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DIGITAL ASSETS (Tables) - Galaxy Digital Holdings, LP | 3 Months Ended
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Mar. 31, 2025
Crypto Asset, Holding [Line Items] |
Schedule of Digital Asset Holdings | 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. 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 |
Schedule of Activity Within Our Significant Digital Asset Classes | 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.

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