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.