Cryptoprowl.com / Cryptocurrency firm Galaxy Digital (TSX: $GLXY) (NASDAQ: GLXY) has announced that it is expanding into artificial intelligence (A.I.) and high-performance computing.
Specifically, Galaxy Digital is expanding into A.I. and high-performance computing at data centres housed on its Helios campus in Texas.
The company, which has its primary stock listing in Toronto, also plans to launch later this year “GalaxyOne,” a financial technology platform that connects traditional and digital asset markets.
Analysts say Galaxy Digital is joining other crypto firms in pivoting towards A.I. and high-performance computing as the price of Bitcoin (CRYPTO: $BTC) and other digital assets slump.
However, Galaxy Digital says its core mission to target clients that want a single platform for both traditional securities and cryptocurrencies remains unchanged.
In recent months, several other companies that had been pureplay crypto firms, including Hut 8 (NASDAQ: $HUT) and Riot Platforms (NASDAQ: $RIOT), have also expanded into A.I. and high-performance computing.
Demand for data centres and computing capacity is skyrocketing as hyperscalers such as Meta Platforms (NASDAQ: $META) and Alphabet (NASDAQ: $GOOGL) spend billions on A.I. models and applications.
Galaxy Digital’s Helios campus in West Texas is a 1,500-acre facility that was acquired from Argo Blockchain (ARBK) in 2022.
Michael Novogratz, Chief Executive Officer (CEO) of Galaxy Digital, says the company now plans to convert a portion of the Helios campus from a Bitcoin mining site into a high-performance computing and A.I. data centre.
GLXY stock has risen 35% over the last 12 months to trade at $28.05 per share in Toronto.
