Mike Novogratz’s Galaxy Digital has announced a $460 million private investment from one of the world’s largest asset managers, marking a significant milestone in the company’s pivot toward artificial intelligence infrastructure.
The transaction, involving 12.77 million Class A shares sold at $36 each, is set to close around October 17, 2025, pending approval from the Toronto Stock Exchange. The funds will be used for general corporate purposes and to accelerate the expansion of the company’s Helios campus in Texas, which is expected to deliver 133 megawatts of IT capacity by early 2026.
“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,” said Novogratz.
Galaxy Digital’s stock closed Friday down 6%, according to Google Finance data.
Helios expansion aims to become a North American AI hub
This investment follows Galaxy’s $1.4 billion loan facility secured in August to finance around 80% of the Helios buildout. The 15-year deal with CoreWeave, an AI cloud infrastructure company, will see Galaxy providing compute power for artificial intelligence and high-performance computing workloads beginning in 2026.
Galaxy expects to generate over $1 billion annually from the partnership, amounting to approximately $15 billion throughout the contract term. Once fully operational, the Helios site will boast a 3.5-gigawatt capacity—placing it among the largest AI data center projects in North America.
CoreWeave has committed to using 800 megawatts of capacity, while Galaxy intends to lease the remaining 2.7 gigawatts to additional clients in the AI and cloud computing space.
Crypto companies shift focus toward AI infrastructure
Galaxy’s latest move underscores a growing trend among crypto-native firms shifting toward artificial intelligence infrastructure. This transition follows a surge in Bitcoin’s hashrate, which has made mining less profitable and forced companies to diversify their business models.
CoreWeave itself has made a similar pivot. In July, the company—originally founded as a cryptocurrency miner—acquired Core Scientific in a $9 billion all-stock deal. The acquisition was designed to scale its data center footprint and enhance its AI and HPC workload capabilities.
Galaxy’s strategy reflects this broader industry shift, as digital asset companies increasingly leverage their existing infrastructure and energy access to meet the surging demand for AI computing power.
With strong financial backing and strategic partnerships, Galaxy appears poised to play a leading role in merging the crypto and AI ecosystems—an emerging frontier with immense commercial potential.