XML 28 R19.htm IDEA: XBRL DOCUMENT
v3.25.1

DIGITAL ASSETS | 3 Months Ended
--- | ---
Mar. 31, 2025
Galaxy Digital Holdings, LP |
Crypto Asset, Holding [Line Items] |
DIGITAL ASSETS | DIGITAL ASSETS 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. Digital Assets Associated with Decentralized Finance Protocols Receipt tokens from decentralized finance protocols Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company's self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols. Other digital assets associated with decentralized finance protocols In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”). Wrapped tokens are digital assets that can interact with smart contracts or operate on another blockchain. The Company typically wraps digital assets in expectation of deploying them on decentralized finance protocols. Some decentralized finance protocols may hold the Company's digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company's digital assets. Therefore, the tokens continue to be recognized by the Company. Digital Assets Subject to Lock-up Schedules Certain digital assets are subject to sale restrictions through lock-up schedules typically associated with purchases from foundations. Digital assets restricted by lock-up schedules which have not yet been received by the Company are recognized as Digital assets receivable. The Company held $59.9 million and $68.0 million of digital assets restricted by lock-up schedules as of December 31, 2024 and 2023, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from approximately one week to approximately 3 years. Staked Digital Assets The Company had staked $371.7 million and $163.3 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of December 31, 2024 and 2023, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods, which are based on network traffic on the respective blockchains. As of December 31, 2024 and 2023, the majority of staked digital assets on various blockchains including Ethereum could be unbonded within 11 days, respectively. The majority of the Company’s staked digital assets are bonded to nodes operated by the Company. The blockchain rewards generated from proprietary staking activities for the years ended December 31, 2024, 2023, and 2022 was $30.0 million, $4.0 million and $7.5 million, respectively. Digital Assets Held in Investment Companies Consolidated subsidiaries that apply the specialized guidance for investment companies in ASC 946, Financial Services—Investment Companies, record their digital asset investments at fair value, with realized and unrealized gains and losses presented in Net gain / (loss) on digital assets. The Company’s realized gain or loss on a digital asset is calculated as the proceeds received from the sale of the digital asset less its assigned original cost. For the years ended December 31, 2024, 2023, and 2022, the Company recorded net realized gain / (loss) attributable to digital assets held in investment companies of $0, $0, and $(44.6) million, respectively. The net realized and unrealized gains / (losses) on digital assets attributed to the general partners of the consolidated sponsored funds and the gain / (losses) attributed to limited partner noncontrolling interests were recorded in the Treasury and Corporate segment. As of December 31, 2024 and December 31, 2023, the Company did not consolidate any of its sponsored investment funds. Digital Assets Rollforward 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. Significant Digital Asset Holdings The Company's digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as collateral and 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 |
As of December 31, 2024, approximately 41%, 18%, and 10% of the Company's digital assets associated with decentralized finance protocols relate to digital assets issued by Sky DAO (f.k.a. Maker DAO), Coinbase wrapped bitcoin, and Aave, respectively.

X
- 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 -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1 + Details
Name: | us-gaap_CryptoAssetHoldingLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for crypto asset. Excludes crypto asset held for platform user. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-4 + Details
Name: | us-gaap_CryptoAssetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=glxy_GalaxyDigitalHoldingsLPMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |