Galaxy Digital is reinventing itself - and this time, it’s not about Bitcoin. Mike Novogratz’s crypto firm has landed a $460 million investment from one of the world’s biggest asset managers to supercharge its pivot into artificial intelligence infrastructure.
The deal signals a major shift for Galaxy, which is turning its former Texas Bitcoin mining site into a vast data center designed for AI and high-performance computing.
According to people familiar with the agreement, the investor purchased roughly 12.8 million shares at $36 apiece, providing fresh capital to fuel the company’s growing focus on digital infrastructure rather than mining. The new funding will accelerate construction at Galaxy’s Helios campus, which is being rebuilt to deliver 133 megawatts of computing power by early 2026 – a transformation that could place the site among the largest AI facilities in North America.
Novogratz described the investment as a milestone that validates Galaxy’s strategy to evolve alongside the tech landscape. “Institutional capital is flowing where innovation is heading,” he said, emphasizing that the company now views digital assets and data centers as interconnected pillars of the same ecosystem. The transaction is set to close around October 17, pending regulatory approval.
This comes just weeks after Galaxy secured a $1.4 billion financing package to cover most of the Helios expansion. The site is expected to host workloads for AI and machine learning through a 15-year agreement with CoreWeave, one of the leading players in AI cloud computing. That partnership alone could generate more than $1 billion in annual revenue once operations reach full capacity, potentially totaling $15 billion over its lifetime.
When completed, the Helios campus will boast a staggering 3.5-gigawatt capacity, with CoreWeave already committing to use 800 megawatts. Galaxy intends to lease the remaining space to additional enterprise clients seeking access to advanced GPU infrastructure.
The move underscores a broader trend among former crypto mining companies shifting toward artificial intelligence to offset declining mining rewards. As Bitcoin’s hashrate climbs to record levels and profitability tightens, infrastructure-rich firms are discovering a new market for their hardware and energy access: powering the AI boom.
CoreWeave’s own trajectory mirrors this evolution – once a crypto miner, it has become an AI heavyweight, recently acquiring Core Scientific in a $9 billion all-stock deal. Now, with Galaxy following suit, the once-separate worlds of crypto and artificial intelligence appear to be converging faster than ever.
