0001628280-25-028001 | S-1 | XBRL Viewer

LEASES

Lessee

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Operating lease costs were $1.5 million and $1.5 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Variable lease costs, which are included in operating lease costs, were not material for the three months ended March 31, 2025 and March 31, 2024, respectively.

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:


(in thousands)	March 31, 2025		March 31, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,483	$	1,466

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	March 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	7,283		$	8,223
Operating lease liabilities	9,221			10,229
Weighted average remaining lease term	3.5 years			3.6 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2025:


(in thousands)	Lease liability
Year ending December 31,

2025	$	3,530
2026	2,818
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	11,921
Less: Interest	2,700
Total lease liability	$	9,221

LEASES

Lessee

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Operating lease costs were $5.8 million, $7.8 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease costs, which are included in operating lease costs, were not material for the years ended December 31, 2024, 2023 and 2022.

Supplemental disclosures for the Company’s consolidated statements of cash flows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,973	$	7,838	$	4,216

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	8,223		$	12,055
Operating lease liabilities	$	10,229		$	14,096
Weighted average remaining lease term	3.6 years			4.2 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:


(in thousands)	Lease liability
Year ending December 31,


2025	$	4,151
2026	2,557
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	$	12,281
Less: Interest	2,052
Total lease liability	$	10,229

Lessor

The Company previously entered into agreements to lease mining equipment to third parties. These leases were accounted for as sales-type finance leases due to the existence of bargain purchase options through June 2023 when the last of these agreements expired. The Company received both fixed and variable payments in relation to these

leases. Revenue associated with mining leases was recognized within Revenues in the Company’s consolidated statements of operations. Expenses associated with mining leases were recognized within Transaction expenses in the Company’s consolidated statements of operations.


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023		Year ended December 31, 2022
Revenues
Lease	$	—	$	456	$	1,202
Financed sales of mining equipment	—		—		2,965
Loss on disposal	—				(2,046)
Cost of sales
Associated mining equipment sales costs	$	—	—		2,453

BUSINESS COMBINATIONS - Assets and Liabilities Acquired (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 09, 2024	Jul. 18, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 58,037	$ 58,037			$ 44,257	$ 24,645
CryptoManufaktur
Business Acquisition [Line Items]
Intangible assets				$ 7,213
Goodwill				5,193
Counterparty digital assets				943,445
Total assets				955,851
Counterparty digital asset obligations				943,445
Accounts payable and accrued liabilities				21
Total liabilities				$ 943,466
Fierce Company
Business Acquisition [Line Items]
Cash	315		$ 315
Intangible assets	411		411
Goodwill	8,588		8,588
Other non-current assets	3,296		3,296
Total assets	12,610		12,610
Deferred tax liability	110		110
Total liabilities	$ 110		$ 110

SUBSEQUENT EVENTS (Details) - Subsequent Event - Galaxy Digital Holdings, LP - MW	Apr. 01, 2025	Mar. 31, 2025
Subsequent Event [Line Items]
Lessee, Operating Lease, Term of Contract		15 years
Lease agreement, nonmonetary amount	260	133

LOANS AND NOTES PAYABLE - Loans Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Galaxy Digital Holdings, LP
Debt Instrument [Line Items]
Loans payable	$ 345,249	$ 510,718	$ 93,069

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.

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LEASES - Schedule of Lease Assets And Liabilities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 7,283	$ 8,223	$ 12,055
Operating lease liabilities	$ 9,221	$ 10,229	$ 14,096
Weighted average remaining lease term	3 years 6 months	3 years 7 months 6 days	4 years 2 months 12 days
Weighted average discount rate	10.00%	10.00%	10.00%

Condensed Consolidated Interim Statements of Financial Position (Parenthetical) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Digital intangible asset, fair value	$ 1,671,300	$ 1,997,400	$ 694,900
Due from related parties	28,864	55,279	60,929
Fair value	669,600	745,500	651,400
Due to related parties	270,468	281,531	140,376
Related Party
Due from related parties	4,500	4,200	1,600
Due to related parties	$ 111,000	$ 96,900	$ 66,900

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Legal provision accrued		$ 182
Litigation settlement, amount awarded to other party	$ 200	200
Galaxy Digital Holdings, LP
Loss Contingencies [Line Items]
Legal provision accrued	$ 186	$ 182

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.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Borrowed (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed	$ 1,760,455	$ 1,497,609	$ 398,277
Digital assets borrowed, non-current	6,603	0
Digital assets borrowed	$ 1,767,058	$ 1,497,609	$ 398,277
Bitcoin and Tether
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage	78.00%	87.00%
Bitcoin, Ether, DAI, and SOL
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage		87.00%	84.00%

