Galaxy Digital raises $460 million to convert Bitcoin mine → AI data center

Galaxy Digital is investing heavily to convert a Bitcoin (BTC) mining facility in Texas into a high-performance computing hub for artificial intelligence (AI).

According to The Block on the 11th (local time), Galaxy Digital said in a press release, "We raised $460 million (about KRW 630 billion) from global large asset managers. This private placement includes the issuance of 9 million new shares and the sale of 3.8 million shares held by management, including CEO Mike Novogratz," adding that "the transaction is expected to be completed following approval from the Toronto Stock Exchange (TSX) on October 17."

The funds secured this time will be used for general corporate purposes and to expand the Helios data center campus in Dickens County, Texas. Helios is being remodeled to accommodate servers from AI cloud company CoreWeave and is targeting operation in the first half of 2026. Upon completion, it is expected to become one of the largest AI data centers in the United States.

Helios was originally one of North America's largest Bitcoin mining sites, and Galaxy Digital acquired it from Argo Blockchain in 2022 for $65 million. Since then, it has secured $1.4 billion in project financing and signed a 15-year long-term lease with CoreWeave, expecting to generate more than $1 billion in annual revenue.