Galaxy Digital Secures $460M to Turn Texas Bitcoin Mine into AI Hub

Galaxy Digital, led by billionaire Mike Novogratz, has raised $460 million from one of the world’s largest asset managers to accelerate its bold shift from Bitcoin mining to artificial intelligence infrastructure. The funding, announced Friday, marks a major step in converting its former mining facility in Texas into a large-scale AI data center.

The deal involves the purchase of 12.77 million Class A shares at $36 each, with proceeds allocated for corporate expansion and the development of Galaxy’s Helios campus. The upgraded site is projected to deliver 133 megawatts of IT capacity by early 2026. “Having one of the world’s most sophisticated investors back our vision strengthens our ability to build leading businesses across digital assets and data centers,” Novogratz said.

Set to close around October 17, 2025, pending Toronto Stock Exchange approval, the deal follows Galaxy’s $1.4 billion loan secured in August. That loan covers about 80% of the Helios buildout and supports a 15-year contract with AI cloud giant CoreWeave. Under the agreement, Galaxy will supply compute power for AI and high-performance computing (HPC) workloads starting in 2026—an arrangement expected to generate over $1 billion in annual revenue, totaling roughly $15 billion across the contract’s lifetime.

Once complete, the Helios data center will boast a massive 3.5-gigawatt capacity, ranking among the largest AI infrastructure projects in North America. CoreWeave has already committed to 800 megawatts, with Galaxy planning to lease the remaining capacity to other clients.

The pivot reflects a wider trend among crypto firms transitioning toward AI infrastructure amid surging Bitcoin hashrates and shrinking mining rewards. CoreWeave itself made a similar move earlier this year after acquiring Core Scientific in a $9 billion all-stock deal to boost its AI and HPC capabilities.