CoreWeave Taps into Galaxy Digital's Helio Data Center | Galaxy Digital's Listing on Nasdaq

Source: Argo Blockchain

Galaxy Digital is betting big on AI. In March, Galaxy entered into a lease agreement with CoreWeave to repurpose its 133MW Bitcoin mining facility in Texas, the Helios Data Center, providing 133 megawatts (MW) of critical IT load to power CoreWeave’s AI and HPC operations. This deal with CoreWeave is valued at $4.5B for 15 years.

On April 23, CoreWeave exercised a pre-agreed right to access additional critical IT load at the Helios Data Center.

Under this new agreement, Galaxy will provide an additional 260 MW of critical IT load (the electrical power measured in megawatts, MW required to run essential IT equipment, such as servers, GPUs, and networking hardware). This means Galaxy will supply more power to support CoreWeave’s computing equipment, allowing them to scale up their operations. The terms of the new agreement are similar to the original 133 MW deal.

One advantage of this deal, which will produce steady revenue and cash flow, is that it will undoubtedly assist Galaxy Digital in mitigating the volatility in its business model caused by the cyclical nature of the crypto market.

In 2022, Galaxy Digital purchased Helios from Argo Blockchain with the original intent of utilizing it for Bitcoin mining.

Another exciting piece of news is that Galaxy's registration with the SEC to list on Nasdaq is now effective. On May 9, Galaxy will hold a special shareholder meeting. Although no specific date has been announced, the soonest listing date could be around 10 days after the shareholders' vote, contingent on their approval.

The company first listed on TSX Venture Exchange in Canada on August 1, 2018, and graduated to TSX in July 2020. In the past few years, Galaxy has been working on moving back to the U.S. Wish them luck!