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PROPERTY AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2025
Galaxy Digital Holdings, LP |
Property, Plant and Equipment [Line Items] |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The following table represents property and equipment balances and accumulated depreciation as of December 31, 2024 and 2023:
(in thousands) |  | December 31, 2024 |  | December 31, 2023 |  |
Corporate assets (1) |  | $ | 11,093 |  |  | $ | 9,625 |  |  |
Mining equipment |  | 172,572 |  |  | 78,737 |  |  |
Mining infrastructure |  | 113,710 |  |  | 86,156 |  |  |
Land |  | 12,809 |  |  | 10,490 |  |  |
WIP / Construction in progress (2) |  | 35,777 |  |  | 105,036 |  |  |
Property and equipment, gross |  | 345,961 |  |  | 290,044 |  |  |
Less: Accumulated depreciation |  | (57,934) |  |  | (25,808) |  |  |
Less: Impairment / Loss on disposal (3) |  | (50,989) |  |  | (50,888) |  |  |
Property and equipment, net |  | $ | 237,038 |  |  | $ | 213,348 |  |  |
__________________ (1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures. (2)As of December 31, 2024, WIP/Construction in Progress related to mining infrastructure under construction. As of December 31, 2023, WIP/Construction in Progress related to mining equipment of $85.0 million and mining infrastructure under construction of $20.0 million. (3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations. Depreciation expen se of $31.2 million, $15.3 million and $9.2 million related to pr operty and equipment for the years ended December 31, 2024, 2023 and 2022, respectively, is included in General and administrative expenses in the Company’s consolidated statements of operations. Impairment of mining equipment The Company assesses mining equipment for impairment when market prices of similar equipment are below the Company's carrying value. During the years ended December 31, 2024, 2023 and 2022, the Company recognized an impairment of $0.1 million, $0.5 million and $50.3 million, respectively, in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. The impairment recognized during the year ended December 31, 2022 was triggered by a prolonged reduction in the value of bitcoin, which affected the expected cash flows to be generated from the equipment. Impairment testing of assets held for use requires determination of recoverability based on estimated future cash flows and involves significant judgement. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected power cost as key inputs.

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