Core Insights - Galaxy Digital's shares increased by 4% following the approval to add 830 megawatts of power capacity at its Helios data center in West Texas, raising the total approved load to over 1.6 gigawatts [1][2] - The expansion aligns with Galaxy's long-term strategy to enhance infrastructure for artificial intelligence and high-performance computing workloads [2] - CEO Mike Novogratz highlighted the unprecedented power demand for AI compute in Texas, indicating strong growth potential for the company [3] Company Developments - Construction is currently underway for the first phase of the Helios data center, with power delivery expected to commence in early 2026 [3] - Galaxy has signed a service agreement with AEP Texas, with Wind Energy Transmission Texas serving as the interconnection provider [2] - The company is actively exploring additional land and power options in Texas and other states to support its growth [3] Market Context - The stock's rise is notable amidst a general decline in the crypto sector, where Bitcoin has fallen below $96,000, affecting other companies like Coinbase, Circle, and MARA Holdings, which experienced declines of 3%-5% [4]
Galaxy Digital stock rises 4% after Texas grid operator approves data center expansion