#EthereumSecurityInitiative

The Giant Company That Switched From Bitcoin Mining to Artificial Intelligence Sector Is Experiencing Its Own Bull! Here Are the Details

A new report by fintech and crypto research firm Rittenhouse Research cited Galaxy Digital’s transition from Bitcoin mining to artificial intelligence (AI) infrastructure as the top reason for its “strong buy” rating on the company’s stock.

Galaxy Digital’s AI Pivot, Not Bitcoin Mining, Is Its Biggest Bull Case, Rittenhouse Research Says

While Galaxy Digital was once a major player in Bitcoin (BTC) mining, its 2022 acquisition of the Helios data center from troubled miner Argo Blockchain may have unexpectedly positioned the company as a major infrastructure provider in the burgeoning AI economy.

At the time of the acquisition, the move was seen as a lifeline for a struggling crypto miner. But the rapid rise of productive AI platforms like ChatGPT has turned the demand for high-performance data centres into a gold rush, and Galaxy appears to be sitting on one of the most valuable assets in the space.

“Galaxy stumbled upon Helios by chance,” Rittenhouse wrote in a recent investment note. The firm believes the data centre, now dedicated to serving AI customers, could generate $1.7 billion in EBITDA and $32 billion in equity value in the near term.

this is not investment advice