Crypto Companies Pivot to AI Intermediaries Amid Industry Shift

Cryptocurrency companies are shifting their focus from eliminating intermediaries to becoming AI intermediaries. This pivot is driven by the increasing demand for computing power and AI products, with companies like Galaxy Digital, Crusoe, and Tether leading the way.

Galaxy Digital acquired a 180 MW Bitcoin mining facility in 2022 for $65 million and leased it to CoreWeave under a 15-year agreement. The deal is expected to generate over $1 billion in annual rent. Crusoe, on the other hand, sold its entire Bitcoin business and invested in OpenAI's Stargate project in Texas.

Tether's AI division, QVAC, has developed an open-source cross-platform SDK that allows billion-parameter models to run directly on laptops or mobile phones. The company has also made strategic investments in video platforms and acquired GPU facilities in Europe.