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Galaxy Digital Holdings, LP
Derivative [Line Items]
Gain on derivative	$ 31.1	$ 83.6

DIGITAL ASSETS - Additional Detail Related to the Digital Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	$ 1,671,300	$ 1,997,400	$ 694,900
Digital intangible assets, current	2,123,860	2,547,581	972,429
Digital financial assets	514,479	359,665	74,386
Digital intangible assets, non-current	15,030	20,979	41,356
Total digital assets	2,653,369	2,928,225	1,088,171	$ 562,015
Collateral posted with counterparties, digital asset and fiat borrowings	117,600	53,700	50,800
Digital assets associated with decentralized finance protocols, support borrowings	23,200	124,900	123,000
Crypto Asset, Self-Custodied
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	1,020,200	1,480,900	528,300
Digital intangible assets, current	1,054,836	1,544,377	530,579
Digital financial assets	126,950	353,459	73,302
Digital intangible assets, non-current	4,957	75	41,356
Digital intangible assets	1,059,793	1,544,452	571,935
Digital financial assets	126,950	353,459	73,302
Total digital assets	1,186,743	1,897,911	645,237
Crypto Asset, Held With Third Parties
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	471,000	451,400	112,600
Digital intangible assets, current	589,898	523,002	178,577
Digital financial assets	350,949	1,392	1,084
Digital intangible assets, non-current	10,073	20,904	0
Digital intangible assets	599,971	543,906	178,577
Digital financial assets	350,949	1,392	1,084
Total digital assets	950,920	545,298	179,661
Crypto Asset, Collateral Posted With Counterparties
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	195,059	85,874	56,674
Digital financial assets	0	0	0
Digital intangible assets, non-current	0	0	0
Total digital assets	195,059	85,874	56,674
Crypto Asset, Decentralized Finance Protocols
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	284,067	394,328	206,599
Digital financial assets	36,580	4,814	0
Digital intangible assets, non-current	0	0	0
Total digital assets	320,647	399,142	206,599
Crypto Asset, Receipt Tokens
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	112,155	298,263	166,788
Digital financial assets	20,095	0	0
Digital intangible assets, non-current	0	0	0
Total digital assets	132,250	298,263	166,788
Crypto Asset, Other Digital Assets
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	171,912	96,065	39,811
Digital financial assets	16,485	4,814	0
Digital intangible assets, non-current	0	0	0
Total digital assets	$ 188,397	$ 100,879	$ 39,811

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

3 Months Ended

Mar. 31, 2025

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of March 31, 2025 and December 31, 2024, no Digital asset loans receivable were past due.

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	March 31, 2025		December 31, 2024
Digital asset loans receivable	$	280,245	$	579,954
Less: Allowance for credit losses	(150)		(424)

Digital asset loans receivable, net	$	280,095	$	579,530

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	286,781	$	673,427
Collateral payable - Cash	41,966		44,535
Collateral payable associated with digital assets loan receivable	$	328,747	$	717,962

Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Digital assets borrowed - current	$	1,760,455	$	1,497,609
Digital assets borrowed - non-current	6,603		$	—
Digital assets borrowed	$	1,767,058	$	1,497,609

The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of March 31, 2025 were bitcoin and tether, including associated wrapped tokens, which represented approximately 78% of total Digital assets borrowed. The most significant digital assets borrowings as of December 31, 2024 were bitcoin, ether, DAI, and SOL, including associated wrapped tokens, which represented approximately 87% of total Digital assets borrowed.

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	309,065	$	84,221
Assets posted as collateral - Digital financial assets	—		—
Less: Allowance for credit loss	(2,477)		(826)
Assets posted as collateral associated with digital assets borrowed	$	306,588	$	83,395

Collateral deposited in decentralized finance protocols associated with digital asset loans payable to the decentralized protocols are recognized in Digital intangible assets. Collateral posted with counterparties for which the Company retains control are also recognized in Digital intangible assets. Refer to Note 6 for additional information regarding Digital intangible assets.

7. DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of December 31, 2024 and 2023, no Digital asset loans receivable were past due.

