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LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2025

Galaxy Digital Holdings, LP

Financing Receivable, Allowance for Credit Loss [Line Items]

LOANS RECEIVABLE

LOANS RECEIVABLE

In the general course of business, the Company offers fiat-denominated loans to counterparties in the digital asset industry against digital assets or other collateral. No loans receivable were on nonaccrual status as of March 31, 2025 or December 31, 2024.

Loans Receivable, Current and Non-current

(in thousands)						March 31, 2025						December 31, 2024
Loans receivable						$	408,341					$	476,620
Loans receivable, non-current						56,800						—
Less: allowance for credit loss						(375)						—
Loans receivable, current and non-current						$	464,766					$	476,620

The outstanding loans receivable are scheduled to be repaid during the following periods:

(in thousands)						Amounts
2025						$	407,966
2026						51,286
2027						1,088
2028						2,938
2029						1,188
2030						300
Loans receivable, current and non-current						$	464,766

Outstanding balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current

(in thousands)						March 31, 2025						December 31, 2024
Collateral payable - Digital assets						$	578,745					$	620,633
Collateral payable — Cash						—						—
Collateral payable associated with loans receivable, current and non-current						$	578,745					$	620,633

For the three months ended March 31, 2025 and 2024, interest income related to the Company’s Loans receivable was $12.6 million and $12.6 million, respectively.

12. LOANS RECEIVABLE

In the general course of business, the Company offers fiat-denominated loans to counterparties in the digital asset industry against digital assets or other collateral. No loans receivable were on nonaccrual status as of December 31, 2024 or 2023.

Loans receivable, current and non-current

(in thousands)						December 31, 2024						December 31, 2023
Loans receivable						$	476,620					$	377,105
Loans receivable, non-current						—						10,259
Loans receivable, current and non-current						$	476,620					$	387,364

The outstanding loans receivable are scheduled to be repaid during the following periods:

(in thousands)						Amounts
2025						$	476,620
Loans receivable, current and non-current						$	476,620

Outstanding balances represent loan principal and exclude accrued interest receivable on loans. The allowance for credit losses for Loans receivable was not material to the Company’s consolidated financial statements as of December 31, 2024 and 2023 due to the collateralized nature of the loan receivables and / or their short-term maturity.

Collateral payable associated with loans receivable, current

(in thousands)						December 31, 2024						December 31, 2023
Collateral payable — Digital assets						$	620,633					$	444,839
Collateral payable — Cash						—						—
Collateral payable associated with loans receivable, current						$	620,633					$	444,839

For the years ended December 31, 2024, 2023, and 2022, interest income related to the Company’s Loans receivable was $48.7 million, $36.5 million, and $17.6 million, respectively.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph c
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

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- Definition

The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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