Galaxy Digital: From Crypto Company to AI Infrastructure as a New Source of Value
Shares of crypto companies on the stock exchange have traditionally been valued according to their exposure to bitcoin and ether, trading volume, mining revenue, and the amount of assets under management. Investors have viewed these companies primarily as a reflection of movements in the crypto market.
With Galaxy Digital, this pattern began to change in 2026. In addition to the crypto business, investors and analysts are increasingly taking into account the value of its energy and data infrastructure.
Source: cointelegraph
Growth of Galaxy Digital shares
According to available market data, Galaxy Digital shares rose by more than 20 percent in a single day in June 2026, with market speculation about a possible new tenant of capacity on Helios and positive comments from Morgan Stanley about the company’s AI infrastructure.
In November 2025, Morgan Stanley assigned an “overweight” rating to Galaxy Digital’s stock, a designation that the bank uses for stocks that it expects to perform better relative to the benchmark index. The bank then estimated that the value of the Helios campus alone could ultimately reach around $30 billion. This is an estimate by Morgan Stanley analysts, not realized or guaranteed value.
Source: cointelegraph
Helios: From Mining to Data Center
According to publicly available transaction data, Galaxy Digital acquired the Texas Helios location from Argo Blockchain in late December 2022, with a purchase price of $65 million. The location was originally built for bitcoin mining, and Galaxy Digital gradually shifted it towards artificial intelligence and high-efficiency computing services.
That strategy gained further momentum when the AI cloud-platform CoreWeave entered into a fifteen-year lease agreement with Galaxy Digital, for a total of 800 megawatts of capacity on Helios. The delivery of the first phase of that capacity to CoreWeave was launched in early 2026, and Galaxy Digital said at the time that it expects to average more than $1 billion in annual revenue under these contracts over the term of the contract. This is the company’s own estimate of future contract revenue, not the results already achieved.
Source: cointelegraph
What is needed for AI infrastructure
AI models require a large number of graphics processing units (GPUs), advanced network equipment, cooling systems, and large amounts of electricity to train and operate. Building sites that can support such requirements carries high costs and time-consuming preparations, including power supply and grid connection arrangements.
Companies that already have contracted energy capacity, network connections, and larger computing locations hold assets that are difficult and expensive to renew in the short term. That is why some investors take such assets into account when assessing a company’s business prospects.
Source: cointelegraph
Overlap with crypto mining
Bitcoin mining and AI data centers seem like different fields at first glance, but both require large energy and computing infrastructure. Companies that were previously involved in cryptocurrency mining have provided land, energy supply contracts, cooling systems, and electricity grid connections over the years.
Some of that infrastructure can now be redirected towards AI operations, rather than building new locations from scratch. This allows individual crypto companies to access AI jobs without brand-new investments in land and network connections.
Source: cointelegraph
What is changing in the valuation of crypto companies
When some investors evaluate the stocks of cryptocurrency-related companies, the questions they are asking now include infrastructure, not just exposure to bitcoin or trading revenues:
- How much energy capacity does the company control
- Does it own land in locations suitable for larger data centers
- Can its locations support AI workflows
- Are there signed contracts with technology companies to lease this infrastructure How
- much of its revenue is distributed across different sources
Galaxy Digital remains an example of a company where investors take into account the energy and data infrastructure it has when valuing shares, not just the price of bitcoin or cryptocurrency trading revenues. The same questions about infrastructure are now being asked by other crypto companies that have similar resources.