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DIGITAL ASSETS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Crypto Asset, Holding [Line Items]

Schedule of Activity Within Our Significant Digital Asset Classes

The following tables summarize the activity within our significant digital asset classes for the three months ended March 31, 2025 and the year ended December 31, 2024:

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 following tables summarize the activity within our significant digital asset classes for the years ended December 31, 2024 and 2023:

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

_______________

(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 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.

(4)Includes realized gains of $3.2 billion and $1.2 billion and realized losses of $1.6 billion and $753.4 million for the years ended December 31, 2024 and 2023, respectively.

Schedule of Digital Asset Holdings

The following tables provide additional detail related to the digital assets as of March 31, 2025 and December 31, 2024:

(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%.

(4)Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

The following tables show our most significant gross digital asset holdings as of March 31, 2025 and December 31, 2024:

						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

The following tables provide additional detail related to the digital assets for the years ended December 31, 2024 and 2023:

(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

_______________

(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 $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%.

(4)Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

The following tables show our most significant gross digital asset holdings as of December 31, 2024 and 2023:

						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

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