Simrit Dhinsa

Last year, $GLXY shared our ambition to expand beyond Helios and build a multi-campus, multi-gigawatt, multi-tenant data center business. I'm excited to announce that we've now closed on the acquisition of our second data center campus: a 500-acre site in McGregor, Texas, a state where we continue to invest and a power market we know exceptionally well. The initial development is expected to reach 74 MW, subject to execution of interconnection and power supply agreements with the local utilities. We then plan to coordinate with the local utility to support development above the 75 MW large load threshold in ERCOT. We expect the initial 74 MW to begin receiving power in 2028, with the potential to scale the campus to multi-hundred MW's through 2030. This is an important milestone for $GLXY. It marks our evolution from a single campus at Helios to a multi-campus data center business and represents another meaningful step in the growth and maturation of our Data Centers business. With a development pipeline that now extends nearly five years, $GLXY is quickly becoming one of the world's largest developers and operators of AI data center infrastructure, backed by a strong track record of execution.

$GLXY is deepening its roots in Texas. We're partnering with Texas Tech to rename Jones AT&T Stadium as Galaxy Stadium, marking the first milestone in a broader strategic relationship rooted in digital innovation that includes opportunities to advance AI research, workforce development and economic investment across West Texas. Texas Tech has a great academic reputation and one of the strongest engineering talent pipelines in the state. Our Helios campus sits just 60 miles from Texas Tech, and many of the people helping us build one of the world's largest AI data centers are Red Raiders. Excited for Helios tours paired with Big 12 football games!

I love the story of Helios and don't think it gets talked about enough. Back in December 2022, when BTC was trading below $20K, $GLXY acquired Helios for $65M. At the time, much of the industry was focused on survival. Crypto was 70%+ off its highs, liquidity was scarce, several companies had already gone bankrupt and many others were under significant pressure. Having risk managed the downturn well, $GLXY was in a position to play offense when others couldn't, and Helios was one of the opportunities that emerged from that environment. When we acquired Helios, the site spanned 160 acres, had 60 MW of energized mining capacity, 180 MW of total approved power capacity and was staffed by 40 employees. Over the next 24 months, we expanded the site significantly. We acquired an additional 160 acres of contiguous land, increased energized mining capacity to 200 MW, expanded approved power capacity to 800 MW, took delivery of six main power transformers, grew the team to over 50 employees and scaled the operation to nearly $100M in annual mining revenue. But while we were building, the opportunity set was changing. Advancements in AI were driving a surge in demand for compute and power and there wasn't enough data center capacity or available power to keep up. Grid constraints, supply chain bottlenecks and permitting delays were making it increasingly difficult to bring new capacity online. As a result, large scale sites with approved power access became incredibly valuable. We recognized that Helios was positioned to be much more than a bitcoin mining facility, so we made the decision to strategically pivot toward AI infrastructure, leveraging the expertise we had already built developing and operating power intensive BTC mining infrastructure at scale. Fast forward to today and the transformation has been remarkable. Our Helios data center campus has grown to over 1,500 acres, with more than 1,000 workers on site daily supporting ongoing development and operations. We now have 1.63 GW of approved power capacity, with the potential to scale to 3.6 GW, which would make Helios one of the largest data center campuses in the world. CoreWeave is our anchor tenant, with 800 MW of gross power leased over the next 15 years. Beyond that, we have another 830 MW of approved capacity and are actively engaged with prospective tenants to lease the remaining capacity. What started as an opportunistic acquisition during one of the most challenging periods in crypto has evolved into a cornerstone asset positioned at the center of one of the most important secular trends of the next decade: AI infrastructure.

Hats off to the $GLXY Data Centers team on delivering the first data hall to CoreWeave! In a market where nearly half of U.S. data center projects slated for 2026 are reported to be delayed or canceled, execution is what separates the teams that actually deliver from the rest. Yes, power is scarce, but power doesn’t build data centers. It takes deep in-house expertise across design, engineering, operations, power, procurement and capital markets. It takes strong partnerships with tier one contractors. It takes 1,000+ people, unrelenting coordination and countless hours working toward a single outcome. No large-scale build goes perfectly to plan. Weather, supply chain disruptions, and infrastructure challenges are part of the process. That’s exactly what makes this milestone so meaningful. Many more to come.

