Galaxy Digital has raised $460 million from one of the world’s largest asset managers in its push to convert a former bitcoin mining facility in Texas into a high-performance computing hub for artificial intelligence.
The private investment, priced at $36 a share, includes roughly 9 million new shares issued by Galaxy and 3.8 million sold by executives, including CEO Mike Novogratz. The deal is expected to close Oct. 17 pending Toronto Stock Exchange approval, according to a Friday press release.
Galaxy said the funds will go toward “general corporate purposes” and to help power the next buildout phase of its Helios data center campus in Dickens County, which is being refitted to host AI-cloud provider CoreWeave.
The first phase of the project — enough to power tens of thousands of high-end AI servers — is slated to go live in the first half of 2026, with future expansions expected to make Helios one of the largest data centers in the U.S.
Helios was once among North America’s largest bitcoin mines before Galaxy acquired it from Argo Blockchain for $65 million in 2022. The company has since secured a $1.4 billion project-finance facility to fund the conversion and signed CoreWeave to a 15-year lease expected to generate more than $1 billion in annual revenue.
“Strengthening our balance sheet is essential to scaling Galaxy’s data center business efficiently while maintaining the financial flexibility to support future growth,” Galaxy CEO Mike Novogratz stated in a release. “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.”
Following Bitcoin’s fourth halving in April 2024, mining companies have tried to diversify their operations, moving beyond pure bitcoin mining toward hosting infrastructure for AI and high-performance computing (HPC).
Galaxy listed on the Nasdaq in May and hit an all-time high above $44 this morning before closing just under $40, as crypto and tech stocks fell sharply following President Donald Trump’s remarks about imposing new tariffs on Chinese imports. GLXY shares ticked up about 1.5% in the after-hours session following news of the raise.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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