
(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2025
Digital intangible assets (includes $1,020.2 million measured at fair value)	$	1,054,836	$	—	$	4,957	$	1,059,793
Digital financial assets	—		126,950		—		126,950
Total self-custodied (1)	1,054,836		126,950		4,957		1,186,743

Digital intangible assets (includes $471.0 million measured at fair value)	589,898		—		10,073		599,971
Digital financial assets	—		350,949		—		350,949
Total held with third parties, including centralized trading platforms	589,898		350,949		10,073		950,920

Collateral posted with counterparties (2) (measured at fair value)	195,059		—		—		195,059

Receipt tokens from decentralized finance protocols (3)	112,155		20,095		—		132,250
Other digital assets associated with decentralized finance protocols (3) (4)	171,912		16,485		—		188,397
Total digital assets associated with decentralized finance protocols	284,067		36,580		—		320,647
Total digital assets	$	2,123,860	$	514,479	$	15,030	$	2,653,369


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million measured at fair value)	$	1,544,377	$	—	$	75	$	1,544,452
Digital financial assets	—		353,459		—		353,459
Total self-custodied (1)	1,544,377		353,459		75		1,897,911

Digital intangible assets (includes $451.4 million measured at fair value)	523,002		—		20,904		543,906
Digital financial assets	—		1,392		—		1,392
Total held with third parties, including centralized trading platforms	523,002		1,392		20,904		545,298

Collateral posted with counterparties (2) (measured at fair value)	85,874		—		—		85,874

Receipt tokens from decentralized finance protocols (3)	298,263		—		—		298,263

Other digital assets associated with decentralized finance protocols (3) (4)	96,065		4,814		—		100,879

Total digital assets associated with decentralized finance protocols	394,328		4,814		—		399,142
Total digital assets	$	2,547,581	$	359,665	$	20,979	$	2,928,225

(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.

(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $117.6 million and $53.7 million as of March 31, 2025 and December 31, 2024, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $23.2 million and $124.9 million as of March 31, 2025 and December 31, 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than 70% and 100%.

Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company’s self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”). Wrapped tokens are digital assets that can interact with smart contracts or operate on another blockchain. The Company typically wraps digital assets in expectation of deploying them on decentralized finance protocols.

Some decentralized finance protocols may hold the Company’s digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company’s digital assets. Therefore the tokens continue to be recognized by the Company.

Certain digital assets are subject to sale restrictions through lock-up schedules typically associated with purchases from foundations. Digital assets restricted by lock-up schedules which have not yet been received by the Company are recognized as Digital assets receivable.

The Company held $41.4 million and $59.9 million of digital assets restricted by lock-up schedules as of March 31, 2025 and December 31, 2024. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from approximately one week to approximately 3 years.

The Company had staked $266.8 million and $371.7 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of March 31, 2025 and December 31, 2024, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods, which are based on network traffic on the respective blockchains. As of March 31, 2025 and December 31, 2024, the majority of staked digital assets on various blockchains including Ethereum could be unbonded within 7 and 11 days, respectively. The majority of the Company’s staked digital assets are bonded to nodes operated by the Company. The blockchain rewards generated from proprietary staking activities for the three months ended March 31, 2025 and 2024 were $6.2 million and $12.3 million, respectively.


Assets (in thousands)	Carrying value as of December 31, 2024		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of March 31, 2025
Digital intangible assets	$	550,203	$	2,906,707	$	(3,122,560)	$	153,760	$	(112,429)	$	76,888	$	(55)	$	452,514
Digital intangible assets at fair value	2,018,357		11,118,886		(11,141,072)		265,154		—		347,812		(922,761)		1,686,376
Digital financial assets	359,665		4,092,639		(3,940,321)		4,707		—		973		(3,184)		514,479
Total digital assets	$	2,928,225	$	18,118,232	$	(18,203,953)	$	423,621	$	(112,429)	$	425,673	$	(926,000)	$	2,653,369


Assets (in thousands)	Carrying value as of December 31, 2023		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of December 31, 2024
Digital intangible assets	$	277,634	$	13,951,687	$	(13,788,542)	$	(54,557)	$	(331,920)	$	522,732	$	(26,831)	$	550,203
Digital intangible assets at fair value	736,151		36,373,625		(36,833,231)		717,704		—		2,772,182		(1,748,074)		2,018,357
Digital financial assets	74,386		12,231,270		(11,756,032)		(190,266)		—		2,507		(2,200)		359,665
Total digital assets	$	1,088,171	$	62,556,582	$	(62,377,805)	$	472,881	$	(331,920)	$	3,297,421	$	(1,777,105)	$	2,928,225

(1)Includes receipts of digital intangible assets and digital financial assets resulting from non-revenue transactions (e.g., cross-chain swaps of similar assets), receipt of loan interest, and pre-launch investments and other investment distributions.

