Galaxy Digital Secures $460 Million Investment to Transform Former Bitcoin Mine into AI Data Hub

• Galaxy Digital raises $460M to transform Texas site into AI hub.
• CoreWeave partners with Galaxy for major high-performance computing expansion.
• Former bitcoin mine evolves into one of America’s largest data centers.

Galaxy Digital has attracted a major $460 million investment from one of the world’s largest asset managers to advance its plans of converting a former bitcoin mining site in Texas into a powerful artificial intelligence computing center. The investment, priced at $36 per share, involves the issuance of roughly 9 million new shares and the sale of 3.8 million shares by company executives, including CEO Mike Novogratz. The deal awaits approval from the Toronto Stock Exchange and is expected to close soon.

According to the company, the new funds will be used for general corporate purposes and to accelerate development at the Helios data center campus in Dickens County. The facility is currently being repurposed to host CoreWeave, a rapidly growing AI cloud provider. The initial buildout phase will support tens of thousands of high-end AI servers and is projected to be operational in the first half of 2026. Further expansions could position Helios among the largest data centers in the United States.

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Galaxy’s Shift Toward High-Performance Computing

Helios was once one of North America’s biggest bitcoin mining operations before Galaxy acquired it from Argo Blockchain for $65 million in 2022. Since then, the company has secured a $1.4 billion project-finance facility to fund its conversion into an advanced AI and high-performance computing hub. CoreWeave has already signed a 15-year lease with Galaxy, a deal expected to generate over $1 billion in annual revenue.

Mike Novogratz emphasized that strengthening Galaxy’s financial position is key to scaling its data center operations while maintaining flexibility for future growth. He highlighted that backing from a top institutional investor will enhance the company’s capacity to expand its leadership in both digital assets and computing infrastructure.

Following Bitcoin’s fourth halving in April, several mining firms have sought to diversify beyond traditional mining operations. Many are now channeling resources into AI and high-performance computing sectors to capitalize on surging global demand. Galaxy’s latest move reflects this broader industry trend. Its shares, which recently debuted on Nasdaq, closed just below $40 after briefly surpassing $44 earlier in the day.

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