Galaxy Digital
NASDAQ/TSX: GLXYGalaxy started as a place for institutions to trade bitcoin. These days the thing actually moving its stock is a data center in the desert.
Last verified: Jul 3, 2026
Who they are
Galaxy Digital is a diversified digital-asset financial services firm founded by Mike Novogratz, a former Goldman Sachs and Fortress Investment Group partner. For years it operated as a crypto-native merchant bank — institutional trading, asset management, lending, and advisory services for clients wanting exposure to digital assets without building their own crypto desk.
That description is now only half the story. Galaxy’s Helios campus in West Texas — a data center site built for AI and high-performance computing — has grown into a business large enough that some analysts value it above $15 billion on its own, bigger than the market has historically priced Galaxy’s entire trading business.
What they actually do
Run institutional crypto trading, lending, and asset management. Galaxy’s “Global Markets” division serves institutions that want to trade, borrow against, or otherwise access digital assets — its original core business and still a major revenue source.
Manage a growing digital-asset fund business. Fee income on billions of dollars in assets under management, spanning staking, custody, and tokenization services for institutional clients.
Build and lease AI/HPC data center capacity. The Helios campus has secured well over a gigawatt of approved power capacity from the Texas grid operator, with an initial 800 MW already leased to AI cloud provider CoreWeave under a long-term deal worth billions in committed capital investment. Additional expansion has since pushed Helios’s total approved capacity past 1.6 gigawatts.
How they make money
Trading spreads and fees, asset-management fees on digital-asset AUM, and increasingly, long-term data-center leasing revenue from Helios.
Where it sits in the value chain
The bigger trend it’s riding
Galaxy is part of a small group of crypto-adjacent companies that discovered their access to cheap, grid-connected power and data-center know-how is worth more to AI hyperscalers than to crypto traders — the same shift playing out across bitcoin miners like MARA, Riot, and Core Scientific, but starting from a trading-firm identity rather than a mining one. Novogratz has described the ambition plainly: building what could become one of the largest single-campus data centers in the country.
What to watch (not what to do)
What to watch (not what to do)
- Bitcoin price exposure. Galaxy still carries a substantial digital-asset balance sheet, so reported earnings can swing sharply with crypto prices independent of how the underlying businesses are performing.
- Helios build-out execution. Approved power capacity and actually delivered, revenue-generating data-center capacity are two different things — watch the pace of construction against the timeline.
- Customer concentration. Much of the near-term Helios story runs through a single large tenant, CoreWeave — similar concentration risk to what other AI-hosting miners face.
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This page presents market data and educational analysis only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any asset. Company figures, contracts, and plans are described as of mid-2026 and change frequently — verify current details before relying on them. Past performance does not guarantee future results.