Galaxy Digital Inc. (Nasdaq: GLXY) announced that it has entered into a $460 million private strategic investment agreement with a major global asset manager.
The deal comprises the issuance of 9,027,778 new Class A shares and the purchase of 3,750,000 shares from select Galaxy executives, including its Founder and CEO, Mike Novogratz, at $36 per share.
Galaxy intends to deploy the proceeds across general corporate uses and, critically, accelerate the build-out of its Helios data center campus in Texas. Under Phase One, Helios is on schedule to deliver 133 MW of critical IT load by the first half of 2026.
The transaction is anticipated to close around October 17, 2025, subject to customary conditions, including approval from the Toronto Stock Exchange. Galaxy has also committed to filing a resale registration statement for the newly issued shares.
Galaxy’s Helios campus was initially acquired as a Bitcoin mining facility. However, facing mounting pressure on mining margins, particularly with rising difficulty and energy costs, the firm has pivoted toward AI and high-performance computing (HPC) infrastructure.
The investment comes on the heels of a $1.4 billion project financing facility closed in August, which secured 80% of the funding needed to support Helios’s development under a long-term lease with AI cloud provider CoreWeave.
CoreWeave has committed to using 800 MW of capacity, while Galaxy plans to lease additional power capacity (over 2.7 GW under study) to future clients. By repurposing mining infrastructure for AI and data-center workloads, Galaxy is positioning Helios to become one of North America’s largest AI compute hubs.
This move reflects a broader industry trend of crypto infrastructure players pivoting toward AI and compute services. As mining becomes less economically favorable, firms are repurposing assets to capture demand for AI workloads.