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REPORTABLE SEGMENTS | 3 Months Ended
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Mar. 31, 2025
Galaxy Digital Holdings, LP |
Segment Reporting Information [Line Items] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment operating income and net income after taxes to evaluate the performance of each reportable segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure. Digital Assets The Digital Assets segment is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment. Data Centers The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI / HPC industry. Treasury and Corporate The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to any of the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services. The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees. Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:
(in thousands) |  | Digital Assets |  | Data Centers |  | Treasury and Corporate |  | Totals
Total assets |  | $ | 3,723,814 |  |  | $ | 199,694 |  |  | $ | 3,196,347 |  |  | $ | 7,119,855 |
Total liabilities |  | $ | 3,163,499 |  |  | $ | — |  |  | $ | 1,762,004 |  |  | $ | 4,925,503 |
Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:
(in thousands) |  | Digital Assets |  | Data Centers |  | Treasury and Corporate |  | Totals
Total assets |  | $ | 1,978,031 |  |  | $ | 114,529 |  |  | $ | 1,501,720 |  |  | $ | 3,594,280 |
Total liabilities |  | $ | 1,679,765 |  |  | $ | — |  |  | $ | 203,344 |  |  | $ | 1,883,109 |
Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:
(in thousands) |  | Digital Assets |  | Data Centers |  | Treasury and Corporate |  | Totals
Revenues |  | $ | 42,497,063 |  |  | $ | — |  |  | $ | 99,610 |  |  | $ | 42,596,673 |
Net gain / (loss) on digital assets |  | 57,560 |  |  | — |  |  | 576,997 |  |  | 634,557 |
Net gain / (loss) on investments |  | 17,425 |  |  | — |  |  | 241,366 |  |  | 258,791 |
Net gain / (loss) on derivatives trading |  | 168,355 |  |  | — |  |  | 99,414 |  |  | 267,769 |
Revenues and gains / (losses) from operations |  | 42,740,403 |  |  | — |  |  | 1,017,387 |  |  | 43,757,790 |
Transaction expenses |  | 42,437,298 |  |  | — |  |  | 304,478 |  |  | 42,741,776 |
Compensation and benefits |  | 175,925 |  |  | — |  |  | 89,666 |  |  | 265,591 |
Notes interest expense |  | — |  |  | — |  |  | 30,804 |  |  | 30,804 |
Depreciation and amortization |  | 11,446 |  |  | 7,497 |  |  | 27,949 |  |  | 46,892 |
Other expenses |  | 68,725 |  |  | — |  |  | 245,266 |  |  | 313,991 |
Operating expenses |  | 42,693,394 |  |  | 7,497 |  |  | 698,163 |  |  | 43,399,054 |
Operating income |  | 47,009 |  |  | (7,497) |  |  | 319,224 |  |  | 358,736 |
Unrealized gain / (loss) on notes payable – derivative |  | — |  |  | — |  |  | (31,727) |  |  | (31,727) |
Other income / (expense), net |  | — |  |  | — |  |  | 2,774 |  |  | 2,774 |
Total other income / (expense) |  | — |  |  | — |  |  | (28,953) |  |  | (28,953) |
Net income / (loss) for the period, before taxes |  | $ | 47,009 |  |  | $ | (7,497) |  |  | $ | 290,271 |  |  | $ | 329,783 |
Income tax benefit |  | — |  |  | — |  |  | (16,939) |  |  | (16,939) |
Net income / (loss) for the period |  | $ | 47,009 |  |  | $ | (7,497) |  |  | $ | 307,210 |  |  | $ | 346,722 |
Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):
(in thousands) |  | Digital Assets |  | Data Centers |  | Treasury and Corporate |  | Totals
Revenues |  | $ | 51,565,491 |  |  | $ | — |  |  | $ | 61,288 |  |  | $ | 51,626,779 |
Net gain / (loss) on digital assets |  | 22,527 |  |  | — |  |  | 310,923 |  |  | 333,450 |
Net gain / (loss) on investments |  | — |  |  | — |  |  | 97,827 |  |  | 97,827 |
