Everything in Observer
Hash Rate Services
Business Description
Galaxy, founded in 2018 by Michael Novogratz and headquartered in New York City, operates as a digital assets financial services firm and AI data center developer; it listed on the Nasdaq Global Select Market as GLXY in May 2025, following a Cayman Islands-to-Delaware reincorporation, and also trades on the Toronto Stock Exchange.
Galaxy's Digital Assets segment serves more than 1,600 institutional trading counterparties across OTC and electronic trading, lending, derivatives, staking, asset management, investment banking, and tokenization. As of March 31, 2026, Galaxy reported $9 billion in assets on platform and an average loan book of $1.4 billion for Q1 2026. In February 2023, Galaxy acquired GK8, an institutional self-custody platform purchased from bankrupt lender Celsius Network for approximately $44 million, and integrated enterprise-grade custody technology into its product suite. The Asset Management arm deploys capital through ETFs, hedge funds, Galaxy Ventures (stage-agnostic across protocols, DeFi, and Web3), and Galaxy Interactive (gaming and social commerce). The GalaxyOne retail platform offers multi-asset portfolios and a high-yield cash account yielding 8.00% for U.S. accredited investors.
Galaxy's Data Center segment traces its roots to hash rate production at the Helios campus in Dickens County, Texas, a 1,500-acre site that transitioned from bitcoin mining to AI and high-performance computing infrastructure. The campus holds more than 1.6 gigawatts of total approved power capacity; in January 2026, ERCOT approved an additional 830 MW, doubling earlier authorizations. Galaxy signed a 15-year, 800 MW hosting agreement with CoreWeave structured as a triple-net lease at $720 million in annual rent (plus a 3% annual escalator), projected to average more than $1 billion in annual revenue over the term. Phase I is scheduled to deliver 200 MW to CoreWeave in H1 2026, with Phase II delivering 400 MW in 2027. To fund construction, Galaxy raised $460 million in equity and closed a $1.4 billion project financing facility covering approximately 80% of construction costs; Phase 2 permits have been filed, bringing combined estimated capital expenditure to approximately $3.5 billion.
Bitcoin miners are an explicitly named client segment on Galaxy's platform. Galaxy offers real-asset financing, energy market advisory, and investment banking tailored to mining operators; capital markets, derivatives, and structured financing remain available to mining-industry clients, backed by Helios's own history as a bitcoin mining site before the AI pivot.
According to BitcoinMiningStock.io data as of December 31, 2025, Galaxy holds 25,723.00 BTC, 61,137.00 ETH, and 775,289.00 SOL on its corporate treasury. Galaxy's enterprise value stood at $9.61 billion as of May 8, 2026. With Phase I delivery to CoreWeave beginning in H1 2026 and a long-term target of 3.5 GW at Helios, Galaxy's Dickens County campus is one of the larger AI/HPC buildouts currently under development in the United States.
