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DERIVATIVES | 3 Months Ended
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Mar. 31, 2025
Galaxy Digital Holdings, LP |
Derivative [Line Items] |
DERIVATIVES | DERIVATIVES The Company enters into derivative contracts primarily for the purpose of trading, risk management, and hedging of operating costs. For the years ended December 31, 2024, 2023 and 2022 the Company recognized $267.8 million, $151.6 million and $192.6 million, respectively, of net derivative gain related to free-standing derivatives. 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. 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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