Galaxy Digital CEO Mike Novogratz stated in the company's first annual report since listing on the Nasdaq that, as the digital economy matures, Galaxy has evolved from a pure-play digital asset firm into a diversified platform spanning asset management, institutional trading, and high-performance computing infrastructure.
In his letter to shareholders, Novogratz described the Nasdaq listing as "a powerful statement that the digital economy is real and that Galaxy is positioned to lead it." He noted that digital assets have shifted from a niche market to a mainstream industry, pointing out that Bitcoin has even begun to appear on the U.S. government’s balance sheet—a prospect that would have been unthinkable a decade ago.
Betting on AI Compute Infrastructure
The company’s primary growth engine lies in artificial intelligence and high-performance computing. The Helios data center campus in West Texas has received approval from the Electric Reliability Council of Texas (ERCOT) and boasts over 1.6 gigawatts of power capacity.
The report indicates that the initial 800-megawatt capacity at Helios has been leased to AI cloud provider CoreWeave, a project involving over $7.5 billion in capital expenditure. With the approval of a subsequent 830-megawatt expansion, the total valuation of the Helios project has climbed past $15 billion.
Novogratz emphasized that the demand for computing power is not merely a cyclical market fluctuation, but a structural necessity for the coming decade. "The demand for compute is a structural condition that will define the next ten years," he stated.
Regarding its digital asset business, Galaxy’s assets under management reached $12.3 billion as of December 31, 2025. Its operational footprint includes over-the-counter spot and derivatives trading, lending, staking services across 11 blockchains, ETF products, and institutional-grade custody services. Through this diversified approach, Galaxy is working to cement its position as a foundational pillar of the expanding digital economy.
