Helios Rising: Galaxy Digital's West Texas AI Fortress Valued at $15B as CoreWeave Signs $7.5B Lease

Mike Novogratz is flexing again. Galaxy Digital's 2025 annual report dropped, and the veteran Bitcoin bull made sure everyone knows this isn't just another crypto firm's paperwork—it's a "declaration that the digital economy is real." Smooth, Mike. The man has a talent for making regulatory filings sound like TED Talks.

Galaxy went public on Nasdaq, filed its first 10-K, and has quietly transformed from a digital asset shop into a diversified operation spanning asset management, institutional trading, and AI-driven high-performance computing data centers. Basically, they stopped just betting on Bitcoin and started betting on the machines that might someday replace us all.

The real story? Helios.

Located in West Texas, Helios has secured over 1.6 gigawatts of approved power capacity through ERCOT. The initial 800 megawatts are already locked up by CoreWeave, representing more than $7.5 billion in capital investment. With an additional 830 megawatts approved for expansion, Helios is now valued at well above $15 billion. Turns out the most valuable real estate in crypto isn't a ENS domain—it's a power substation in the desert.

Novogratz's vision? A multi-billion-dollar portfolio of digital infrastructure spread across regions, tenants, and technologies. "Demand for compute is not a cycle," he noted. "It is a structural condition that will define the next decade." Classic Mike. When everyone else was doom-scrolling on-chain metrics, he was booking power contracts.

On the digital assets side, Galaxy manages roughly $12.3 billion in platform assets as of December 31, 2025. The suite includes OTC spot and derivatives trading, lending, staking across 11 blockchains—including Ethereum and Solana—ETFs, and institutional-grade custody. They basically built a one-stop shop for every TradFi institution that wants crypto exposure without actually touching anything that smells like decentralization.

Retail got some love too. In October 2025, Galaxy launched GalaxyOne, offering FDIC-insured high-yield accounts, commission-free equity and crypto trading, and automatic interest reinvestment into Bitcoin. Fancy. Now your aunt can get 5% yield on her savings and pretend she's a degen without the late-night panic checking prices.

Not everything's mooning, though. Despite the Q4 2025 industry downturn, Galaxy posted a net loss of $241 million. But Novogratz remains characteristically optimistic: the firm is "more clear-eyed about our opportunity than we