Mike Novogratz’s Galaxy Digital has secured a $460 million private investment from one of the world’s “largest asset managers” to accelerate the conversion of a former Bitcoin mining site in Texas into an AI-powered data center.
The deal includes the purchase of 12.77 million Class A shares at $36 per share, with the proceeds earmarked for general corporate use and the expansion of its Helios campus, which is expected to provide 133 megawatts of IT capacity in early 2026, the company said. Announce Friday.
“Having one of the largest and most sophisticated institutional investors in the world make this significant investment in our company will support our strategic vision and ability to build leading businesses across digital assets and data centers,” Novogratz said.
The transaction is expected to close on approximately October 17, 2025, pending approval by the Toronto Stock Exchange.
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Galaxy secured a $1.4 billion loan to support Helios expansion
The new investment follows Galaxy’s $1.4 billion loan facility secured in August to finance approximately 80% of Helios’ buildout. Under a 15-year contract with CoreWeave, an AI cloud infrastructure provider, Galaxy will provide computing power for AI and HPC workloads starting in 2026.
The company expects to generate annual revenues of more than $1 billion from the partnership, totaling approximately $15 billion over the term.
When construction is complete, 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 that, CoreWeave has committed 800 MW, while Galaxy plans to lease the remaining 2.7 GW to additional customers.
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The move comes amid a growing trend of native crypto companies turning to AI infrastructure amid a record Bitcoin hashrate, reducing the chances of miners receiving rewards.
In July, CoreWeave, originally a cryptocurrency mining company, announced that it had acquired cryptocurrency mining company Core Scientific in an all-stock deal valued at $9 billion to expand data center capacity and support AI and high-performance computing workloads.
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