Chiara Bianchi
Galaxy Digital has raised $460 million from one of the world’s top asset management firms, marking a major step in its transition from cryptocurrency mining to artificial intelligence infrastructure. The investment — priced at $36 per share — includes 9 million new shares issued by Galaxy and 3.8 million shares sold by executives, including CEO Mike Novogratz, according to a Friday press release.
Pending approval from the Toronto Stock Exchange, the deal is expected to close on October 17. Galaxy said the fresh capital will support “general corporate purposes” and the next buildout phase of its Helios data center campus in Dickens County, Texas, which is being repurposed to host AI-cloud provider CoreWeave.
The Helios facility, once one of North America’s largest Bitcoin mines, was acquired by Galaxy in 2022 from Argo Blockchain for $65 million. The company has since raised a $1.4 billion project-financing facility to fund the transformation and signed a 15-year lease with CoreWeave, which is projected to generate over $1 billion in annual revenue.
The first phase of the project — designed to power tens of thousands of high-end AI servers — is expected to go live in the first half of 2026. Upon completion, Helios could become one of the largest data centers in the United States, underscoring Galaxy’s strategic shift into AI and high-performance computing (HPC).
Mike Novogratz: Strengthening for the Future
Galaxy CEO Mike Novogratz emphasized that the investment marks a pivotal moment for the company’s growth strategy:
“Strengthening our balance sheet is essential to scaling Galaxy’s data center business efficiently while maintaining the flexibility to support future growth. Having one of the world’s largest institutional investors make such a significant commitment validates our vision to build leading businesses across digital assets and data infrastructure.”
Crypto Firms Pivot Toward AI After Bitcoin Halving
Following Bitcoin’s fourth halving in April 2024, mining firms have been diversifying beyond traditional crypto mining, pivoting toward AI hosting and HPC services to stabilize revenues and leverage existing infrastructure. Galaxy’s move mirrors a growing industry trend, as energy-intensive mining sites are being retooled for next-generation AI workloads.
Galaxy Shares React Positively Despite Market Pullback
Galaxy Digital (GLXY), which listed on Nasdaq in May, reached an all-time high above $44 early Friday before retreating slightly to close under $40, as crypto and tech stocks slid following President Donald Trump’s comments about new tariffs on Chinese imports.
Despite the broader market dip, GLXY shares rose 1.5% in after-hours trading following the investment announcement — signaling investor confidence in Galaxy’s strategic shift toward AI-driven infrastructure.
