Galaxy Digital Aims To Transform Bitcoin Mine Into AI Data Center

Key Takeaways

• Galaxy Digital raised $460M to fund the transformation of its Texas Bitcoin mine into an AI data center.

• The company will expand its Helios campus to deliver 133 MW of IT capacity by 2026.

• Galaxy previously secured a $1.4B loan to fund 80% of the Helios buildout.

• The firm signed a 15-year deal with CoreWeave, expected to generate $15B in revenue.

• The Helios facility will become one of North America’s largest AI infrastructure projects, with a total of 3.5 GW capacity.

$460M Investment To Power AI Ambitions

In a statement released on Friday, Galaxy Digital confirmed the receipt of a $460 million private placement from one of the world’s largest institutional asset managers.

The investment will be used to fund the development of the company’s Helios campus, which is expected to deliver 133 megawatts (MW) of IT capacity by early 2026.

The deal involves the sale of 12.77 million Class A shares at $36 per share. Galaxy plans to allocate the funds toward general corporate purposes and the significant expansion of its AI infrastructure.

Novogratz: “A Strategic Leap Forward”

Galaxy Digital’s founder and CEO, Mike Novogratz, emphasized the significance of the investment:

“Having one of the world’s largest and most sophisticated institutional investors make such a significant investment in our company will support our strategic vision and our ability to build leading businesses across digital assets and AI data centers.”

During an interview with Bloomberg, Mike Novogratz shared his bold vision for the future of finance: AI agents will become the primary users of stablecoins, not humans.

 Novogratz Expects Users Will Soon Be Able To Have AI Independently Engage In Daily Necessary Transactions

Source: Bloomberg

The transaction is anticipated to close around October 17th, 2025, pending regulatory approval from the Toronto Stock Exchange (TSX).

Galaxy Builds On Momentum With $1.4B Loan

This latest funding round follows closely on the heels of a $1.4 billion loan facility secured by Galaxy in August 2025.

The loan will cover approximately 80% of the Helios expansion, signaling a strong commitment to AI and HPC services.

A 15-Year Partnership With CoreWeave

In a long-term move, Galaxy has inked a 15-year contract with CoreWeave, a rapidly growing AI cloud infrastructure provider. Beginning in 2026, Galaxy will supply compute power for CoreWeave’s AI and HPC workloads.

Projections estimate that this partnership will generate over $1 billion in annual revenue, with total earnings expected to reach $15 billion over the term.

Helios To Become A Mega AI Data Center

Once fully built out, the Helios AI data center is expected to reach a 3.5-gigawatt capacity, making it one of the largest AI infrastructure projects in North America. Of that capacity:

• 800 MW will be contracted to CoreWeave

• 2.7 GW will be leased to additional enterprise clients

This positions Galaxy as a key player in the expanding AI infrastructure landscape.

Crypto Companies Pivot To AI Infrastructure

Galaxy Digital is not alone in its transition. A growing number of crypto-native firms are pivoting toward AI infrastructure as Bitcoin mining becomes less profitable due to rising hashrates and shrinking block rewards.

CoreWeave’s $9B Deal With Core Scientific

In July 2025, CoreWeave, which began as a cryptocurrency miner, acquired Core Scientific in a $9 billion all-stock transaction. The goal: to increase data center capacity and meet rising demand for AI and HPC services.

Galaxy Stock Ended Friday Down By 6%

Source: Google Finance

This shift underscores a broader industry trend: AI and high-performance computing are rapidly becoming more attractive and scalable business models than traditional cryptocurrency mining.

FAQ

Why is Galaxy Digital moving away from Bitcoin mining?

Galaxy is pivoting due to diminishing returns from Bitcoin mining and increasing demand for AI compute infrastructure, which offers more stable and scalable revenue streams.

What is the Helios campus?

Helios is Galaxy Digital’s data center campus in Texas, initially used for Bitcoin mining. It is now being converted into a high-capacity AI data center.

Who is CoreWeave?

CoreWeave is an AI cloud infrastructure provider that has signed a 15-year contract with Galaxy to lease compute power for AI and high-performance computing workloads.

How will Galaxy benefit financially from this transformation?

The partnership with CoreWeave alone is expected to generate $15 billion in revenue over 15 years, with additional leasing opportunities for the remaining data center capacity.

When will the AI data center be fully operational?

Galaxy expects the Helios site to deliver 133 MW by early 2026, with full buildout (3.5 GW) occurring in phases thereafter.