Crypto financial services giant Galaxy Digital, led by billionaire investor Mike Novogratz, has raised $460 million from one of the world’s largest asset managers to accelerate its strategic expansion into artificial intelligence infrastructure.
The funding — executed through the sale of 12.77 million Class A shares at $36 each — will support the company’s ambitious plan to convert its Helios Bitcoin mining facility in Texas into a large-scale AI and high-performance computing (HPC) data center, the firm announced Friday.
Earlier coverage: Bitcoin ETFs extend ‘Uptober’ rally with $2.7B inflows, institutional appetite surges
The proceeds will also be used for general corporate purposes and to advance the Helios expansion, which is expected to deliver 133 megawatts (MW) of computing capacity by early 2026.
“Having one of the world’s most sophisticated institutional investors make such a significant investment validates our strategic vision,” said Novogratz. “It strengthens our ability to build leading businesses across both digital assets and data infrastructure.”
Galaxy stock ends Friday down by 6%. Source: Google Finance
The deal is pending regulatory approval from the Toronto Stock Exchange and is expected to close around October 17, 2025.
$1.4B financing already in place for Helios buildout
This latest investment follows Galaxy’s $1.4 billion loan facility secured in August, which covers roughly 80% of the Helios project’s total buildout cost.
Galaxy has also signed a 15-year agreement with CoreWeave, one of the fastest-growing AI cloud computing firms, to supply computing power for large-scale AI and HPC workloads beginning in 2026.
Under the deal, Galaxy expects to generate over $1 billion in annual revenue, or roughly $15 billion over the contract’s lifespan.
Once fully developed, the Helios data center will reach a 3.5-gigawatt (GW) capacity — positioning it among the largest AI infrastructure facilities in North America. CoreWeave has already committed to 800 MW, with Galaxy planning to lease the remaining 2.7 GW to additional clients.
Crypto miners pivot toward AI-driven infrastructure
Galaxy’s strategic shift mirrors a broader industry trend, as several crypto mining firms pivot toward AI and HPC operations in response to the declining profitability of Bitcoin mining due to rising network hashrates and energy costs.
In July, CoreWeave — which began as a crypto mining startup — acquired Core Scientific in a $9 billion all-stock deal, expanding its AI-focused data center footprint across the U.S.
With the Helios expansion, Novogratz’s Galaxy Digital is positioning itself at the intersection of digital assets and artificial intelligence, two of the most transformative technologies of the decade.
once completed in 2026.