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DERIVATIVES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Derivative [Line Items]

Schedule of Company’s Derivatives Portfolio

The breakdown of the Company’s derivatives portfolio, as of March 31, 2025 and December 31, 2024 was as follows (in thousands):

March 31, 2025

(in thousands)						Notional Amounts (1)						Gross Fair Value-Derivative Assets						Gross Fair Value-Derivative Liabilities
Digital assets						$	3,041,477					$	95,127					$	(67,313)
Foreign currencies						730,533						19,349						(14,026)
Equity securities						597,258						13,720						(6,993)
Interest rates						297,729						157						(708)
Commodities						11,563						—						(662)
						4,678,561						128,353						(89,702)
Digital assets receivable						4,036						19,670						—
Embedded derivatives — Digital assets borrowed						1,949,500						223,469						(41,027)
Embedded derivatives — Collateral payable						978,134						143,027						(58,988)
Embedded derivatives — Notes payable						847,500						—						(46,586)

December 31, 2024

(in thousands)						Notional Amounts (1)						Gross Fair Value-Derivative Assets						Gross Fair Value-Derivative Liabilities
Digital assets						$	4,685,112					$	185,208					$	(145,493)
Foreign currencies						19,259						12,064						(10,483)
Equity securities						1,049,846						10,343						(9,683)
Interest rates						5,002						19						(13)
Commodities						10,583						19						(186)
						5,769,802						207,653						(165,858)
Digital assets receivable						3,911						60,720						—
Embedded derivatives — Digital assets borrowed						1,269,013						24,039						(252,635)
Embedded derivatives — Collateral payable						1,219,247						55,848						(161,261)
Embedded derivatives — Notes payable						847,500						—						(136,192)

_______________

(1)Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. They do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.

The breakdown of the Company’s derivatives portfolio, as of December 31, 2024 and December 31, 2023, was as follows (in thousands):

December 31, 2024

(in thousands)						Notional Amounts (1)						Gross Fair Value-Derivative Assets						Gross Fair Value- Derivative Liabilities
Digital assets						$	4,685,112					$	185,208					$	(145,493)
Foreign currencies						19,259						12,064						(10,483)
Equity securities						1,049,846						10,343						(9,683)
Interest rates						5,002						19						(13)
Commodities						10,583						19						(186)
						$	5,769,802					$	207,653					$	(165,858)
Digital assets receivable						3,911						60,720						—
Embedded derivatives — Digital assets borrowed						1,269,013						24,039						(252,635)
Embedded derivatives — Collateral payable						1,219,247						55,848						(161,261)
Embedded derivatives — Notes payable						847,500						—						(136,192)

December 31, 2023

(in thousands)						Notional Amounts (1)						Gross Fair Value-Derivative Assets						Gross Fair Value- Derivative Liabilities
Digital assets						$	2,831,616					$	122,911					$	(120,795)
Foreign currencies						3,397						11,279						(11,027)
Equity securities						54,417						30,541						(23,876)
Interest rates						1,408,406						7,698						(4,639)
Commodities						61,236						780						(305)
						$	4,359,072					$	173,209					$	(160,642)
Digital assets receivable						15,971						20,860						—
Embedded derivatives — Digital assets borrowed						369,280						877						(29,874)
Embedded derivatives — Collateral payable						439,544						4,244						(134,695)
Embedded derivatives — Notes payable						445,000						—						(10,472)

_______________

(1)Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. They do not accurately reflect the Company's economic exposure as they do not reflect the Company's long and short derivative positions.

Schedule Of Collateral Payable Associated With Derivative Positions

The below table represents the breakdown of collateral payable associated with derivative positions as of March 31, 2025 and December 31, 2024:

(in thousands)						March 31, 2025						December 31, 2024
Collateral payable — Digital assets						$	28,569					$	30,600
Collateral payable — Cash						7,452						30,460
Collateral payable associated with derivatives						$	36,021					$	61,060

The below table represents the breakdown of assets posted as collateral and collateral payable associated with derivative positions as of December 31, 2024 and 2023:

(in thousands)						December 31, 2024						December 31, 2023
Assets posted as collateral — Digital assets						$	—					$	15,284
Assets posted as collateral — Cash						—						2,091
Assets posted as collateral associated with derivatives						$	—					$	17,375
Collateral payable — Digital assets						30,600						9,521
Collateral payable — Cash						30,460						11,367
Collateral payable associated with derivatives						$	61,060					$	20,888

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