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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2025
Galaxy Digital Holdings, LP  
Property, Plant and Equipment [Line Items]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table represents property and equipment balances and accumulated depreciation as of the period ended March 31, 2025 and year ended December 31, 2024:
(in thousands)March 31, 2025December 31, 2024
Corporate assets (1)
$12,150 $11,093 
Mining equipment165,942 172,572 
Data center infrastructure (2)
105,324 113,710 
Land16,487 12,809 
WIP / Construction in progress (3)
125,776 35,777 
Property and equipment, gross
425,679 345,961 
Less: Accumulated depreciation(63,252)(57,934)
Less: Impairment / Loss on disposal (4)
(100,211)(50,989)
Property and equipment, net
$262,216 $237,038 
_______________
(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.
(2)Data center infrastructure comprises land and improvements associated with our mining and AI/HPC leasing businesses.
(3)As of March 31, 2025 and December 31, 2024, WIP/Construction in progress related to data center infrastructure under construction.
(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.
Depreciation expense of $8.7 million and $6.7 million related to property and equipment for the three months ended March 31, 2025 and March 31, 2024, respectively, is included in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.
Impairment of Mining Equipment
The Company assesses mining equipment for impairment when a triggering event is identified. As a result of a change of anticipated use of the mining equipment in fiscal year 2025 during the three months ended March 31, 2025, the Company recognized an impairment of $49.2 million in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. Impairment testing of assets held for use requires determination of recoverability using unobservable inputs such as estimated future cash flows and involves significant judgment. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.
PROPERTY AND EQUIPMENT
The following table represents property and equipment balances and accumulated depreciation as of December 31, 2024 and 2023:
(in thousands)December 31, 2024December 31, 2023
Corporate assets (1)
$11,093 $9,625 
Mining equipment172,572 78,737 
Mining infrastructure
113,710 86,156 
Land12,809 10,490 
WIP / Construction in progress (2)
35,777 105,036 
Property and equipment, gross
345,961 290,044 
Less: Accumulated depreciation(57,934)(25,808)
Less: Impairment / Loss on disposal (3)
(50,989)(50,888)
Property and equipment, net
$237,038 $213,348 
_______________
(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.
(2)As of December 31, 2024, WIP/Construction in Progress related to mining infrastructure under construction. As of December 31, 2023, WIP/Construction in Progress related to mining equipment of $85.0 million and mining infrastructure under construction of $20.0 million.
(3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations.
Depreciation expense of $31.2 million, $15.3 million and $9.2 million related to property and equipment for the years ended December 31, 2024, 2023 and 2022, respectively, is included in General and administrative expenses in the Company’s consolidated statements of operations.
Impairment of mining equipment
The Company assesses mining equipment for impairment when market prices of similar equipment are below the Company's carrying value. During the years ended December 31, 2024, 2023 and 2022, the Company recognized an impairment of $0.1 million, $0.5 million and $50.3 million, respectively, in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. The
impairment recognized during the year ended December 31, 2022 was triggered by a prolonged reduction in the value of bitcoin, which affected the expected cash flows to be generated from the equipment. Impairment testing of assets held for use requires determination of recoverability based on estimated future cash flows and involves significant judgement. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected power cost as key inputs.