{"id":532521,"date":"2022-12-30T05:03:21","date_gmt":"2022-12-30T02:03:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mike-novogratz-calls-helios-a-transformative-acquisition-for-galaxy\/"},"modified":"2022-12-30T05:03:21","modified_gmt":"2022-12-30T02:03:21","slug":"mike-novogratz-calls-helios-a-transformative-acquisition-for-galaxy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mike-novogratz-calls-helios-a-transformative-acquisition-for-galaxy\/","title":{"rendered":"# Mike Novogratz calls Helios a &#8216;transformative acquisition&#8217; for Galaxy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fda1f747df\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fda1f747df\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/mike-novogratz-calls-helios-a-transformative-acquisition-for-galaxy\/#%E2%80%9D_Mike_Novogratz_calls_Helios_a_%E2%80%98transformative_acquisition_for_Galaxy_%E2%80%9C\" >&#8221; Mike Novogratz calls Helios a &#8216;transformative acquisition&#8217; for Galaxy  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Mike_Novogratz_calls_Helios_a_%E2%80%98transformative_acquisition_for_Galaxy_%E2%80%9C\"><\/span>&#8221; Mike Novogratz calls Helios a &#8216;transformative acquisition&#8217; for Galaxy  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvMDk3ZGZlNzAtOTI4My00YjlkLWE5ODYtOTMxMmU1YTg3Mjg5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-02fa634a>Galaxy Digital Holdings CEO Mike Novogratz has called the Helios mining deal a \u201ctransformative acquisition\u201d for the firm as it works to increase its exposure to the Bitcoin mining sector. <\/p>\n<p>The crypto investment firm\u2019s $65 million acquisition of Argo Blockchain\u2019s flagship mining facility was announced on Dec. 28 as part of Argo\u2019s drastic action to stave off bankruptcy.<\/p>\n<p>Tweeting about the deal on Dec. 29, Novogratz emphasized that Galaxy is a \u201cstrong believer\u201d on the long-term future of Bitcoin (BTC) and the the company will continue to ramp up its mining initiatives: <\/p>\n<blockquote><p>\u201cBear markets are for building. We\u2019re long-term believers in BTC and expect the lowest-cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Since we started mining bitcoin in Q1 2021, we outsourced our miners to hosting providers. But we always had the idea that we would vertically integrate our mining capabilities.<\/p>\n<p>\u2014 Mike Novogratz (@novogratz) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/novogratz\/status\/1608167652177870849?ref_src=twsrc%5Etfw\">December 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Explaining the deal in further detail, the Galaxy CEO outlined that the firm has a specific \u201cthesis\u201d on how to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach the mining sector which consists of \u201clow-cost electricity, a very efficient team\u201d and \u201cbuying ASIC miners cheap.\u201d<\/p>\n<p>\u201cThat\u2019s a recipe for success in mining, even when the hash rate rises,\u201d he said. <\/p>\n<p>Recent data from Hashrate Index found that Bitcoin ASIC miner prices are hovering at lows not seen since at least 2021, with the most efficient ASIC miners seeing their prices fall 86.8% from their peak in May 2021.<\/p>\n<p>Galaxy has five business lines across trading, asset management, crypto mining, venture investments and investment banking. According to its website, it currently has $1.9 billion worth of assets under management. <\/p>\n<p>As it stands, Galaxy has mainly utilized hosting services for its mining operations, however Novogratz notes that owning 200 megawatt (MW) capacity Helios will not only let the company run miners on its own site, but host for others as well. <\/p>\n<p>Helios potentially has a lot of scaling ability to make it one of the biggest miners on the market. Argo Blockchain previously outlined in May this year that it had plans to increase electrical capacity to 800MW in \u201cthe coming years.\u201d <\/p>\n<p>At the time, the firm also said it expected Helios to reach a BTC mining capacity of 5.5 exahashes per second by the end of the year, with the potential to eventually hit 20 EH\/s. <\/p>\n<p>It appears that Galaxy has some cash to splash amid the 2022 bear, considering that it also gave Argo Blockchain a $35 million equipment finance loan alongside the acquisition. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC price preserves $16.5K, but funding rates raise risk of new Bitcoin lows<\/em><\/strong><\/p>\n<p>The move also adds another coup from earlier this month in which Galaxy snapped up crypto self custody platform GK8 for an undisclosed fee. <\/p>\n<p>GK8 was being auctioned off as part of the Celsius bankruptcy process, after the defunct crypto lender snapped up the firm for $115 million in 2021. <\/p>\n<p>Mike Novogratz, founder and CEO of Galaxy called the acquisition a \u201ccrucial cornerstone in our effort to create a truly full-service financial platform for digital assets.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/mike-novogratz-calls-helios-a-transformative-acquisition-for-galaxy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Mike Novogratz calls Helios a &#8216;transformative acquisition&#8217; for Galaxy &#8220; Galaxy Digital Holdings CEO Mike Novogratz has called the Helios mining deal a \u201ctransformative acquisition\u201d for the firm as it works to increase its exposure to the Bitcoin mining sector. The crypto investment firm\u2019s $65 million acquisition of Argo Blockchain\u2019s flagship mining facility was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":532522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/097dfe70-9283-4b9d-a986-9312e5a87289.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,76962,75042,117],"class_list":["post-532521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mike-novogratz","tag-mining","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=532521"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/532522"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=532521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=532521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=532521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}