trend of crypto-native firms pivoting toward AI infrastructure amid record Bitcoin hashrate, which reduces the chances of miners earning rewards.
In July, CoreWeave, originally a cryptocurrency mining company, announced that it had acquired crypto miner Core Scientific in a $9 billion all-stock transaction to expand its data center capacity and support its AI and HPC workloads.