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DERIVATIVES

3 Months Ended

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)

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(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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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

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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 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

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