The CEO of Galaxy says the crypto asset management titan is diversifying its portfolio, as it ventures into a new digital investment area.
In his 2025 Annual Report, billionaire Mike Novogratz says that while crypto grew on the back of narratives for years, he notes stories alone don’t build an economy.
According to Novogratz, the digital economy of the future will be anchored by regulated rails, trusted custody solutions and tokenization platforms, setting the stage for the convergence of infrastructure and regulation.
“That convergence is what will unlock the next wave of institutional capital moving on-chain at scale.”
Novogratz says Galaxy is now pouring money into AI and data centers, including bottleneck areas such as power and compute. The chief executive says Galaxy plans to spend hundreds of billions of dollars to participate in the AI buildout.
“Helios, our flagship AI data center campus in West Texas, is the most tangible expression of our infrastructure ambitions today. The first 800 megawatts leased to CoreWeave, one of the leading AI cloud providers, represents over $7.5 billion of capital investment alone. Combined with our newly approved 830 megawatts in a build-to-suit model, Helios likely represents well north of $15 billion long-term digital infrastructure investment, making it an asset with durable, high-return characteristics for shareholders. And we aren’t stopping there.
Our broader ambition is to build and acquire additional sites — scaling toward a multi-hundred-billion-dollar portfolio of digital infrastructure assets diversified across geographies, tenants, and technologies. Demand for compute is not a cycle. It is a structural condition that will define the next decade. We intend to be one of the companies that meet it.”
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