Mike Novogratz’s Galaxy Digital has secured a $460 million investment to convert its former Bitcoin mining site in Texas into a large-scale AI data center.
Mike Novogratz’s Galaxy Digital has secured a $460 million private investment from one of the world’s “largest asset managers” to accelerate the transformation of its former Bitcoin mining site in Texas into an AI data center.
The deal involves 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, expected to deliver 133 megawatts of IT capacity in early 2026, the company announced 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 said.
The transaction is expected to close around Oct. 17, 2025, pending approval from the Toronto Stock Exchange.
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Galaxy gets $1.4 billion loan to power Helios expansion
The new investment follows Galaxy’s $1.4 billion loan facility secured in August to fund roughly 80% of the Helios buildout. Under a 15-year contract with CoreWeave, an AI cloud infrastructure provider, Galaxy will supply compute power for AI and high-performance computing workloads starting in 2026.
The company expects to generate over $1 billion in annual revenue from the partnership, totaling about $15 billion over the term.
At full buildout, the Helios data center will have a 3.5-gigawatt capacity, positioning it as one of the largest AI infrastructure projects in North America. Of that, CoreWeave has committed to 800 megawatts, while Galaxy plans to lease the remaining 2.7 gigawatts to additional clients.
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More crypto firms pivot toward AI
The move comes amid a growing trend of crypto-native firms pivoting toward AI infrastructure amid record Bitcoin hashrate, which reduces the chances of miners earning rewards.
In July, CoreWeave, originally a cryptocurrency mining company, announced that it had acquired crypto miner Core Scientific in a $9 billion all-stock transaction to expand its data center capacity and support its AI and HPC workloads.
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