Galaxy Digital Raises $460 Million from Major Asset Manager to Pivot from Crypto Mining to AI

Galaxy Digital has secured a $460 million investment from one of the world's largest asset managers to accelerate its transformation from a crypto infrastructure firm into a major Artificial Intelligence (AI) powerhouse.

The new capital will be used to convert Galaxy's former Bitcoin mining facility, Helios, in Texas, into a High-Performance Computing (HPC) hub dedicated to AI workloads. The funding was raised through the issuance of new shares and the sale of shares by executives, including CEO Mike Novogratz, at a price of $36 per share. The transaction is expected to close on October 17.

Expanding Helios for the AI Era

• Helios Reimagined: The funding will support the next stage of development at the Helios data center campus, which Galaxy originally acquired in 2022. It is being converted to host advanced AI servers for cloud provider CoreWeave.
• Timeline and Revenue: The first phase of the AI conversion, designed to host tens of thousands of servers, is slated to go live in the first half of 2026. A long-term, 15-year lease with CoreWeave is projected to generate over $1 billion in annual revenue, signifying Galaxy’s long-term commitment to bridging the crypto and AI sectors.

Institutional Confidence Drives Strategy

CEO Mike Novogratz stated that the investment is crucial for scaling Galaxy's data center business and maintaining financial flexibility. The move reflects growing institutional confidence in Galaxy's strategic shift toward diversified infrastructure, mirroring a trend among former Bitcoin mining firms that are leveraging their energy and technical assets for AI hosting following the recent Bitcoin halving.

Following the announcement, Galaxy's U.S.-listed shares (NASDAQ: GLXY) initially surged to an all-time high above $44 before retreating to just under $40 amidst broader market declines related to U.S.-China tariff news.

October 2025, Cryptoniteuae