Galaxy Digital Secures $460 Million to Convert Texas Bitcoin Mine into AI Facility
Galaxy Digital has gained a substantial investment to repurpose its mining site into a state-of-the-art AI data center.
Mike Novogratz’s Galaxy Digital has successfully obtained a $460 million investment intended for transforming its previous Bitcoin mining facility in Texas into a cutting-edge AI data center.
The agreement encompasses the acquisition of 12.77 million Class A shares at $36 per share, with funds allocated for corporate needs and the expansion of its Helios campus, which is due to yield 133 megawatts of IT capacity by early 2026. The company announced this development on Friday.
“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 data centers,” Novogratz stated.
The completion of the deal is anticipated around October 17, 2025, contingent on receiving clearance from the Toronto Stock Exchange.
Galaxy stock ends Friday down by 6%. Source: Google Finance
Galaxy secures $1.4 billion loan for Helios expansion
This new investment follows upon Galaxy’s $1.4 billion loan facility secured in August aimed at funding approximately 80% of the Helios development. Under a 15-year contract with CoreWeave, an AI cloud infrastructure provider, Galaxy will furnish computing power for AI and high-performance computing tasks starting in 2026.
The company anticipates generating over $1 billion in annual revenue from this partnership, totaling roughly $15 billion across the contract duration.
When fully operational, the Helios data center will possess a 3.5-gigawatt capacity, positioning it as one of the most significant AI infrastructure endeavors in North America. Of this capacity, CoreWeave has committed 800 megawatts, while Galaxy plans to lease out the remaining 2.7 gigawatts to additional clients.
More crypto firms shifting towards AI
This decision aligns with an increasing trend of crypto-native companies pivoting towards AI infrastructure in light of record Bitcoin hashrate, which diminishes the opportunities for miners to earn rewards.
In July, CoreWeave, initially a cryptocurrency mining firm, claimed it had acquired crypto miner Core Scientific in a $9 billion all-stock transaction to enhance its data center capabilities and back its AI and HPC workloads.