Great to kick off March with one of the busiest conference weeks of the year! Tony Paquette (CFO) and @blakerking93 (Head of Power) spoke at the Morgan Stanley TMT and Citizens Technology Conferences in San Francisco, and @brian_wright21 (Co-Head of Data Centers) spoke at the Jefferies Power Conference in NYC. We also participated in the Morgan Stanley Energy Conference (NYC) and Daiwa’s Investment Conference (Tokyo). Across the week, we hosted 40+ 1x1 and small group meetings with a broad mix of long-onlys, hedge funds, family offices, and both equity and debt investors. Key themes: Data Centers • ERCOT’s Large Load Interconnection Batch Study Workshop and implications for $GLXY and the broader market • Our appetite for behind-the-meter solutions • Progress on tenant discussions for our newly approved 830 MW Digital Assets • Crypto macro, recent price volatility and go-forward outlook • Clarity Act approval probability and the impact to $GLXY and the industry, broadly • How we're leveraging our blockchain infrastructure and technology stack to help bring more institutions onchain Next week, we’ll be at Cantor Fitzgerald’s Global Technology & Industrial Growth Conference (NYC), Canaccord’s Digital Assets Symposium (virtual), Wolfe's FinTech Forum (NYC) and Compass Point’s Powering AI Infrastructure Roundtable (Washington D.C.).

$GLXY just completed ERCOT interconnection studies and secured approval for an additional 830 MW of power at our Helios data center campus in West Texas! That brings us to 1.6+ GW of approved power capacity, with 800 MW already committed to CoreWeave. This puts Helios among the largest and fastest-growing data center developers globally, and marks a huge step forward in our mission to build a multi-tenant, multi-gigawatt data center business. Access to reliable power at scale is the scarcest and most valuable asset in the world - it’s the foundation of the AI revolution. Next step: securing a world-class tenant to develop the next AI data center at Helios. Game on! investor.galaxy.com/news-rel…

I’m proud to announce that one of the largest and most respected names in global asset management has agreed to a $460M strategic investment in $GLXY. The proceeds will support general corporate purposes and drive the buildout of our Helios data center campus, which remains on track to deliver 133 MW of critical IT load in the first half of 2026 under our Phase One lease. One of the key benefits of becoming a U.S.-listed company was the opportunity to institutionalize our shareholder base. Over the past five months we’ve done just that, with several of the world’s leading asset managers now holding significant positions in $GLXY. The conversations I’m having with institutional investors are among the most constructive and high-conviction I’ve experienced in my time at $GLXY. Asset managers, sovereign wealth funds, corporates, hedge funds, family offices, and individuals all across the world are deeply engaged on our story. The conviction we’re seeing today is just the foundation for what’s to come. Separately, $GLXY will be reporting 3Q25 earnings on Tuesday, October 21 and for the first time, we'll be streaming our earnings call live on YouTube. Thanks to all our shareholders and followers for the feedback! See you then.

Great to see $GLXY recognized by Piper Sandler as one of their top investment ideas for 4Q25! Confidence in our AI data center buildout and expansion potential, combined with a constructive digital assets environment and accelerating institutional adoption, continues to build momentum behind our story.

Galaxy’s Helios campus is positioned to be one of the world’s leading AI data center campuses: 🔌800 MW of approved power capacity ⚡2.7 GW of additional power capacity under study 🌎1,500+ acres under direct control 💧Access to ample on-site water for additional direct-liquid-cooling efficiency 📡Long-haul dark fiber infrastructure providing scalable bandwidth, redundancy, and sub-20ms RTT latency to Dallas and other major markets 👥A team with deep data center operating experience and capital markets expertise, led by two of the smartest and hardest working people I know @austorms and @brian_wright21 Access to power at scale is one of the most significant differentiators in today’s AI data center market. Helios is uniquely positioned with 800 MW of approved power capacity and already interconnected high-voltage substation, the first data hall delivery scheduled in 1H26, and full energization of the Helios campus planned for 2028. This puts us years ahead in a market where time to power is everything. With 2.7 GW of additional interconnection capacity under various stages of study for the Helios campus, there is also huge growth potential! As we disclosed, $CRWV is our anchor tenant at Helios, committed to 800 MW of gross power capacity over 15 years (+two 5-year extensions). That translates into: 💵$1B+ in expected average annual revenue over 15 years 📈90% EBITDA margins 🤝A durable source of stable, recurring cash flows, underpinned by $CRWV’s leading hyperscaler and enterprise relationships, and their technical stack and orchestration software that power some of the most sophisticated AI workloads globally. Twelve months ago, few investors saw $GLXY as a way to express a view on the foundational infrastructure powering AI. Today, I spend just as much time with digital asset and FinTech investors as I do with power and real estate investors.