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REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2025

Galaxy Digital Holdings, LP

Segment Reporting Information [Line Items]

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment operating income and net income after taxes to evaluate the performance of each reportable segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure.

Digital Assets

The Digital Assets segment is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.

Data Centers

The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.

Treasury and Corporate

The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to any of the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.

The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.

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

REPORTABLE SEGMENTS

The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment operating income and net income after taxes to evaluate the performance of each reportable segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure.

Digital Assets

The Digital Assets segment is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee

income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.

Data Centers

The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI / HPC industry.

Treasury and Corporate

The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to any of the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.

The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.

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

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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