Galaxy Digital Secures $460 Million to Transform Bitcoin Mining Facility into AI Data Center

Galaxy Digital's Bold AI Transition: Reimagining Bitcoin Mining

Galaxy Digital, the cryptocurrency-focused financial services firm led by founder and CEO Mike Novogratz, has successfully raised a staggering $460 million to drive a transformative shift in its business operations. The investment will finance the conversion of its Texas-based Bitcoin mining facility, Helios, into a cutting-edge AI data center.

The investment, provided by one of the world's largest asset management firms, will enable the expansion of the Helios campus and strengthen the company’s overall operational infrastructure. By early 2026, the Helios campus is expected to achieve an impressive IT capacity of 133 megawatts, positioning it as a prime hub for advanced AI applications.

Mike Novogratz highlighted the significance of this development, stating, "The endorsement of our strategy and vision by a world-class institutional investor carries immense value. We are on track to become a leading enterprise in both the digital asset and data center domains."

The transaction is anticipated to close on October 17, contingent on approval by the Toronto Stock Exchange (TSX), marking a critical milestone in Galaxy Digital’s transformation strategy.

Helios: Poised to Become a Major AI Powerhouse

Galaxy Digital's efforts to expand and reimagine Helios come on the heels of a $1.4 billion loan agreement finalized in August, which accounts for 80% of the total project costs. This significant capital infusion underscores the company’s commitment to establishing Helios as a high-performance computing (HPC) anchor in an increasingly AI-driven economy.

A key element of this transformation is a strategic 15-year partnership with AI cloud provider CoreWeave, set to commence in 2026. This agreement positions Helios as a critical player in meeting soaring global demand for cloud-based AI computational power.

Under this partnership, Helios is forecasted to generate over $1 billion in annual revenue, culminating in an estimated $15 billion in income over the lifespan of the agreement. This partnership not only validates the long-term viability of Galaxy Digital's strategic pivot but also amplifies the Helios campus's stature as an indispensable AI infrastructure resource.

The Shifting Paradigm: Crypto Firms Embrace AI for Growth

Galaxy Digital’s move reflects a broader trend within the cryptocurrency sector, as firms increasingly pivot toward artificial intelligence and HPC to offset declining profitability in Bitcoin mining. Record-high Bitcoin hash rates and escalating operational costs have squeezed margins, prompting innovative shifts in business models.

For Galaxy Digital, the strategic realignment diversifies its operational capabilities and revenue streams, while positioning the company at the intersection of two surging markets: digital assets and artificial intelligence. This bold transition underscores the mounting importance of AI as a growth driver in industries traditionally focused on cryptocurrencies and blockchain technology.

As AI continues to reshape the technological and business landscape, Galaxy Digital’s Helios campus is poised to emerge as a trailblazer, bridging the gap between blockchain innovation and cutting-edge computing. By capitalizing on the surging demand for HPC infrastructure, Galaxy Digital is firmly establishing itself as a vanguard of the AI-powered digital economy.