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EQUITY BASED COMPENSATION (Tables) - Galaxy Digital Holdings, LP
 3 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Compensation and Benefits
For the three months ended March 31, 2025 and March 31, 2024, the total compensation and benefits include cash based payments and equity based payments as follows:
Three Months Ended
(in thousands)
March 31, 2025
March 31, 2024
Compensation and benefits excluding equity based compensation$43,434 $42,551 
Equity based compensation (1)
13,519 18,520 
Total compensation and benefits (2)
$56,953 $61,071 
_______________
(1)Excludes Deferred Share Units related to directors which is included in General and administrative expense.
(2)Net of capitalized compensation costs related to internally generated intangible assets.
For the years ended December 31, 2024, 2023 and 2022, the total compensation and benefits include cash based payments and equity based payments as follows:
Year ended
(in thousands)
December 31, 2024December 31, 2023December 31, 2022
Compensation and benefits excluding equity based compensation
$191,435 $136,132 $127,078 
Equity based compensation (1)
74,156 83,124 89,123 
Total compensation and benefits (2)
$265,591 $219,256 $216,201 
_______________
(1)Excludes Deferred Share Units related to directors which is included in General and administrative expense.
(2)Net of capitalized compensation costs related to internally generated intangible assets.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The Company has awarded compensatory Class B Units, stock options and restricted stock to eligible officers and employees. For the three months ended March 31, 2025 and March 31, 2024, equity based compensation included the following:
Three Months Ended
(in thousands)
March 31, 2025
March 31, 2024
Stock options$4,575 $3,597 
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)
9,163 14,909 
Compensatory Class B Unit Awards
Profit Interest Units— 14 
$13,738 $18,520 
_______________
(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.
The Company has awarded compensatory Class B Units, stock options and restricted stock to eligible officers and employees. For the years ended December 31, 2024, 2023 and 2022, equity based compensation included the following:
Year ended
(in thousands)December 31, 2024December 31, 2023December 31, 2022
Stock options
$20,475 $23,138 $27,628 
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)
54,489 60,593 61,512 
Compensatory Class B Unit Awards
Profit Interest Units53 59 720 
$75,017 $83,790 $89,860 
_______________
(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.
Schedule of Share-Based Payment Arrangement, Option, Activity
A summary of the Company’s stock option activity under the plans, including stock options with performance based conditions, is set forth in the following table:
DescriptionNumber of OptionsWeighted Average Exercise Price (C$)Weighted-Average Remaining Terms (Years)Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023
22,263,973$6.56 2.98$76,893 
Granted2,913,05116.66 
Exercised
(3,546,327)3.16 
Forfeited(1,521,299)6.63 
Canceled(244,390)11.55 
Balance, December 31, 2024
19,865,008 $8.58 3.44$230,641 
Granted4,172,899 17.30 
Exercised
(652,549)3.09 
Forfeited— — 
Canceled(9,957)6.75 
Balance, March 31, 2025
23,375,401 $10.28 3.58$233,384 
Vested and expected to vest as of March 31, 2025
23,375,401 $10.28 3.58$233,384 
Options exercisable as of March 31, 2025
12,729,406 $7.81 1.82$72,307 
Vested and expected to vest as of December 31, 2024
19,865,008 $8.58 3.44$230,641 
Options exercisable as of December 31, 2024
10,691,460 $7.37 1.66$132,653 
A summary of the Company’s stock option activity under the plans, including stock options with performance based conditions is set forth in the following table:
DescriptionNumber of OptionsWeighted Average Exercise Price (C$)Weighted-Average Remaining Terms (Years)Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2021
30,413,345 $7.64 3.43$366,012 
Granted1,565,000 19.63 
Exercised(2,627,053)2.68 
Forfeited(1,698,749)11.26 
Balance, December 31, 2022
27,652,543 8.56 2.62$9,594 
Granted (1)
10,963,780 $6.30 
Stock options replaced by replacement awards(1,875,000)23.08 
Exercised(5,847,020)3.73 
Forfeited(5,485,996)9.23 
Expired / Canceled / Repurchased(3,144,334)14.04 
Balance, December 31, 2023
22,263,973 $6.56 2.98$76,893 
Granted2,913,051 16.66 
Exercised(3,546,327)3.16 
Forfeited(1,521,299)6.63 
Canceled(244,390)11.55 
Balance, December 31, 2024
19,865,008 $8.58 3.44$230,641 
Vested and expected to vest as of December 31, 202419,865,008 $8.58 3.44$230,641 
Options exercisable as of December 31, 202410,691,460 $7.37 1.66$132,653 
Vested and expected to vest as of December 31, 202322,263,973 $6.56 2.98$76,893 
Options exercisable as of December 31, 20239,712,157 $5.80 1.82$40,427 
Vested and expected to vest as of December 31, 202227,652,543 $8.56 2.62$9,594 
Options exercisable as of December 31, 202214,180,883 $4.66 2.06$8,135 
_______________
(1)Includes stock options granted due to stock option modification.