(2)Digital intangible assets consists of digital assets sales costs, excluding impairment, included within Transaction expense in the condensed consolidated interim statement of operations and disbursements of digital assets to satisfy certain liabilities. Digital financial assets includes disbursements to satisfy certain liabilities.

(3)Includes all movements impacting the Digital intangible assets and Digital financial assets line items in the condensed consolidated interim statement of financial position associated with digital asset lending and borrowing activities including collateral and fair value revaluations, as applicable.

(4)Includes realized gains of $365.2 million and $3.2 billion and realized losses of $820.7 million and $1.6 billion for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.

The Company’s digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as


	March 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	12,830	$	1,089,965	$	1,058,936
USDC	426,423,591	426,867		426,338
Ether	155,026	301,742		282,468
SOL	995,072	124,293		123,918
XRP	16,931,695	38,010		35,380
USDG	30,558,143	30,566		30,558
SUI	12,037,421	30,124		27,283
Other	not meaningful	274,143		215,974
Digital assets measured at fair value		2,315,710		2,200,855
Digital assets not measured at fair value	not meaningful	511,991		452,514
Total digital assets		$	2,827,701	$	2,653,369


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	13,704	$	1,335,194	$	1,277,816
Ether	112,248	378,907		373,871
USDC	333,713,029	334,224		333,652
SOL	498,767	73,567		94,288
UNI	5,216,565	71,911		68,922
TIA	9,626,784	17,995		34,116
Other	not meaningful	231,228		195,357
Digital assets measured at fair value		2,443,026		2,378,022
Digital assets not measured at fair value	not meaningful	598,295		550,203
Total digital assets		$	3,041,321	$	2,928,225

As of March 31, 2025 approximately 40% and 15% of the Company’s digital assets associated with decentralized finance protocols relate to digital assets issued by Coinbase wrapped bitcoin and Aave, respectively.


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1.5 billion measured at fair value)	$	1,544,377	$	—	$	75	$	1,544,452
Digital financial assets	—		353,459		—		353,459
Total self-custodied (1)	1,544,377		353,459		75		1,897,911

Digital intangible assets (includes $451.4 million measured at fair value)	523,002		—		20,904		543,906
Digital financial assets	—		1,392		—		1,392
Total held with third parties, including centralized trading platforms	523,002		1,392		20,904		545,298

Collateral posted with counterparties(2) (measured at fair value)	85,874		—		—		85,874

Receipt tokens from decentralized finance protocols(3)	298,263		—		—		298,263

Other digital assets associated with decentralized finance protocols(3)(4)	96,065		4,814		—		100,879

Total digital assets associated with decentralized finance protocols	394,328		4,814		—		399,142
Total digital assets	$	2,547,581	$	359,665	$	20,979	$	2,928,225


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2023
Digital intangible assets (includes $528.3 million measured at fair value)	$	530,579	$	—	$	41,356	$	571,935
Digital financial assets	—		73,302		—		73,302
Total self-custodied(1)	530,579		73,302		41,356		645,237

Digital intangible assets (includes $112.6 million measured at fair value)	178,577		—		—		178,577
Digital financial assets	—		1,084		—		1,084
Total held with third parties, including centralized trading platforms	178,577		1,084		—		179,661

Collateral posted with counterparties(2) (measured at fair value)	56,674		—		—		56,674

Receipt tokens from decentralized finance protocols(3)	166,788		—		—		166,788

Other digital assets associated with decentralized finance protocols(3)(4)	39,811		—		—		39,811

Total digital assets associated with decentralized finance protocols	206,599		—		—		206,599
Total digital assets	$	972,429	$	74,386	$	41,356	$	1,088,171

(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $53.7 million and $50.8 million as of December 31, 2024 and 2023, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $124.9 million and $123.0 million as of December 31, 2024 and 2023, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of 70% and 100%.

Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company's self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

Some decentralized finance protocols may hold the Company's digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company's digital assets. Therefore, the tokens continue to be recognized by the Company.

The Company held $59.9 million and $68.0 million of digital assets restricted by lock-up schedules as of December 31, 2024 and 2023, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from approximately one week to approximately 3 years.

