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INCOME TAXES (Tables) - Galaxy Digital Holdings, LP | 3 Months Ended
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Mar. 31, 2025
Income Tax Contingency [Line Items] |
Schedule of Income Before Taxes | Income before taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following:
(in thousands) |  | Year ended December 31, 2024 |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  |  |  |  |  |
Income before taxes: |  |  |  |  |  |  |  |  |  |  |  |
Cayman Islands |  | $ | 589,189 |  |  | $ | 167,356 |  |  | $ | 578,155 |  |  |  |  |  |  |
Foreign |  | (259,406) |  |  | 77,072 |  |  | (1,422,575) |  |  |  |  |  |  |
Total |  | $ | 329,783 |  |  | $ | 244,428 |  |  | $ | (844,420) |  |  |  |  |  |  |
(in thousands) |  | Year ended December 31, 2024 |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  |  |  |  |  |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Partnership level tax |  | $ | (6,270) |  |  | $ | 1,920 |  |  | $ | (8,736) |  |  |  |  |  |  |
Corporate subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Cayman Islands |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Foreign |  | (2,283) |  |  | 7,457 |  |  | 3,068 |  |  |  |  |  |  |
Current tax expense / (benefit) |  | (8,553) |  |  | 9,377 |  |  | (5,668) |  |  |  |  |  |  |
Deferred tax expense / (benefit) |  | (8,386) |  |  | 6,537 |  |  | (22,623) |  |  |  |  |  |  |
Total |  | $ | (16,939) |  |  | $ | 15,914 |  |  | $ | (28,291) |  |  |  |  |  |  |
Schedule of Effective Income Tax Rate | The effective income tax rate reported in the Company’s consolidated statements of operations varies from the Cayman income tax rate of 0.0% for the following items:
(in thousands) |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |
Earnings before income taxes |  | $ | 329,783 |  |  |  |  | $ | 244,428 |  |  |  |  | $ | (844,420) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income tax at Cayman statutory tax rate |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in the income tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign rate differential on entity level partnership tax |  | (1,381) |  |  | (0.42) | % |  | 5,050 |  |  | 2.07 | % |  | (19,099) |  |  | 2.26 | % |  |  |  |  |  |  |  |  |  |  |  |
Foreign subsidiaries taxed at different rates |  | (15,558) |  |  | (4.72) | % |  | 10,864 |  |  | 4.44 | % |  | (9,192) |  |  | 1.09 | % |  |  |  |  |  |  |  |  |  |  |  |
Total income tax expense / (benefit) and effective income tax rate |  | $ | (16,939) |  |  | (5.14) | % |  | $ | 15,914 |  |  | 6.51 | % |  | $ | (28,291) |  |  | 3.35 | % |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Significant Change to the Uncertain Tax Positions | As of December 31, 2024, the Company does not believe that there will be a significant change to the uncertain tax positions during the next 12 months.
(in thousands) |  | Year ended December 31, 2024 |  | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  |  |  |
Unrecognized tax benefits, beginning of period |  | $ | 8,132 |  |  | $ | 6,291 |  |  | $ | 5,137 |  |  |  |  |
Increases in tax positions in prior periods |  | — |  |  | 2,437 |  |  | 9,199 |  |  |  |  |
Decreases in tax positions in prior periods |  | (307) |  |  | — |  |  | — |  |  |  |  |
Increases in tax positions in current periods |  | — |  |  | 163 |  |  | 6,219 |  |  |  |  |
Decreases in tax positions in current periods |  | — |  |  | — |  |  | (14,264) |  |  |  |  |
Lapse of statute of limitations |  | (6,120) |  |  | (759) |  |  | — |  |  |  |  |
Unrecognized tax benefits, end of period |  | $ | 1,705 |  |  | $ | 8,132 |  |  | $ | 6,291 |  |  |  |  |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax liabilities are recognized within Other non-current liabilities in the Company’s statements of financial position.
(in thousands) |  | December 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
Deferred income tax assets: |  |  |  |  |  |  |  |  |  |
Differences between book and tax basis: |  |  |  |  |  |  |  |  |  |
Partnership investments |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
Other |  | 6,244 |  |  | 4,587 |  |  |  |  |  |  |
Net operating loss carryforward |  | 68,432 |  |  | 48,098 |  |  |  |  |  |  |
Total deferred income tax assets |  | $ | 74,676 |  |  | $ | 52,685 |  |  |  |  |  |  |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |
Differences between book and tax basis: |  |  |  |  |  |  |  |  |  |
Partnership investments |  | $ | (21,406) |  |  | $ | (13,158) |  |  |  |  |  |  |
Digital assets |  | (26,749) |  |  | (24,439) |  |  |  |  |  |  |
Investment basis differences |  | (4,402) |  |  | (2,765) |  |  |  |  |  |  |
Other |  | (2,096) |  |  | (2,989) |  |  |  |  |  |  |
Total deferred income tax liability |  | (54,653) |  |  | (43,351) |  |  |  |  |  |  |
Net deferred tax asset/(liability) |  | $ | 20,023 |  |  | $ | 9,334 |  |  |  |  |  |  |

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