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The fair value of the options granted was measured using the Black-Scholes option pricing model with the following weighted average inputs:
Inputs to the Black-Scholes Model
March 31, 2025
December 31, 2024
Share price
C$15.17
C$12.41 - C$27.45
Exercise price
C$16.45 - C$22.45
C$10.00 - C$37.38
Expected term (in years)55
Expected volatility90%
85% - 90%
Risk-free interest rate2.60%
2.8% - 3.8%
Dividend yield0%0%
The fair value of the options granted was measured using the Black-Scholes option pricing model with the following weighted average inputs:
Inputs to the Black-Scholes Model
December 31, 2024
December 31, 2023
December 31, 2022
Share price
C$12.41 - C$27.45
C$4.77 - C$7.43
C$4.83 - C$20.40
Exercise price
C$10.00 - C$37.38
C$4.19 - C$8.06
C$5.39 - C$21.30
Expected term (in years)555
Expected volatility
85% - 90%
80% - 90%
98% - 120%
Risk-free interest rate
2.8% - 3.8%
3.00% - 3.96%
2.48% - 3.00%
Dividend yield0%0%0%
Schedule of Nonvested Share Activity
The following table summarizes the activity related to the compensatory Class B Units during the respective periods:
DescriptionClass B UnitsWeighted-Average Grant Date Fair Value (C$)
Balance, December 31, 2023
10,792,944 $1.49 
Granted / Transferred— — 
Exchanged(81,357)1.65 
Forfeited— — 
Balance, December 31, 2024
10,711,587 1.49 
Granted / Transferred— — 
Exchanged— — 
Forfeited— — 
Balance March 31, 2025
10,711,587 $1.49 
Class B Units exercisable, March 31, 2025
10,711,587 $1.49 
Class B Units exercisable, December 31, 2024
10,711,587 $1.49 
The following table summarizes the activity related to the compensatory Class B Units during the respective periods:
DescriptionClass B UnitsWeighted-Average Grant Date Fair Value (C$)
Balance, December 31, 2021
14,890,203 $1.81 
Granted/ Transferred— — 
Exchanged / Redeemed(4,097,259)1.98 
Forfeited— 
Balance, December 31, 2022
10,792,944 $1.49 
Granted/ Transferred— — 
Exchanged— — 
Forfeited— — 
Balance December 31, 2023
10,792,944 $1.49 
Granted/ Transferred— — 
Exchanged(81,357)1.65 
Forfeited— — 
Balance December 31, 2024
10,711,587 $1.49 
Class B Units exercisable, December 31, 2024
10,711,587 $1.49 
Class B Units exercisable, December 31, 2023
10,777,718 $1.49 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes the activity related to Restricted Stock during the respective periods:
Description
Number of Units(1)
Weighted Average
Grant Price (C$)
Balance, December 31, 2023
281,808 $19.11 
Vested(281,808)19.11
Forfeited— — 
Balance, December 31, 2024
— — 
Vested— — 
Forfeited— — 
Balance, March 31, 2025
— — 
The following table summarizes the activity related to Restricted Stock during the respective periods:
DescriptionNumber of UnitsWeighted Average Grant Price (C$)
Balance, December 31, 2021
1,925,399 $11.39 
Vested(281,809)19.11
Balance, December 31, 2022
1,643,590 $10.07 
Vested(736,782)10.61 
Forfeited(625,000)5.35
Balance, December 31, 2023
281,808 $19.11 
Vested(281,808)19.11
Forfeited— — 
Balance, December 31, 2024
— $— 
Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity
The following table summarizes the activity related to Restricted Share Units during the respective periods:
Description
Number of Units(1)
Weighted Average
Grant Price (C$)
Balance, December 31, 2023
11,203,624$14.36 
Granted(1)
3,439,03514.85 
Exercised(3,668,309)15.44 
Forfeited / Cancelled(964,777)14.17 
Balance, December 31, 2024
10,009,573$14.15 
Granted1,898,44215.17 
Exercised(158,114)15.46 
Forfeited / Cancelled(165,986)17.35 
Balance, March 31, 2025
11,583,915$14.25 
Units vested as of March 31, 2025
4,541,399$16.46 
Units vested as of December 31, 2024
4,066,372$15.07 
_______________
(1)Includes deferred share units granted to the directors as part of annual compensation.
The following table summarizes the activity related to Restricted Share Units during the respective periods:
Description
Number of Units (1)
Weighted Average Grant Price (C$)
Balance, December 31, 2021
7,833,659 $23.32 
Granted (1)
6,718,554 18.13 
Exercised(1,425,013)22.99 
Forfeited/ Cancelled(1,664,283)22.04 
Balance, December 31, 2022
11,462,917 $20.50 
Granted (1)
4,983,339 4.92 
Exercised(3,036,166)19.20 
Forfeited/ Cancelled(2,206,466)18.31 
Balance, December 31, 2023
11,203,624 $14.36 
Granted (1)
3,439,035 14.85 
Exercised(3,668,309)15.44 
Forfeited/ Cancelled(964,777)14.17 
Balance, December 31, 2024
10,009,573 $14.15 
Units vested as of December 31, 2024
4,066,372 $15.07 
Units vested as of December 31, 2023
3,281,195 $18.47 
_______________
(1)Includes deferred share units granted to the directors as part of annual compensation.