Galaxy Digital filed its inaugural annual report as a Nasdaq-listed company on April 8, 2026, with CEO Mike Novogratz outlining a $15 billion-plus infrastructure buildout and calling institutional adoption of digital assets the defining economic shift of the decade.
Nasdaq Listing Marks New Chapter
The New York-based firm went public on Nasdaq after years of operating in U.S. over-the-counter markets, a move Novogratz described as more than a milestone. Galaxy has spent eight years building across institutional markets, asset management, onchain infrastructure, and AI data centers. The Nasdaq listing, he wrote, was the start of the next chapter, not the finish line, bringing greater visibility and stricter reporting requirements.
Helios Data Center: A $15 Billion+ Bet
Central to the report is Galaxy's Helios campus in West Texas, which has received approvals for more than 1.6 gigawatts of capacity. The first 800 megawatts were leased to Coreweave, representing over $7.5 billion in capital investment. An additional 830 megawatts are approved under a build-to-suit model. Novogratz said total projected long-term investment at Helios is well north of $15 billion. He described demand for compute power as structural, not cyclical, and said Galaxy plans to acquire more data center sites to build a multi-hundred-billion-dollar portfolio diversified across geographies, tenants, and technologies.
Counter-Cyclical Moves and Institutional Adoption
Galaxy acquired the Helios site during the crypto bear market of 2022, a pattern Novogratz highlighted: the firm's most consequential moves occur during downturns. The report positions 2025 as a year of acceleration for onchain infrastructure. Novogratz pointed to a shift from narrative-driven crypto activity toward regulated infrastructure, custody solutions, and tokenization platforms built for institutional capital. He noted that banks and asset managers are now building directly on blockchain rails, and the U.S. government holds Bitcoin on its balance sheet—unthinkable just a few years ago. A clearer regulatory framework is taking shape, which he believes will unlock the next wave of institutional capital moving onchain.
Four Business Lines and Outlook
Galaxy's platform spans institutional markets, asset management, onchain infrastructure, and the Helios data center operation. Novogratz said the combination is built for this moment in the digital economy. Financial results are included in the full SEC filing. The company remains focused on scaling Helios, expanding its digital infrastructure footprint, and building regulated financial rails to support the next generation of institutional crypto activity.