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LEASES | 3 Months Ended
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Mar. 31, 2025
Galaxy Digital Holdings, LP |
Lessee, Lease, Description [Line Items] |
LEASES | LEASES Lessee The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations. Operating lease costs were $5.8 million, $7.8 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease costs, which are included in operating lease costs, were not material for the years ended December 31, 2024, 2023 and 2022. Supplemental disclosures for the Company’s consolidated statements of cash flows:
(in thousands) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 |  |  |  |  |  |
Net cash provided by / (used in) operating activities |  |  |  |  |  |  |  |  |  |  |  |
Cash paid in the measurement of operating lease liabilities |  | $ | 5,973 |  |  | $ | 7,838 |  |  | $ | 4,216 |  |  |  |  |  |  |
Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:
(in thousands, except lease term and discount rate) |  | December 31, 2024 |  | December 31, 2023 |  |  |  |
Operating lease right-of-use assets |  | $ | 8,223 |  |  | $ | 12,055 |  |  |  |  |
Operating lease liabilities |  | $ | 10,229 |  |  | $ | 14,096 |  |  |  |  |
Weighted average remaining lease term |  | 3.6 years |  | 4.2 years |  |  |  |
Weighted average discount rate(1) |  | 10 | % |  | 10 | % |  |  |  |
__________________ (1)The weighted average discount rate represents the Company’s incremental borrowing rate The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:
(in thousands) |  | Lease liability
Year ending December 31, |  |
2025 |  | $ | 4,151 |
2026 |  | 2,557 |
2027 |  | 2,572 |
2028 |  | 2,572 |
2029 |  | 429 |
Total future minimum lease payments |  | $ | 12,281 |
Less: Interest |  | 2,052 |
Total lease liability |  | $ | 10,229 |
Lessor The Company previously entered into agreements to lease mining equipment to third parties. These leases were accounted for as sales-type finance leases due to the existence of bargain purchase options through June 2023 when the last of these agreements expired. The Company received both fixed and variable payments in relation to these leases. Revenue associated with mining leases was recognized within Revenues in the Company’s consolidated statements of operations. Expenses associated with mining leases were recognized within Transaction expenses in the Company’s consolidated statements of operations.
(in thousands) |  | Year Ended December 31, 2024 |  | Year Ended December 31, 2023 |  | Year ended December 31, 2022 |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Lease |  | $ | — |  |  | $ | 456 |  |  | $ | 1,202 |  |  |  |  |  |  |
Financed sales of mining equipment |  | — |  |  | — |  |  | 2,965 |  |  |  |  |  |  |
Loss on disposal |  | — |  |  |  |  | (2,046) |  |  |  |  |  |  |
Cost of sales |  |  |  |  |  |  |  |  |  |  |  |
Associated mining equipment sales costs |  | $ | — |  |  | — |  |  | 2,453 |  |  |  |  |  |  |

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- 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 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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