Galaxy Digital Pivots to AI Infrastructure as Data Center Revenue Climbs
The firm is diversifying beyond crypto volatility by transitioning its Helios campus into a revenue-generating operation for CoreWeave.
Galaxy Digital is shifting its business model toward high-performance computing (HPC) infrastructure to establish more stable revenue streams. By leveraging its physical data center footprint, the firm aims to reduce its historical reliance on the volatile swings of the cryptocurrency market.
According to Quiver Quantitative, the company has transitioned its Helios campus from a construction project into an operating business. The campus has delivered its first 133 megawatts of critical IT load to CoreWeave, marking a significant milestone in Galaxy's expansion into the AI and HPC sectors. This operational shift is complemented by a strategic expansion of services, including a multi-year agreement with BNY to integrate staking into its custody platform, announced in August 2026.
Financial Performance
Recent financial data underscores the impact of this diversification. In the second quarter, Galaxy's data center operations generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA. While the firm continues to benefit from the digital asset market, its growth is becoming more balanced; digital assets adjusted gross profit rose 34% from the previous quarter, reaching $66 million.
Strategic Implications
This pivot toward cash-flowing infrastructure is a critical move for the firm's valuation. By building out the Helios campus and partnering with AI-focused entities like CoreWeave, Galaxy is establishing a valuation floor that is less dependent on the daily price action of Bitcoin.
For the broader industry, this demonstrates a trend where crypto-native financial firms are evolving into diversified infrastructure providers. This evolution is designed to attract a wider range of institutional investors who prioritize predictable earnings over speculative gains. By bridging the gap between digital asset finance and physical AI compute, Galaxy is positioning itself as a hybrid utility provider.
Future Outlook
Investors are now monitoring how quickly Galaxy can scale its HPC capacity and whether the BNY partnership will drive significant institutional adoption of its staking services. While the company remains deeply integrated with the digital asset ecosystem, the successful delivery of power to CoreWeave suggests that its transition into a diversified financial and infrastructure powerhouse is well underway. The ability to maintain this dual-track growth—scaling both AI compute and digital asset services—will likely determine its long-term institutional appeal.