Mike Novogratz’s Galaxy Digital has gained a $ 460 million private investment from one of the “largest asset managers” in the world to accelerate the transformation of the former bitcoin mining site in Texas to an AI data center.
The deal involves the purchase of 12.77 million Class A distributing to $ 36 per portion, including proceeds marked for general corporate use and the expansion of Helios campus, expected to deliver 133 megawatts of IT capacity in early 2026, the company announced Friday.
“Having one of the largest and most popular institutional investors has made a significant investment in our company will support our strategic views and our ability to develop leading businesses in digital assets and data centers,” Novogratz said.
The transaction is expected to close around October 17, 2025, waiting for approval from the Toronto Stock Exchange.
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Galaxy gets $ 1.4 billion Helios expansion loan
Following the new investment The $ 1.4 billion Galaxy loan facility SECURITY in August to fund approximately 80% of Helios buildout. Under a 15-year contract with the coreweave, an AI cloud infrastructure provider, Galaxy will provide compute power for AI and high-performance computing workload starting in 2026.
The company hopes to generate more than $ 1 billion in annual income from collaboration, which costs nearly $ 15 billion in the term.
Throughout the Buildout, the Helios Data Center will have a 3.5-Gawawatt capacity, which positions it as one of the largest AI infrastructure projects in North America. Thus, the coreweave focuses on 800 megawatts, while Galaxy’s plan to rent the remaining 2.7 Gawinatts to additional clients.
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More Crypto firms pivot towards AI
The move comes in the middle of a growing trend of crypto-native companies pivoting towards AI infrastructure in the middle of the record Hashrate of bitcoinwhich reduces the chances of miners to earn rewards.
In July, Coreweave, Originally a cryptocurrency mining companyrevealed that it has Crypto Miner Core Scientific In a $ 9 billion all-stock transaction to expand data center capacity and support AI and HPC workloads.
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