Galaxy Digital raises $460M to turn Texas bitcoin mine into AI data center

Galaxy Digital has just secured a $460 million private investment to transform its former bitcoin mining site in Texas into a high-scale AI data center. The funding will accelerate the development of the Helios campus, which is expected to deliver 133 megawatts of IT capacity early in 2026 and eventually scale up to 3.5 gigawatts.

As part of the pivot, Galaxy has a 15-year deal with CoreWeave to supply computation for AI and high-performance workloads, with other portions of the infrastructure to be leased to additional clients. This move underscores a broader trend: crypto firms shifting capital toward AI infrastructure as mining becomes less profitable.

This raises a few interesting angles to watch. First, is this a smart diversification or a risky bet on AI hype? Second, what will it do to Galaxy’s identity, as a digital asset firm or an infrastructure provider? Third, how will this impact competition with pure AI incumbents? And finally, could this mark a turning point for more crypto firms to repurpose mining assets into compute / data center plays?