The Company had staked $371.7 million and $163.3 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of December 31, 2024 and 2023, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods, which are based on network traffic on the respective blockchains. As of December 31, 2024 and 2023, the majority of staked digital assets on various blockchains including Ethereum could be unbonded within 11 days, respectively. The majority of the Company’s staked digital assets are bonded to nodes operated by the Company. The blockchain rewards generated from proprietary staking activities for the years ended December 31, 2024, 2023, and 2022 was $30.0 million, $4.0 million and $7.5 million, respectively.

Consolidated subsidiaries that apply the specialized guidance for investment companies in ASC 946, Financial Services—Investment Companies, record their digital asset investments at fair value, with realized and unrealized

gains and losses presented in Net gain / (loss) on digital assets. The Company’s realized gain or loss on a digital asset is calculated as the proceeds received from the sale of the digital asset less its assigned original cost. For the years ended December 31, 2024, 2023, and 2022, the Company recorded net realized gain / (loss) attributable to digital assets held in investment companies of $0, $0, and $(44.6) million, respectively. The net realized and unrealized gains / (losses) on digital assets attributed to the general partners of the consolidated sponsored funds and the gain / (losses) attributed to limited partner noncontrolling interests were recorded in the Treasury and Corporate segment. As of December 31, 2024 and December 31, 2023, the Company did not consolidate any of its sponsored investment funds.


Assets (in thousands)	Carrying value as of December 31, 2023		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains(4)		Losses(4)		Carrying value as of December 31, 2024
Digital intangible assets	$	277,634	$	13,951,687	$	(13,788,542)	$	(54,557)	$	(331,920)	$	522,732	$	(26,831)	$	550,203
Digital intangible assets at fair value	736,151		36,373,625		(36,833,231)		717,704		—		2,772,182		(1,748,074)		2,018,357
Digital financial assets	74,386		12,231,270		(11,756,032)		(190,266)		—		2,507		(2,200)		359,665
Total digital assets	$	1,088,171	$	62,556,582	$	(62,377,805)	$	472,881	$	(331,920)	$	3,297,421	$	(1,777,105)	$	2,928,225


Assets (in thousands)	Carrying value as of December 31, 2022		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains(4)		Losses(4)		Carrying value as of December 31, 2023
Digital intangible assets	$	68,785	$	14,479,087	$	(14,370,033)	$	123,493	$	(98,340)	$	128,059	$	(53,417)	$	277,634
Digital intangible assets at fair value	293,598		43,422,739		(43,308,884)		(159,961)		—		1,200,898		(712,239)		736,151
Digital financial assets	199,632		16,036,792		(16,309,683)		135,843		—		12,968		(1,166)		74,386
Total digital assets	$	562,015	$	73,938,618	$	(73,988,600)	$	99,375	$	(98,340)	$	1,341,925	$	(766,822)	$	1,088,171

(2)Digital intangible assets consists of digital assets sales costs, excluding impairment, included within Transaction expense in the consolidated statement of operations and disbursements of digital assets to satisfy certain liabilities. Digital financial assets includes disbursements to satisfy certain liabilities.

(3)Includes all movements impacting the Digital intangible assets and Digital financial assets line items in the consolidated statement of financial position associated with digital asset lending and borrowing activities including collateral and fair value revaluations, as applicable.

The Company's digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as


	December 31, 2024
(in thousands except for quantity)	Quantity	Cost basis		Fair value
Bitcoin	13,704	$	1,335,194	$	1,277,816
Ether	112,248	378,907		373,871
USDC	333,713,029	334,224		333,652
SOL	498,767	73,567		94,288
UNI	5,216,565	71,911		68,922
TIA	9,626,784	17,995		34,116
Other	not meaningful	231,228		195,357
Digital assets measured at fair value		2,443,026		2,378,022
Digital assets not measured at fair value	not meaningful	598,295		550,203
Total digital assets		$	3,041,321	$	2,928,225


	December 31, 2023
(in thousands except for quantity)	Quantity	Cost basis		Fair value
Bitcoin	9,725	$	412,517	$	411,093
Ether	70,774	164,210		161,450
USDC	74,359,987	74,350		74,338
TIA	12,000,000	2,700		67,536
Other	not meaningful	94,052		96,120
Digital assets measured at fair value		747,829		810,537
Digital assets not measured at fair value	not meaningful	296,357		277,634
Total digital assets		$	1,044,186	$	1,088,171