Mentioned:
Galaxy Digital has become one of the most important publicly traded companies in crypto. Now, they have a new ambition: high performance computing.
What’s happening:
- Galaxy Digital (TSX: GLXY) has announced a new private offering of $300M USD in exchangeable senior notes to expand the operational capacity of their Texas based data centre Helios
Why it matters:
- The new capital will go towards Galaxy Digital expanding Helios from being a pure Bitcoin mining project into being able to host high performance computing which has rapidly become an important opportunity amidst the boom in demand for developing new artificial intelligence technology and large language models
By the numbers:
- The Helios data centre previously belonged to Argo Blockchain (NASDAQ: ARBK) before being purchased by Galaxy Digital for $65M USD
- Helios has the potential to be expanded to 800 megawatts of total capacity at full scale operations
Going deeper:
- Galaxy Digital recently announced that they have entered into a non-binding agreement with an undisclosed large technology company focused on using their Helios data centre for high performance computing and artificial intelligence workloads
- Core Scientific (NASDAQ: CORZ) and CoreWeave also just recently began construction of their new data centre for artificial intelligence cloud computing in Oklahoma
The intrigue:
- Galaxy Digital has continued to be on the leading edge of bringing crypto and digital assets into the traditional public markets, previously rolling out a new ETF partnership with asset management giant State Street (NYSE: STT)
