Rebecca Cruz Galaxy Digital raises $460 million to convert its Texas Bitcoin mining site into a massive AI data center, signaling a powerful shift from crypto mining to artificial intelligence infrastructure.
Galaxy Digital raises $460 million to transform Texas Bitcoin mine into AI data center
In a major strategic shift, Galaxy Digital raises $460 million to convert its former Bitcoin mining site in Texas into a large-scale artificial intelligence hub. The investment marks a defining moment for the firm and highlights how crypto powerhouses are rapidly pivoting toward AI infrastructure as new revenue opportunities emerge.
Mike Novogratz, founder and CEO of Galaxy Digital, announced that the funding came from one of the world’s largest asset managers. The firm will issue 12.77 million Class A shares at $36 each, with proceeds directed toward the expansion of the Helios campus and general corporate growth initiatives.
The Helios facility, located in the heart of Texas, is expected to deliver an impressive 133 megawatts of IT capacity by early 2026, signaling Galaxy’s commitment to becoming a dominant force in the data infrastructure market.
Galaxy Digital raises $460 million amid growing institutional confidence
The announcement that Galaxy Digital raises $460 million follows another significant financial milestone for the company. In August, Galaxy secured a $1.4 billion loan facility to fund about 80 percent of the Helios expansion. This financial strength positions the firm as one of the key players bridging the gap between digital assets and artificial intelligence.
The partnership with AI cloud provider CoreWeave will play a crucial role in this transformation. Under a 15-year agreement, Galaxy will provide compute power for artificial intelligence and high-performance computing workloads starting in 2026.
Company projections indicate that this collaboration could generate over $1 billion in annual revenue, amounting to around $15 billion throughout the contract’s lifespan. These figures underline the enormous potential of combining AI compute infrastructure with the scalability of blockchain-based operations.
Galaxy Digital raises $460 million to fuel Helios expansion
When fully operational, the Helios data center will have a total capacity of 3.5 gigawatts, positioning it among the largest AI infrastructure projects in North America. Of this, CoreWeave has already committed to 800 megawatts, while Galaxy plans to lease the remaining 2.7 gigawatts to other major clients seeking high-performance computing power.
This expansion is not merely a rebranding effort but a clear response to shifting market dynamics. As Bitcoin’s hashrate continues to hit record highs, traditional mining operations face decreasing profitability. The move toward AI data centers allows firms like Galaxy to leverage their existing energy infrastructure for far more lucrative opportunities.
According to industry analysts, this pivot could redefine how crypto companies sustain profitability during bear cycles while maintaining a foothold in the digital infrastructure race.
Galaxy Digital raises $460 million as crypto firms pivot toward AI
The fact that Galaxy Digital raises $460 million to transform its Bitcoin mining site into an AI facility reflects a broader trend across the digital asset sector. Several major crypto-native companies are repurposing their mining resources to serve the exploding demand for artificial intelligence compute capacity.
CoreWeave itself, originally known for cryptocurrency mining, recently acquired Core Scientific in a $9 billion all-stock deal to boost its AI and high-performance computing presence. This acquisition underscores a sweeping transformation of the industry, where mining rigs and energy facilities are being retooled to meet the needs of machine learning and cloud-based workloads.
As the intersection between blockchain and AI deepens, industry leaders believe the two sectors will increasingly converge. By channeling capital into compute-intensive data infrastructure, firms like Galaxy are positioning themselves at the forefront of a new industrial era driven by data and intelligence.
The next chapter for Galaxy Digital
For Galaxy Digital, the $460 million raise is more than just an expansion—it is a strategic reinvention. The Helios project represents the company’s evolution from a traditional crypto player to a diversified digital powerhouse that bridges decentralized finance and next-generation computing.
With the Helios data center expected to deliver massive capacity and long-term revenue streams, Galaxy aims to become a cornerstone in North America’s growing AI infrastructure ecosystem. The transaction, pending approval from the Toronto Stock Exchange, is expected to close by mid-October 2025, setting the stage for a new wave of growth for the firm.
As the line between blockchain and artificial intelligence continues to blur, Galaxy’s bold move shows that the future of crypto innovation may be powered not just by Bitcoin but by the intelligence behind the machines.
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Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
