Galaxy’s Billion-Dollar Pivot: What Crypto’s Exodus to AI Really Means
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Galaxy Digital just signed a 15-year, $4.5B deal with CoreWeave.
And in doing so, it may have triggered one of the most important infrastructure shifts of the decade.
Let’s break it down:
What Just Happened?
Galaxy will convert its West Texas Helios site (a 200MW Bitcoin mining facility) into a high-density AI compute hub.
CoreWeave gets 133MW of IT load.
Galaxy gets $300M a year in revenue.
EBITDA margins? Nearly 90%.
Compare that to crypto mining:
Why It Matters
Galaxy isn’t chasing hype.
It’s following the gravitational pull of capital.
Bitcoin mining is struggling post-halving.
AI workloads are surging, with CoreWeave serving giants like Microsoft and OpenAI.
Infrastructure is being repriced, from speculative assets to productive powerhouses.
This is the “From Gold Rush to Railroads” moment for digital infrastructure.
The Infrastructure Pivot Playbook
This move follows a new trend:
Digital asset firms are converting stranded mining assets into AI compute real estate.
Others following suit:
Hive Digital
Core Scientific
Northern Data
Their playbook:
Convert cheap land and power into AI-ready capacity
Partner with GPU-rich cloud providers like CoreWeave
Lock in long-term, high-margin contracts
What This Signals to Investors
Galaxy’s shift is not just a pivot, it’s a philosophical departure.
From decentralized currencies to centralized compute.
From speculation to infrastructure.
From tokens to terawatts.
The Upside
Galaxy is now valued by analysts at up to $3.5B for its data center division alone.
That’s nearly the market cap of the entire company.
In other words:
The market hasn’t priced in the full implications of this transformation.
But you can.
Because the next wave of alpha isn’t in coins.
It’s in colocation.
One More Thing
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