Net gain / (loss) on derivatives trading |  | 65,380 |  |  | — |  |  | 86,203 |  |  | 151,583 |
Revenues and gains / (losses) from operations |  | 51,653,398 |  |  | — |  |  | 556,241 |  |  | 52,209,639 |
Transaction expenses |  | 51,509,381 |  |  | — |  |  | 83,042 |  |  | 51,592,423 |
Compensation and benefits |  | 148,909 |  |  | — |  |  | 70,347 |  |  | 219,256 |
Notes interest expense |  | — |  |  | — |  |  | 27,285 |  |  | 27,285 |
Depreciation and amortization |  | 4,344 |  |  | 5,548 |  |  | 13,053 |  |  | 22,945 |
Other expenses |  | 44,854 |  |  | — |  |  | 48,710 |  |  | 93,564 |
Operating expenses |  | 51,707,488 |  |  | 5,548 |  |  | 242,437 |  |  | 51,955,473 |
Operating income |  | (54,090) |  |  | (5,548) |  |  | 313,804 |  |  | 254,166 |
Unrealized gain / (loss) on notes payable – derivative |  | — |  |  | — |  |  | (9,603) |  |  | (9,603) |
Other income / (expense), net |  | — |  |  | — |  |  | (135) |  |  | (135) |
Total other income / (expense) |  | — |  |  | — |  |  | (9,738) |  |  | (9,738) |
Net income / (loss) for the period, before taxes |  | $ | (54,090) |  |  | $ | (5,548) |  |  | $ | 304,066 |  |  | $ | 244,428 |
Income tax expense |  | — |  |  | — |  |  | 15,914 |  |  | 15,914 |
Net income / (loss) for the period |  | $ | (54,090) |  |  | $ | (5,548) |  |  | $ | 288,152 |  |  | $ | 228,514 |
Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):
(in thousands) |  | Digital Assets |  | Data Centers |  | Treasury and Corporate |  | Totals
Revenues |  | $ | 119,785,259 |  |  | $ | — |  |  | $ | 40,588 |  |  | $ | 119,825,847 |
Net gain / (loss) on digital assets |  | (289,497) |  |  | — |  |  | 1,227,862 |  |  | 938,365 |
Net gain / (loss) on investments |  | — |  |  | — |  |  | (464,918) |  |  | (464,918) |
Net gain / (loss) on derivatives trading |  | 100,341 |  |  | — |  |  | 92,217 |  |  | 192,558 |
Revenues and gains / (losses) from operations |  | 119,596,103 |  |  | — |  |  | 895,749 |  |  | 120,491,852 |
Transaction expenses |  | 119,437,498 |  |  | — |  |  | 1,558,433 |  |  | 120,995,931 |
Compensation and benefits |  | 134,550 |  |  | — |  |  | 81,651 |  |  | 216,201 |
Notes interest expense |  | — |  |  | — |  |  | 37,029 |  |  | 37,029 |
Depreciation and amortization |  | — |  |  | — |  |  | 12,852 |  |  | 12,852 |
Other expenses |  | 95,578 |  |  | — |  |  | 83,481 |  |  | 179,059 |
Operating expenses |  | 119,667,626 |  |  | — |  |  | 1,773,446 |  |  | 121,441,072 |
Operating income |  | (71,523) |  |  | — |  |  | (877,697) |  |  | (949,220) |
Change in fair value of warrant liability |  | — |  |  | — |  |  | 20,322 |  |  | 20,322 |
Unrealized gain / (loss) on notes payable – derivative |  | — |  |  | — |  |  | 57,998 |  |  | 57,998 |
Other income / (expense), net |  | — |  |  | — |  |  | 26,480 |  |  | 26,480 |
Total other income / (expense) |  | — |  |  | — |  |  | 104,800 |  |  | 104,800 |
Net income / (loss) for the period, before taxes |  | $ | (71,523) |  |  | $ | — |  |  | $ | (772,897) |  |  | $ | (844,420) |
Income tax benefit |  | — |  |  | — |  |  | (28,291) |  |  | (28,291) |
Net income / (loss) for the period |  | $ | (71,523) |  |  | $ | — |  |  | $ | (744,606) |  |  | $ | (816,129) |
Net income / (loss) attributed to: |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | — |  |  | — |  |  | (97,219) |  |  | (97,219) |
Unit holders of the Company |  | $ | (71,523) |  |  | $ | — |  |  | $ | (647,387) |  |  | $ | (718,910) |

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- Definition The entire disclosure for reporting segments including data and tables. 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