Galaxy Digital said Friday it secured a $460 million private investment from one of the world’s largest asset managers to fund its growing data center business and bolster corporate liquidity. The deal, priced at $36 per share, consists of roughly 9 million new Class A shares and 3.8 million sold by executives, including founder and CEO Mike Novogratz. The transaction is expected to close on or about October 17, pending approval from the Toronto Stock Exchange.
The $36 offer price represents an 8.5% discount to Galaxy’s closing share price on Friday. The company said proceeds will go toward general corporate purposes and the buildout of its Helios data center in Texas. Galaxy shares rose 3% in post‑market trading following the announcement.
“Strengthening our balance sheet is essential to scaling Galaxy’s data center business efficiently while maintaining the financial flexibility to support future growth,” Novogratz said in the company’s release. “Having one of the world’s largest and most sophisticated institutional investors make such a substantial investment will support our strategic vision and our ability to build leading businesses across digital assets and data centers.”
Investor Takeaway
From Mining to AI
The funds will be used primarily to expand the Helios campus in Dickens County, Texas, which is slated to deliver 133 megawatts of IT load in its first phase by mid‑2026. The facility, once one of North America’s largest bitcoin mines, is being transformed into a high‑performance computing (HPC) and AI hosting center.
Galaxy acquired Helios from Argo Blockchain in 2022 for $65 million, at a time when low bitcoin prices and rising energy costs were eroding mining margins. Since then, the company has secured a $1.4 billion financing package to fund its conversion to AI and HPC infrastructure. In July, Galaxy signed a 15‑year lease with CoreWeave, an AI cloud provider that has committed to the site’s entire 800 megawatts of approved power capacity.
The first phase of the facility is expected to power tens of thousands of high‑end AI servers, with future expansions making Helios one of the largest data centers in the United States. Analysts estimate that the CoreWeave lease could generate over $1 billion in annual revenue once the project is fully operational.
The investment follows a string of funding rounds by data infrastructure firms betting on the surge in demand for AI computing power. Galaxy’s pivot mirrors similar moves by former crypto miners such as Marathon Digital and Hive, which have retooled parts of their operations to host AI workloads.
AI Shift Resonates With Investors
Galaxy’s AI strategy has been well received by investors, who see the company’s diversification as a hedge against the volatility of digital asset markets. Its shares, which listed on Nasdaq in May, have climbed nearly 25% over the past quarter. The stock briefly hit an all‑time high above $44 earlier this week before closing below $40 amid broader declines in crypto and tech equities following U.S. tariff comments from President Donald Trump.
The company’s latest funding round adds to the $1.4 billion already committed to the Helios buildout and positions Galaxy as one of the few digital asset firms operating at the intersection of finance, infrastructure, and AI. The move aligns with a wider trend of blockchain‑linked companies rebranding around computing and data services as capital shifts toward the artificial intelligence boom.
Investor Takeaway
Outlook and Market Context
With Helios expected to go live in 2026, Galaxy’s next challenge will be executing on scale, maintaining uptime, and integrating AI and HPC clients within its digital asset ecosystem. If successful, the Helios campus could establish Galaxy as one of the few publicly traded firms straddling both the crypto and AI infrastructure sectors—a positioning that may attract further institutional capital as the boundaries between finance, data, and computing continue to blur.