Helios Burns $15B Bright: Galaxy Digital's West Texas Sun Outshines the Crypto Gloom

Galaxy Digital (GLXY) just dropped its first 10-K as a Nasdaq-listed company, and Mike Novogratz is probably doing that thing where he tries to look humble while basically saying "told you so." The man has been waving the digital assets flag since back when "blockchain" was a whispered buzzword at libertarian meetups, and now he's got a ticker to prove it.

In the 2025 annual report, the Galaxy founder called the listing "a declaration that the digital economy is real, and that Galaxy is built to lead it." Spicy words from someone who's been building toward this moment since the early Bitcoin days—when calling yourself a "crypto fund" was basically career suicide at most respectable firms.

Galaxy has quietly evolved from a pure-play crypto shop into a diversified beast—asset management, institutional trading, and AI-driven high-performance computing data centers. The digital asset economy has grown up. Even the US government is now holding bitcoin on its balance sheet. Something that would've gotten you laughed out of a conference room a decade ago. Now it's monetary policy.

The real growth story? Helios.

Galaxy's AI data center campus in West Texas has secured over 1.6 gigawatts of approved power capacity through ERCOT. The initial 800 megawatts is already leased to CoreWeave (CRWV), representing over $7.5 billion in capital investment. With an additional 830 megawatts approved for expansion, Helios is now valued at well above $15 billion. For those keeping score, that's more juice than most small countries, leased to GPU huggers who think Jensen Huang