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Galaxy’s Novogratz touts $15 billion Helios valuation in first nasdaq annual letter

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Galaxy’s Novogratz touts $15 billion Helios valuation in first nasdaq annual letter

Galaxy Digital (GLXY) founder and CEO Mike Novogratz highlighted the firm’s key milestones in its 2025 annual report, marking its first 10-K filing as a Nasdaq-listed company.

Novogratz described the listing as more than a milestone, calling it “a declaration that the digital economy is real, and that Galaxy is built to lead it.”

Over the years, Galaxy has evolved from a pure-play digital asset firm into a diversified platform that includes asset management, institutional trading and AI-driven high-performance computing data centers.

Novogratz noted that the digital asset economy has evolved from a speculative, niche market into a mainstream industry, with even the United States now holding bitcoin on its balance sheet, something that would have been inconceivable a decade ago.

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The company’s biggest growth tailwind is its artificial intelligence and high-performance computing strategy and Helios, its AI data center campus in West Texas. The site has secured more than 1.6 gigawatts of approved power capacity through ERCOT.

The initial 800 megawatts is already leased to AI cloud provider CoreWeave (CRWV), representing over $7.5 billion in capital investment. With an additional 830 megawatts approved for expansion, Helios is now valued at well above $15 billion, according to the report.

Novogratz’s longer-term goal is to build a multi-billion-dollar portfolio of digital infrastructure assets diversified across regions, tenants, and technologies. “Demand for compute is not a cycle, it is a structural condition that will define the next decade.”

On the digital assets side, Galaxy manages roughly $12.3 billion in platform assets as of December 31, 2025. Its offerings include over-the-counter spot and derivatives trading, lending, staking across 11 blockchains, including Ethereum and Solana, ETFs, and institutional-grade custody.

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In October 2025, the firm expanded into retail with GalaxyOne, a fintech platform offering FDIC-insured high-yield accounts, commission-free trading in equities and crypto, and the option to automatically reinvest interest into bitcoin.

Despite the industry downturn in the fourth quarter of 2025, the company saw a net loss of $241 million. Novogratz remains optimistic, saying the firm is “more clear-eyed about our opportunity than we have ever been.”

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Crypto World

Binance Rolls out Prediction Markets for App Using Predict.fun

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Cryptocurrency Exchange, Applications, Binance, Prediction Markets

Binance Wallet has integrated prediction market features into its app, saying it will cover all trading and settlement transaction fees for users as it make a play for a piece of the $20 billion market.

In a Thursday notice, Binance said it will launch probability-based markets as a feature on the company’s app through an integration with third-party platforms, starting with Predict.fun. According to the crypto exchange, the integration will be “gasless,” with the company sponsoring fees for trades and settlements on the BNB Smart Chain.

Cryptocurrency Exchange, Applications, Binance, Prediction Markets
Source: Binance

Prediction market platforms like Kalshi and Polymarket offer users the chance to take a position on the outcome of events in a variety of topics, including politics and sports. The latter has put those platforms in the sights of multiple US state authorities who have filed lawsuits for allegedly violating state gaming laws by offering sports bets.

Binance’s integration is the latest example of a crypto platform moving deeper into prediction markets despite some of the more controversial bets on the platforms. Polymarket, for example, has offered users contracts on events related to US-Israeli military actions against Iran.

Related: DOJ and CFTC seek halt to Arizona action against Kalshi

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According to data from TRM Labs, the monthly transaction volume across prediction markets platforms reached $20 billion in January — a twenty-fold increase from levels seen in early 2025.

Kalshi co-founder denies Trump son is influencing US regulators

While state-level gaming authorities pursue the platforms in court, the US Commodity Futures Trading Commission (CFTC) has claimed it has “exclusive jurisdiction” to oversee prediction markets. Amid challenges by federal regulators to state actions, ties between some of the companies and the current US administration have stoked concerns among industry leaders and lawmakers about conflicts of interest.

In an Axios interview released on Thursday, Kalshi CEO Tarek Mansour and co-founder Luana Lopes Lara addressed questions about conflicts due to hiring US President Donald Trump’s son as a strategic adviser shortly before his father took office. 

“We have never asked for any favors […] and he has never done anything, any regulatory ask, nothing like that,” said Lara, referring to Donald Trump Jr. using his connections to the US government.

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Magazine: Anger grows over Polymarket bets on Iran war: ‘Dystopian death market’