Mike Novogratz’s Galaxy Digital has secured a staggering $1.4 billion loan facility to supercharge the expansion of its Helios AI datacenter campus in Texas, signaling a bold shift from cryptocurrency mining into the rapidly booming artificial intelligence sector.

The company announced on Friday that the loan—covering nearly 80% of construction costs for the first phase—will be supported by an additional $350 million in equity from Galaxy itself. According to filings with the U.S. Securities and Exchange Commission, the facility matures on August 15, 2028 and is secured against all assets of Galaxy Helios I, a subsidiary dedicated to the project.

At the heart of this expansion is a 15-year partnership with CoreWeave, a rapidly growing GPU cloud provider. CoreWeave, which recently made headlines with its $9 billion all-stock acquisition of Core Scientific, will lease up to 800 megawatts of capacity at the Helios site to fuel its AI and high-performance computing (HPC) operations.

Galaxy estimates this deal alone could generate more than $1 billion in annual revenue adding up to $15 billion over the contract’s lifespan. “The Helios campus is uniquely positioned to deliver the kind of scale AI companies now demand,” the company said, highlighting its vision to ultimately reach a 3.5 gigawatt capacity, leaving an additional 2.7 gigawatts available for other clients.

Crypto-native firms pivoting toward AI infrastructure as global capital flows increasingly chase artificial intelligence. Interestingly, both Galaxy Digital and CoreWeave share crypto roots—Helios was initially acquired for Bitcoin mining back in 2022, while CoreWeave itself began as an Ethereum mining outfit before evolving into an AI powerhouse.

The move also illustrates what many analysts describe as a convergence between digital assets infrastructure and AI computing power, a pairing that could shape the next era of digital economies.

For Novogratz, who has long been known for bold bets in finance and technology, this could mark his most significant pivot yet. With Wall Street pouring billions into AI compute, his gamble on Helios may position Galaxy Digital as a key player in the AI infrastructure race.

In a move set to reshape how millions of Australians shop online and in-store, the federal government has announced sweeping new regulations targeting the booming Buy Now Pay Later (BNPL) sector. Services like Afterpay, Zip, and Klarna—once the darlings of easy consumer credit—will soon face tighter rules that align them more closely with traditional credit products.

Under the proposed changes, BNPL platforms will be regulated under the Credit Act, meaning they’ll need to run proper credit checks, provide clearer disclosures, and meet responsible lending obligations—just like banks and credit card providers. This marks a significant departure from the current self-regulation model that critics say allowed young consumers to rack up debt with minimal oversight.

According to Financial Services Minister Stephen Jones, the overhaul is designed to protect Australians from falling into debt traps. “Buy Now Pay Later should not mean Buy Now Suffer Later,” he said in a public statement. The Minister emphasized that while the government isn’t looking to ban BNPL services, it is committed to ensuring they are “safe, transparent, and fair.”

The reforms come amid growing concern over the financial stress linked to BNPL usage, especially among Australians aged 18 to 35. Reports from consumer advocacy groups like CHOICE and Financial Counselling Australia indicate that many users are missing payments, incurring late fees, or using multiple BNPL platforms at once—creating a snowball effect of invisible debt.

BNPL providers have responded with cautious support. Afterpay and Zip issued statements acknowledging the need for consumer protections but warned that over-regulation could hinder innovation and limit access for low-risk users. The sector has grown explosively in the past five years, now used by over 7 million Australians, and plays a major role in the retail economy.

So what does this mean for you? If you’re someone who relies on BNPL for everyday purchases or big-ticket items, expect more rigorous checks before approval. Your ability to spend using these services may decrease, but you’ll also benefit from greater transparency and accountability. For others, these changes could spell the end of impulse-driven, interest-free shopping sprees.

The new laws are expected to be introduced to Parliament later this year and could take effect as early as 2026. In the meantime, Australians are being urged to review their BNPL usage, read the fine print, and prepare for a shift that might bring both pain and protection to how they manage their money.

After more than 15 years on air, Channel 10’s flagship current affairs program, The Project, is reportedly set to be replaced by a new show in the coming weeks. Insiders have revealed that the network is developing a fresh format aimed at revamping the evening timeslot, with the new program expected to air four nights a week for 30 minutes, a significant shift from The Project‘s six hour-long broadcasts.

The decision comes amid declining viewership for The Project, which has seen its ratings halve in recent years. The show, which debuted in 2009, has struggled to retain its audience as viewing habits shift from live free-to-air TV to streaming platforms. Financial constraints and shrinking audiences have contributed to concerns, especially amid broader network cost-cutting measures.

Entertainment expert Peter Ford commented on the situation, stating that he believes the show may not last the year. “I don’t think The Project will see the year out,” Ford told 3AW Breakfast, suggesting that the new show will be based in Sydney.

The new program is part of Channel 10’s strategy to adapt to changing viewer habits and economic pressures. The network has previously removed other programs like The Masked Singer and The Bachelor from its schedule, reflecting a broader shift in programming.

While Channel 10 has yet to comment publicly on the replacement, the move indicates a significant change in the network’s approach to current affairs programming. The new show’s format and content are expected to be announced in the near future.