Bitzero Holdings is pivoting from crypto mining to AI data centers, with massive projects planned in Utah and Alberta
Bitzero Holdings Inc., a Canadian company with Kevin O’Leary’s money behind it, is tapping public markets to fund an ambitious expansion into AI and high-performance computing data centers. The company listed its voting shares on the Canadian Securities Exchange under the ticker BITZ.U in late December 2025, after raising over $100 million in private funding.
The megaprojects taking shape #
O’Leary’s data center ambitions involve two flagship developments. The first, called Stratos, is located in Utah and was originally planned to span up to 40,000 acres with 9 GW of power capacity. The Utah project has been scaled back after running into opposition from local communities concerned about environmental impact.
The second project, Wonder Valley in Alberta, is targeting 7.5 GW of energy capacity. It’s currently working through the permitting stage.
While O’Leary is a prominent investor in Bitzero through his investment arms O’Leary Ventures and O’Leary Digital, no direct financial ties have been established between Bitzero’s market operations and the funding of these Utah and Alberta megaprojects.
From crypto mining to AI: the pivot #
Bitzero built its foundation on sustainable blockchain infrastructure and crypto mining, maintaining operations in Nordic countries and North Dakota. Now it’s reorienting toward AI and high-performance computing data centers.
O’Leary, best known for his role on Shark Tank, has been increasingly vocal about the intersection of crypto infrastructure and AI computing. His investment in Bitzero through multiple vehicles signals a bet that companies straddling both worlds can capture value as the two industries converge.
The company has also signaled aspirations for a Nasdaq listing, which would give it access to a much deeper pool of US capital.
What this means for investors #
The over $100 million in private funding that Bitzero secured before going public suggests meaningful institutional confidence. The Stratos project’s downsizing in Utah illustrates a real risk, as a 9 GW facility getting trimmed because neighbors objected is a reminder that ambition and execution are very different things.
The fact that O’Leary’s megaprojects and Bitzero’s corporate operations don’t appear to be financially linked means investors need to evaluate the company on its own merits, not on the scale of the Utah and Alberta ambitions.
Former Bitcoin miners like Hut 8, Core Scientific, and Applied Digital are all chasing the same AI data center opportunity, many of them with existing Nasdaq listings and more established track records.
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