A Nasdaq-listed “digital merchant bank” is trying to re-rate into an AI/HPC infrastructure cash-flow story—using Helios’ 1.6GW power moat to reduce crypto cyclicality while keeping upside to institutional tokenization.
Overview
Galaxy Digital (GLXY) is a diversified digital-asset financial services and investment management firm—positioned as a bridge between traditional finance and crypto—while increasingly evolving into an AI/HPC infrastructure provider. Founded in 2018 by Michael Novogratz, the company serves a global institutional client base (over 1,600 counterparties) through an integrated model spanning trading/prime-like services, lending, investment banking, asset management, staking infrastructure, and now data centers. Core revenue historically tracked crypto market cycles: Global Markets earns spreads and liquidity premiums across spot/derivatives and generates interest income from a sizable loan book; IB earns transaction fees; Asset Management earns management and performance fees (including growth via Invesco spot BTC/ETH ETFs, ~ $12B platform assets by end-2025). A strategic pivot is underway: Galaxy is repurposing its 1.6GW Helios campus in Texas from mining toward AI/HPC hosting, anchored by a 15-year CoreWeave agreement expected to generate ~ $4.5B total revenue and to reduce correlation with crypto volatility. The firm completed a 2025 Delaware domestication and Nasdaq listing to broaden institutional ownership and strengthen governance optics, and it ended 2025 with substantial liquidity (~$2.6B cash/stablecoins) to fund the infrastructure buildout.