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REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Galaxy Digital Holdings, LP

Segment Reporting Information [Line Items]

Schedule of Reporting Information by Segment

Assets and liabilities by each of the reportable segments as of March 31, 2025 are as follows:

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Total assets						$	3,169,254					$	264,600					$	2,902,338					$	6,336,192
Total liabilities						$	2,691,823					$	—					$	1,742,725					$	4,434,548

Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows (unaudited):

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Total assets						$	3,723,814					$	199,694					$	3,196,347					$	7,119,855
Total liabilities						$	3,163,499					$	—					$	1,762,004					$	4,925,503

Income and expenses by each of the reportable segments for the three months ended March 31, 2025 is as follows:

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Revenues						$	12,971,529					$	—					$	4,677					$	12,976,206
Net gain / (loss) on digital assets						52,204						—						(70,427)						(18,223)
Net gain / (loss) on investments						(20,349)						—						(112,818)						(133,167)
Net gain / (loss) on derivatives trading						60,515						—						(29,456)						31,059
Revenues and gains / (losses) from operations						13,063,899						—						(208,024)						12,855,875
Transaction expenses						12,999,168						—						60,271						13,059,439
Compensation and benefits						38,826						1,263						16,864						56,953
Notes interest expense						—						—						14,071						14,071
Depreciation and amortization						3,555						1,251						8,785						13,591
Other expenses						18,821						385						84,437						103,643
Operating expenses						13,060,370						2,899						184,428						13,247,697
Operating income						3,529						(2,899)						(392,452)						(391,822)
Unrealized gain / (loss) on notes payable – derivative						—						—						89,606						89,606
Other income / (expense), net						—						—						672						672
Total other income / (expense)						—						—						90,278						90,278
Net income / (loss) for the period, before taxes						$	3,529					$	(2,899)					$	(302,174)					$	(301,544)
Income tax benefit						—						—						(6,112)						(6,112)
Net income / (loss) for the period						$	3,529					$	(2,899)					$	(296,062)					$	(295,432)

Income and expenses by each of the reportable segments for the three months ended March 31, 2024 is as follows (unaudited):

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Revenues						$	9,302,569					$	—					$	32,803					$	9,335,372
Net gain/ (loss) on digital assets						82,590						—						263,803						346,393
Net gain / (loss) on investments						—						—						63,018						63,018
Net gain / (loss) on derivatives trading						(15,632)						—						99,272						83,640
Revenues and gains / (losses) from operations						9,369,527						—						458,896						9,828,423
Transaction expenses						9,272,125						—						41,491						9,313,616
Compensation and benefits						42,275						—						18,796						61,071
Notes interest expense						—						—						6,976						6,976
Depreciation and amortization						1,307						1,674						6,519						9,500
Other expenses						14,050						—						16,256						30,306
Operating expenses						9,329,757						1,674						90,038						9,421,469
Operating income						39,770						(1,674)						368,858						406,954
Unrealized loss on notes payable - derivative						—						—						(9,713)						(9,713)
Other income / (expense), net						—						—						213						213
Total other income / (expense)						—						—						(9,500)						(9,500)
Net income / (loss) for the year, before taxes						$	39,770					$	(1,674)					$	359,358					$	397,454
Income tax expense (benefit)						—						—						9,327						9,327
Net income / (loss) for the period						$	39,770					$	(1,674)					$	350,031					$	388,127

Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Total assets						$	3,723,814					$	199,694					$	3,196,347					$	7,119,855
Total liabilities						$	3,163,499					$	—					$	1,762,004					$	4,925,503

Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Total assets						$	1,978,031					$	114,529					$	1,501,720					$	3,594,280
Total liabilities						$	1,679,765					$	—					$	203,344					$	1,883,109

Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Revenues						$	42,497,063					$	—					$	99,610					$	42,596,673
Net gain / (loss) on digital assets						57,560						—						576,997						634,557
Net gain / (loss) on investments						17,425						—						241,366						258,791
Net gain / (loss) on derivatives trading						168,355						—						99,414						267,769
Revenues and gains / (losses) from operations						42,740,403						—						1,017,387						43,757,790
Transaction expenses						42,437,298						—						304,478						42,741,776
Compensation and benefits						175,925						—						89,666						265,591
Notes interest expense						—						—						30,804						30,804
Depreciation and amortization						11,446						7,497						27,949						46,892
Other expenses						68,725						—						245,266						313,991
Operating expenses						42,693,394						7,497						698,163						43,399,054
Operating income						47,009						(7,497)						319,224						358,736
Unrealized gain / (loss) on notes payable – derivative						—						—						(31,727)						(31,727)
Other income / (expense), net						—						—						2,774						2,774
Total other income / (expense)						—						—						(28,953)						(28,953)
Net income / (loss) for the period, before taxes						$	47,009					$	(7,497)					$	290,271					$	329,783
Income tax benefit						—						—						(16,939)						(16,939)
Net income / (loss) for the period						$	47,009					$	(7,497)					$	307,210					$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Revenues						$	51,565,491					$	—					$	61,288					$	51,626,779
Net gain / (loss) on digital assets						22,527						—						310,923						333,450
Net gain / (loss) on investments						—						—						97,827						97,827
Net gain / (loss) on derivatives trading						65,380						—						86,203						151,583
Revenues and gains / (losses) from operations						51,653,398						—						556,241						52,209,639
Transaction expenses						51,509,381						—						83,042						51,592,423
Compensation and benefits						148,909						—						70,347						219,256
Notes interest expense						—						—						27,285						27,285
Depreciation and amortization						4,344						5,548						13,053						22,945
Other expenses						44,854						—						48,710						93,564
Operating expenses						51,707,488						5,548						242,437						51,955,473
Operating income						(54,090)						(5,548)						313,804						254,166
Unrealized gain / (loss) on notes payable – derivative						—						—						(9,603)						(9,603)
Other income / (expense), net						—						—						(135)						(135)
Total other income / (expense)						—						—						(9,738)						(9,738)
Net income / (loss) for the period, before taxes						$	(54,090)					$	(5,548)					$	304,066					$	244,428
Income tax expense						—						—						15,914						15,914
Net income / (loss) for the period						$	(54,090)					$	(5,548)					$	288,152					$	228,514

Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):

(in thousands)						Digital Assets						Data Centers						Treasury and Corporate						Totals
Revenues						$	119,785,259					$	—					$	40,588					$	119,825,847
Net gain / (loss) on digital assets						(289,497)						—						1,227,862						938,365
Net gain / (loss) on investments						—						—						(464,918)						(464,918)
Net gain / (loss) on derivatives trading						100,341						—						92,217						192,558
Revenues and gains / (losses) from operations						119,596,103						—						895,749						120,491,852
Transaction expenses						119,437,498						—						1,558,433						120,995,931
Compensation and benefits						134,550						—						81,651						216,201
Notes interest expense						—						—						37,029						37,029
Depreciation and amortization						—						—						12,852						12,852
Other expenses						95,578						—						83,481						179,059
Operating expenses						119,667,626						—						1,773,446						121,441,072
Operating income						(71,523)						—						(877,697)						(949,220)
Change in fair value of warrant liability						—						—						20,322						20,322
Unrealized gain / (loss) on notes payable – derivative						—						—						57,998						57,998
Other income / (expense), net						—						—						26,480						26,480
Total other income / (expense)						—						—						104,800						104,800
Net income / (loss) for the period, before taxes						$	(71,523)					$	—					$	(772,897)					$	(844,420)
Income tax benefit						—						—						(28,291)						(28,291)
Net income / (loss) for the period						$	(71,523)					$	—					$	(744,606)					$	(816,129)
Net income / (loss) attributed to:
Redeemable noncontrolling interests						—						—						(97,219)						(97,219)
Unit holders of the Company						$	(71,523)					$	—					$	(647,387)					$	(718,910)

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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