Bitcoin News Today: Galaxy Digital Joins Crypto-to-AI Migration as Compute Demand Soars

Galaxy Digital Holdings Ltd. has raised $460 million from one of the world's largest asset managers to convert its former Bitcoin mining site in Texas into a high-performance computing (HPC) hub for artificial intelligence (AI) workloads. The investment, priced at $36 per share, involves the issuance of approximately 12.77 million new shares and the sale of 3.8 million shares by executives, including CEO Mike Novogratz. The transaction, pending Toronto Stock Exchange approval, is expected to close by October 17, 2025 Galaxy Digital Secures $460M to Build Massive AI Hub in Texas^[1].

The funding will accelerate the transformation of Galaxy's Helios data center campus in Dickens County, Texas, into one of North America's largest AI infrastructure projects. Originally a Bitcoin mining operation acquired from Argo Blockchain in 2022, Helios is being retrofitted to host CoreWeave, an AI cloud provider. The first phase of the AI conversion-designed to support tens of thousands of advanced AI servers-is slated for mid-2026, with future expansions aiming to deliver 3.5 gigawatts of capacity Galaxy Announces Commitment with CoreWeave to Host Additional Artificial Intelligence and High-Performance Computing Infrastructure at Helios Data Center Campus^[2].

A 15-year lease agreement with CoreWeave, announced in April 2025, will generate over $1 billion in annual revenue for Galaxy, with total projected earnings exceeding $15 billion over the contract's term. CoreWeave has committed to 800 megawatts of power capacity at Helios, while Galaxy plans to lease the remaining 2.7 gigawatts to other clients. This partnership underscores the company's strategic pivot from crypto to AI infrastructure, leveraging its existing Texas-based energy assets Galaxy Digital Raises $460M to Build Texas AI Data Center^[3].

The investment follows Galaxy's $1.4 billion project-finance facility secured in August 2025, which funded roughly 80% of the Helios buildout. The loan, structured with a 36-month term and 80% loan-to-cost ratio, reflects institutional confidence in the AI infrastructure boom. Galaxy's CEO emphasized that the funding strengthens the company's balance sheet, enabling efficient scaling of its data center business while maintaining flexibility for future growth Galaxy Digital’s $1.4B Helios AI Datacenter Expansion^[4].

Market reaction to the news was mixed. Galaxy's shares surged to an intraday high above $44 before closing near $40, though they later dropped 3.22% in after-hours trading. The move aligns with a broader industry trend of crypto firms repurposing mining assets for AI, driven by declining Bitcoin mining profitability and surging demand for compute power. Companies like CoreWeave and Core Scientific have similarly shifted operations to HPC and AI workloads Galaxy Digital pivots from crypto to AI - signs 200MW deal with CoreWeave^[5].