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EQUITY BASED COMPENSATION (Tables) - Galaxy Digital Holdings, LP
 3 Months Ended
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Compensation and Benefits
For the years ended December 31, 2024, 2023 and 2022, the total compensation and benefits include cash based payments and equity based payments as follows:
Year ended
(in thousands)
December 31, 2024December 31, 2023December 31, 2022
Compensation and benefits excluding equity based compensation
$191,435 $136,132 $127,078 
Equity based compensation (1)
74,156 83,124 89,123 
Total compensation and benefits (2)
$265,591 $219,256 $216,201 
__________________
(1)Excludes Deferred Share Units related to directors which is included in General and administrative expense.
(2)Net of capitalized compensation costs related to internally generated intangible assets.
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The Company has awarded compensatory Class B Units, stock options and restricted stock to eligible officers and employees. For the years ended December 31, 2024, 2023 and 2022, equity based compensation included the following:
Year ended
(in thousands)December 31, 2024December 31, 2023December 31, 2022
Stock options
$20,475 $23,138 $27,628 
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)
54,489 60,593 61,512 
Compensatory Class B Unit Awards
Profit Interest Units53 59 720 
$75,017 $83,790 $89,860 
__________________
(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.
Schedule of Share-Based Payment Arrangement, Option, Activity
A summary of the Company’s stock option activity under the plans, including stock options with performance based conditions is set forth in the following table:
DescriptionNumber of OptionsWeighted Average Exercise Price (C$)Weighted-Average Remaining Terms (Years)Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2021
30,413,345 $7.64 3.43$366,012 
Granted1,565,000 19.63 
Exercised(2,627,053)2.68 
Forfeited(1,698,749)11.26 
Balance, December 31, 2022
27,652,543 8.56 2.62$9,594 
Granted (1)
10,963,780 $6.30 
Stock options replaced by replacement awards(1,875,000)23.08 
Exercised(5,847,020)3.73 
Forfeited(5,485,996)9.23 
Expired / Canceled / Repurchased(3,144,334)14.04 
Balance, December 31, 2023
22,263,973 $6.56 2.98$76,893 
Granted2,913,051 16.66 
Exercised(3,546,327)3.16 
Forfeited(1,521,299)6.63 
Canceled(244,390)11.55 
Balance, December 31, 2024
19,865,008 $8.58 3.44$230,641 
Vested and expected to vest as of December 31, 202419,865,008 $8.58 3.44$230,641 
Options exercisable as of December 31, 202410,691,460 $7.37 1.66$132,653 
Vested and expected to vest as of December 31, 202322,263,973 $6.56 2.98$76,893 
Options exercisable as of December 31, 20239,712,157 $5.80 1.82$40,427 
Vested and expected to vest as of December 31, 202227,652,543 $8.56 2.62$9,594 
Options exercisable as of December 31, 202214,180,883 $4.66 2.06$8,135 
_______________
(1)Includes stock options granted due to stock option modification.
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The fair value of the options granted was measured using the Black-Scholes option pricing model with the following weighted average inputs:
Inputs to the Black-Scholes Model
December 31, 2024
December 31, 2023
December 31, 2022
Share price
C$12.41 - C$27.45
C$4.77 - C$7.43
C$4.83 - C$20.40
Exercise price
C$10.00 - C$37.38
C$4.19 - C$8.06
C$5.39 - C$21.30
Expected term (in years)555
Expected volatility
85% - 90%
80% - 90%
98% - 120%
Risk-free interest rate
2.8% - 3.8%
3.00% - 3.96%
2.48% - 3.00%
Dividend yield0%0%0%
Schedule of Nonvested Share Activity
The following table summarizes the activity related to the compensatory Class B Units during the respective periods:
DescriptionClass B UnitsWeighted-Average Grant Date Fair Value (C$)
Balance, December 31, 2021
14,890,203 $1.81 
Granted/ Transferred— — 
Exchanged / Redeemed(4,097,259)1.98 
Forfeited— 
Balance, December 31, 2022
10,792,944 $1.49 
Granted/ Transferred— — 
Exchanged— — 
Forfeited— — 
Balance December 31, 2023
10,792,944 $1.49 
Granted/ Transferred— — 
Exchanged(81,357)1.65 
Forfeited— — 
Balance December 31, 2024
10,711,587 $1.49 
Class B Units exercisable, December 31, 2024
10,711,587 $1.49 
Class B Units exercisable, December 31, 2023
10,777,718 $1.49 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes the activity related to Restricted Stock during the respective periods:
DescriptionNumber of UnitsWeighted Average Grant Price (C$)
Balance, December 31, 2021
1,925,399 $11.39 
Vested(281,809)19.11
Balance, December 31, 2022
1,643,590 $10.07 
Vested(736,782)10.61 
Forfeited(625,000)5.35
Balance, December 31, 2023
281,808 $19.11 
Vested(281,808)19.11
Forfeited— — 
Balance, December 31, 2024
— $— 
Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity
The following table summarizes the activity related to Restricted Share Units during the respective periods:
Description
Number of Units (1)
Weighted Average Grant Price (C$)
Balance, December 31, 2021
7,833,659 $23.32 
Granted (1)
6,718,554 18.13 
Exercised(1,425,013)22.99 
Forfeited/ Cancelled(1,664,283)22.04 
Balance, December 31, 2022
11,462,917 $20.50 
Granted (1)
4,983,339 4.92 
Exercised(3,036,166)19.20 
Forfeited/ Cancelled(2,206,466)18.31 
Balance, December 31, 2023
11,203,624 $14.36 
Granted (1)
3,439,035 14.85 
Exercised(3,668,309)15.44 
Forfeited/ Cancelled(964,777)14.17 
Balance, December 31, 2024
10,009,573 $14.15 
Units vested as of December 31, 2024
4,066,372 $15.07 
Units vested as of December 31, 2023
3,281,195 $18.47 
_______________
(1)Includes deferred share units granted to the directors as part of annual compensation.