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DIGITAL ASSETS (Tables) - Galaxy Digital Holdings, LP
 3 Months Ended
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
Bitcoin13,704 $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
Bitcoin9,725 $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 assets74,386 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 assets199,632 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.