Asset Manager Backs Galaxy's AI Pivot from Crypto Volatility

Galaxy Digital Inc. (GLXY) has secured a $460 million private strategic investment from one of the world's largest asset managers, marking a significant step in its transition from cryptocurrency mining to AI and high-performance computing (HPC) infrastructure Galaxy Announces $460 Million Strategic Investment from a …^[1]. The investment, consisting of 9,027,778 shares purchased directly from Galaxy and 3,750,000 shares from executive officers, including founder and CEO Mike Novogratz, was executed at $36 per share-a 8.5% discount to the prior trading day's close Galaxy (GLXY) News: $460M Investment From a 'Large Asset'^[2]. Proceeds will fund the development of the Helios data center campus in West Texas, which is projected to deliver 133 MW of critical IT load by mid-2026 under Phase One of its lease agreement Galaxy Announces $460 Million Strategic Investment from a …^[1].

The Helios campus, acquired in 2022 from Argo Blockchain, is being repositioned as a dedicated AI/HPC facility through a 15-year lease with CoreWeave, a major AI cloud provider Company Closes $1.4 Billion Project Financing Facility for Texas …^[6]. CoreWeave has committed to all 800 MW of Helios' approved power capacity, with additional 2.7 GW under study, positioning the site as one of North America's largest data center developments . Galaxy has already commenced retrofitting the 126,000-square-foot facility, including fiber upgrades and selective demolition of mining infrastructure . The company expects the first phase to generate over $1 billion in average annual revenue from CoreWeave across the lease term .

To accelerate Helios' expansion, Galaxy closed a $1.4 billion project financing facility in August 2025, with 80% of costs covered by debt and $350 million in equity provided by the company . The facility, secured by Helios' first-phase assets, supports a 36-month construction timeline for retrofitting and scaling the site to meet AI/HPC demands . Analysts at Rittenhouse Research highlight the strategic advantages of Galaxy's pivot, noting that AI data centers offer stable, long-term cash flows through triple-net leases-unlike the volatile and capital-intensive nature of Bitcoin mining CoreWeave Locks In 800 MW at Galaxy’s Helios …^[7].

Novogratz emphasized that the investment and AI focus strengthen Galaxy's balance sheet and align with broader market trends, stating, "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" Galaxy Announces $460 Million Strategic Investment from a …^[1]. Galaxy's shift reflects a growing industry trend, with competitors like Hive Digital Technologies and Northern Data also repurposing mining sites for AI infrastructure .

The company's financial flexibility, bolstered by $1.8 billion in net cash and investments, and its partnership with CoreWeave-backed by long-term contracts with Microsoft, OpenAI, and IBM-underscore confidence in the AI-driven model CoreWeave Locks In 800 MW at Galaxy’s Helios …^[7]. Galaxy's Helios project is now one of the largest AI data center developments globally, with a potential full buildout of 3.5 GW of power capacity .