Mike Novogratz’s Galaxy Digital (GLXY) shares rose 4% in U.S. trading Thursday morning after the company won approval to add 830 megawatts of power capacity to its Helios data center campus in West Texas.
The expansion, approved by Texas power grid operator ERCOT, will more than double the site’s total approved load to more than 1.6 gigawatts following the completion of a required heavy-load interconnection study.
This marks a further step in Galaxy’s long-term plan to build infrastructure for artificial intelligence and high-performance computing (HPC) workloads, the company said in a press release.
The company, which provides cryptocurrency financial services and manages a data center portfolio, has also entered into a services agreement with AEP Texas, with Wind Energy Transmission Texas serving as the interconnect provider.
Construction of the first phase of Helios is underway under a contract with AI computing provider CoreWeave. Power supply is expected to begin in early 2026.
CEO Mike Novogratz said in a statement that the power demand for AI computing in Texas is “unprecedented” and this approval puts Galaxy in a strong position to grow. The company is currently exploring additional land and power options in Texas and other states.
The stock’s rise on Thursday was notable considering the decline across other crypto sectors as Bitcoin fell below $96,000.
Coinbase (COIN), Circle (CRCL), MARA Holdings (MARA), etc. are all down 3% to 5%.
