Mike Novogratz's Galaxy Digital has secured $460 million in private investment from one of the world's "largest asset management companies" to accelerate the transformation of its former Bitcoin mining site in Texas into an AI data center.
The company announced on Friday that the deal involves the purchase of 12.77 million Class A shares at a price of $36 per share, with the proceeds to be used for general corporate purposes and the expansion of its Helios campus, which is expected to provide 133 megawatts of IT capacity by early 2026.
"Having one of the largest and most sophisticated institutional investors in the world make such a significant investment in our company will support our strategic vision and our ability to build a leading business in the digital asset and data center space," Novogratz stated.
The transaction is expected to be completed around October 17, 2025, pending approval from the Toronto Stock Exchange.
This new investment follows Galaxy's $1.4 billion loan facility obtained in August, which will fund approximately 80% of the construction of Helios. Under a 15-year contract signed with AI cloud infrastructure provider CoreWeave, Galaxy will provide computing power for AI and high-performance computing workloads starting in 2026.
The company anticipates generating over $1 billion in annual revenue from this partnership, totaling approximately $15 billion over the contract period.
Once fully operational, the Helios data center will have a capacity of 3.5 gigawatts, making it one of the largest AI infrastructure projects in North America. Of this, CoreWeave has committed to using 800 megawatts, while Galaxy plans to lease the remaining 2.7 gigawatts to other clients.
This initiative comes as an increasing number of cryptocurrency-native companies pivot to AI infrastructure amid record Bitcoin hash rates, which have reduced miners' chances of earning rewards.
In July, CoreWeave, originally a cryptocurrency mining company, announced an $8.9 billion all-stock deal to acquire cryptocurrency miner Core Scientific to expand its data center capacity and support its AI and high-performance computing workloads.
Related: AI Bubble? Bitcoin (BTC) and Nvidia's High Correlation Sparks Warnings of an 80% Crash
Original article: “Galaxy Digital Raises $460 Million to Transform Texas Bitcoin (BTC) Mine into AI Data Center”
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