Key Takeaways:
- Galaxy Digital filed its inaugural annual report as a Nasdaq-listed company on April 8, 2026, marking a new era for the firm.
- Galaxy’s Helios AI data center in West Texas has over 1.6 gigawatts of approved capacity and represents more than $15 billion in projected infrastructure investment.
- CEO Mike Novogratz says Galaxy is targeting a multi-hundred-billion-dollar digital infrastructure portfolio as institutional demand for compute accelerates into 2026.
Galaxy Digital Nasdaq Listing Signals Institutional Crypto Push as Helios Expansion Hits 1.6 GW
The New York-based firm went public on Nasdaq after years of operating in U.S. over-the-counter markets, a move Novogratz described in the letter to stockholders as more than a milestone. Galaxy has spent eight years building across institutional markets, asset management, onchain infrastructure, and AI data centers. The Nasdaq listing, Novogratz wrote, was the start of the next chapter, not the finish line.
Central to the report is Galaxy’s Helios campus, an AI data center facility located in West Texas. The company received approvals for more than 1.6 gigawatts of capacity at the site. The first 800 megawatts were leased to Coreweave, a leading AI cloud provider, representing more than $7.5 billion in capital investment. An additional 830 megawatts are approved under a build-to-suit model.
Novogratz said those two tranches alone put total projected long-term investment at Helios well north of $15 billion. He described demand for compute power as a structural condition, not a market cycle, and said Galaxy plans to acquire additional data center sites to build toward what he called a multi-hundred-billion-dollar portfolio diversified across geographies, tenants, and technologies.
Galaxy acquired the Helios site during the crypto bear market of 2022. Novogratz referenced that timing in the letter as evidence of a pattern: the firm’s most consequential moves have come during downturns, when other players pulled back.
The report positions 2025 as a year of acceleration for onchain infrastructure, even as markets stayed volatile. Novogratz pointed to a shift from narrative-driven crypto activity toward regulated infrastructure, custody solutions, and tokenization platforms built for institutional capital.
That framing tracks with broader industry conditions. Banks and asset managers that previously stayed on the sidelines are now building directly on blockchain rails. The U.S. government is holding Bitcoin on its balance sheet, something Novogratz noted would have seemed unthinkable just a few years ago.
The regulatory environment in the U.S. played a recurring role in the letter. Novogratz said a clearer framework is finally taking shape, and that convergence with infrastructure development is what will unlock the next wave of institutional capital moving onchain at scale.
Galaxy’s platform spans four main business lines: institutional markets, asset management, onchain infrastructure, and the Helios data center operation. Novogratz said the combination is built for this specific moment in the digital economy’s development.
The Nasdaq listing brings greater visibility and reporting requirements for a firm that has long positioned itself as a bridge between Wall Street and digital assets. Filing a formal annual report with the Securities and Exchange Commission (SEC) marks a shift in how Galaxy presents itself to capital markets.
Novogratz closed the letter by crediting Galaxy’s staff for eight years of work across bull and bear market conditions. He drew a comparison to the early internet buildout, arguing the digital economy is following a similar arc, with a major infrastructure expansion following an initial period of speculation and narrative-driven growth.
Galaxy did not release specific revenue or earnings figures in the stockholder letter. The full financial results are included in the complete annual report filed with the SEC on April 8, 2026.
The company said it remains focused on scaling Helios, expanding its digital infrastructure footprint, and building the regulated financial rails it believes will support the next generation of institutional crypto activity.
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