Galaxy Digital, the crypto financial services firm led by Mike Novogratz, has used its inaugural Nasdaq-listed annual report to spotlight its Helios data center campus as a core asset now valued at over $15 billion. The valuation follows new power capacity approvals from the Electric Reliability Council of Texas (ERCOT).
The Helios campus, located in West Texas, now boasts more than 1.6 gigawatts of approved power capacity. A significant portion of this capacity, the first 800 megawatts, has been leased to AI cloud provider CoreWeave, a deal tied to more than $7.5 billion in capital investment. ERCOT has approved an additional 830 megawatts for expansion at the site.
Novogratz framed the Nasdaq listing and the annual report as a pivotal moment, calling it "a declaration that the digital economy is real." He emphasized the company's evolution beyond its original digital asset focus, now operating across asset management, institutional trading, and AI-driven high-performance computing infrastructure. "Demand for compute is not a cycle, it is a structural condition," Novogratz stated, outlining Galaxy's aim to build a multi-billion-dollar digital infrastructure portfolio spanning regions, tenants, and technologies.
The annual report also detailed the scale of Galaxy's traditional digital assets platform, which managed approximately $12.3 billion in platform assets as of December 31, 2025. Its services include OTC trading, lending, custody, ETFs, and staking across 11 blockchains, including Ethereum and Solana. In October 2025, Galaxy expanded into retail services with the launch of GalaxyOne, a fintech platform offering FDIC-insured accounts and commission-free trading.
Despite reporting a net loss of $241 million in Q4 2025, Novogratz remained focused on execution and scale, stating the firm is "more clear-eyed about our opportunity than we have ever been." The report signals a strategic shift for Galaxy and the broader industry, prioritizing regulated infrastructure, custody solutions, and tokenization platforms to attract institutional capital and move from narrative to tangible, operational systems.
