Galaxy Digital delivered a strong third-quarter performance, with a 140 % jump in trading volume and full capacity commitment from a major client for its Helios data center. The company refers to the project as a “gold rush” in AI infrastructure, signaling its ambition to become a central player in institutional digital asset infrastructure.
Galaxy Digital posted revenue of $29 billion for Q3, nearly double analysts’ expectations of around $16 billion. The surge reflects a 140 % increase in trading activity and strengthening of its digital-asset business.
A major highlight is the Helios data center in Texas, where CoreWeave has committed to use the full 800 MW capacity. Galaxy also secured a $1.4 billion project-financing deal with Deutsche Bank in August to fund phase one of Helios.
Galaxy COO Chris Ferraro described construction as “extraordinary,” citing over 500,000 labor hours and some 700 workers onsite daily. The first data hall is slated to power on in early December, with commissioning to follow.
On the retail side, Galaxy One, an investment platform targeting mass-affluent investors (average net worth ≈$2 million, annual income ≈$340k), aims to broaden funding sources and enhance efficiency in its digital-asset business.
Operational win and strategic Helios build-out
Despite this strong quarter, Jefferies warns that a softer crypto market could present challenges in Q4. Still, the firm believes Galaxy’s Helios capital execution and key-performance-indicator momentum position it well for the future.
In sum, Galaxy is leveraging both the institutional momentum in digital assets and the surge in AI infrastructure investment to stake a claim in what it calls a “gold rush.” Execution remains key, and the company seems focused on discipline and timing.