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	December 31, 2024		December 31, 2023
Digital asset loans receivable	$	579,954	$	104,504
Less: Allowance for credit losses	(424)		—
Digital asset loans receivable, net	$	579,530	$	104,504

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	673,427	$	115,635
Collateral payable — Cash	44,535		—
Collateral payable associated with digital assets loan receivable	$	717,962	$	115,635

Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Digital assets borrowed	$	1,497,609	$	398,277

The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of December 31, 2024 were bitcoin, ether, DAI, and SOL, including associated wrapped tokens, which represented approximately 87% of total Digital assets borrowed. The most significant digital assets borrowings as of December 31, 2023 were Tether, USDC, FDUSD, bitcoin and DAI, which represented approximately 84% of total Digital assets borrowed.

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral — Digital intangible assets	$	84,221	$	233,053
Assets posted as collateral — Digital financial assets	—		—
Less: Allowance for credit loss	(826)
Assets posted as collateral associated with digital assets borrowed	$	83,395	$	233,053

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Retained earnings / (deficit)
Beginning balance (in shares) at Dec. 31, 2022		1,000,000
Beginning balance at Dec. 31, 2022	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recapitalization	5		5
Loss for the period	$ (2)			(2)
Ending balance (in shares) at Dec. 31, 2023	100	1,000,000
Ending balance at Dec. 31, 2023	$ 3	$ 0	5	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Loss for the period	(1)			(1)
Ending balance (in shares) at Mar. 31, 2024		1,000,000
Ending balance at Mar. 31, 2024	$ 2	$ 0	5	(3)
Beginning balance (in shares) at Dec. 31, 2023	100	1,000,000
Beginning balance at Dec. 31, 2023	$ 3	$ 0	5	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Loss for the period	$ (2)			(2)
Ending balance (in shares) at Dec. 31, 2024	100	1,000,000
Ending balance at Dec. 31, 2024	$ 1	$ 0	5	(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Loss for the period	$ 0
Ending balance (in shares) at Mar. 31, 2025	100	1,000,000
Ending balance at Mar. 31, 2025	$ 1	$ 0	$ 5	$ (4)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Topic 250
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Effective Income Tax Rate Reconciliation [Line Items]

Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	Redeemable noncontrolling interests	Galaxy Digital Holdings, LP	Galaxy Digital Holdings, LP Cumulative Effect, Period of Adoption, Adjusted Balance	Galaxy Digital Holdings, LP Redeemable noncontrolling interests	Galaxy Digital Holdings, LP Class A Unit Capital	Galaxy Digital Holdings, LP Class A Unit Capital Capital Units	Galaxy Digital Holdings, LP Class A Unit Capital Capital Units Cumulative Effect, Period of Adoption, Adjusted Balance	Galaxy Digital Holdings, LP Class B Unit Capital	Galaxy Digital Holdings, LP Class B Unit Capital Capital Units	Galaxy Digital Holdings, LP Class B Unit Capital Capital Units Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2021							101,550,494			228,110,373
Beginning balance at Dec. 31, 2021			$ 2,287,692		$ 161,536		$ 856,371			$ 1,431,321
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation			89,860				28,994			60,866
Contributions		$ 19,677
Distributions			(184,275)		(83,994)		$ (58,827)			$ (125,448)
Vesting of Class B Units (in shares)										560,255
Exchange of Class B Units (in shares)							10,055,909		10,055,909	10,055,909
Exchange of Class B Units			0				$ 68,769			$ (68,769)
Cancellation of Class A Units (in shares)							(10,870,449)
Cancellation of Class A Units			(55,181)				$ (55,181)
Issuance of class A units, net of issuance cost (in shares)						14,131,494	4,075,585
Issuance of Class A Units, net of issuance cost			6,227				$ 6,227
Redemption of Class B Units (in shares)									(2,671,350)	(2,671,350)
Redemption of Class B Units			(7,961)						$ (8,000)	$ (7,961)
Other			(1,258)				(832)			(426)
Unit holders of the Company			(718,910)				$ (235,147)			$ (483,763)
Loss for the year					(97,219)
Income (loss) for the period			(816,129)
Ending balance (in shares) at Dec. 31, 2022						104,811,539	104,811,539		215,943,369	215,943,369
Ending balance at Dec. 31, 2022			1,416,194	$ 4,742	0		$ 610,374	$ 1,533		$ 805,820	$ 3,209
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation			83,790				27,558			56,232
Contributions		$ 0
Distributions			(22,405)				$ (7,301)			$ (15,104)
Vesting of Class B Units (in shares)										15,226
Exchange of Class B Units (in shares)							30,121		30,121	30,121
Exchange of Class B Units			0				$ 141			$ (141)
Cancellation of Class A Units (in shares)							(4,221,799)
Cancellation of Class A Units			(10,668)				$ (10,668)
Issuance of class A units, net of issuance cost (in shares)						8,709,592	8,679,471
Issuance of Class A Units, net of issuance cost			11,107				$ 11,107
Redemption of Class B Units (in shares)									0
Other			(103)				(121)			18
Unit holders of the Company			228,514
Income (loss) for the period	$ (2)		228,514				$ 75,858			$ 152,656
Ending balance (in shares) at Dec. 31, 2023						109,299,332	109,299,332		215,928,474	215,928,474
Ending balance at Dec. 31, 2023			1,711,171		0		$ 708,481			$ 1,002,690
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation			18,682				6,271			12,411
Distributions			(36,698)				$ (12,696)			(24,002)
Exchange of Class B Units (in shares)									0
Cancellation of Class A Units (in shares)						(8,234)	(8,234)
Cancellation of Class A Units			(774)				$ (774)
Issuance of class A units, net of issuance cost (in shares)						254,387	254,387
Issuance of Class A Units, net of issuance cost			153				$ 153
Redemption of Class B Units (in shares)									0
Other			(612)				(206)			(406)
Income (loss) for the period	(1)		388,127				$ 130,339			$ 257,788
Ending balance (in shares) at Mar. 31, 2024							109,545,485			215,928,474
Ending balance at Mar. 31, 2024			2,080,049				$ 831,568			$ 1,248,481
Beginning balance (in shares) at Dec. 31, 2023						109,299,332	109,299,332		215,928,474	215,928,474
Beginning balance at Dec. 31, 2023			1,711,171		0		$ 708,481			$ 1,002,690
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation			75,017				26,897			48,120
Distributions			(55,258)				$ (19,526)			$ (35,732)
Vesting of Class B Units (in shares)										15,226
Exchange of Class B Units (in shares)							81,357		81,357	81,357
Exchange of Class B Units			0				$ 541			$ (541)
Cancellation of Class A Units (in shares)							(1,832,402)
Cancellation of Class A Units			(20,516)				$ (20,516)
Issuance of class A units, net of issuance cost (in shares)						20,110,850	20,029,493
Issuance of Class A Units, net of issuance cost			137,184				$ 137,184
Redemption of Class B Units (in shares)									0
Other			32				404			(372)
Unit holders of the Company			346,722
Income (loss) for the period	(2)		346,722				$ 116,265			$ 230,457
Ending balance (in shares) at Dec. 31, 2024						127,577,780	127,577,780		215,862,343	215,862,343
Ending balance at Dec. 31, 2024			2,194,352		$ 0		$ 949,730			$ 1,244,622
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation			13,738				5,110			8,628
Distributions			(9,436)				$ (3,571)			(5,865)
Exchange of Class B Units (in shares)									0
Cancellation of Class A Units (in shares)						(61,040)	(61,040)
Cancellation of Class A Units			(3,288)				$ (3,288)
Issuance of class A units, net of issuance cost (in shares)						485,977	485,977
Issuance of Class A Units, net of issuance cost			2,247				$ 2,247
Redemption of Class B Units (in shares)									0
Other			(537)				(259)			(278)
Income (loss) for the period	$ 0		(295,432)				$ (109,942)			$ (185,490)
Ending balance (in shares) at Mar. 31, 2025						128,002,717	128,002,717		215,862,343	215,862,343
Ending balance at Mar. 31, 2025			$ 1,901,644				$ 840,027			$ 1,061,617

INCOME TAXES

3 Months Ended

Mar. 31, 2025

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

Provision for income taxes is provided for using the asset and liability method, whereby deferred income tax assets and liabilities are recognized for the expected future tax consequences of the differences between the U.S. GAAP and tax bases of assets and liabilities, measured at the balance sheet date using the tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded when, based on the weight of all available evidence, management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such allowance.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

The Corporation analyzes its tax filing positions in all tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions, which include all periods starting from 2020. If the Corporation determines that uncertainties in tax positions exist, the Corporation recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the greatest benefit that is more likely than not to be realized.

Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Corporation reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Corporation’s consolidated statements of operations.

INCOME TAXES

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

Effective Income Tax Rate Reconciliation [Line Items]

The Company’s provision for income taxes reflects a benefit of $6.1 million and expense of $9.3 million for the three months ended March 31, 2025 and 2024, respectively. These amounts reflect effective tax rates of 2.04% and 2.35% for the three months ended March 31, 2025 and 2024, respectively.

The effective income tax rate of 2.04% for the three months ended March 31, 2025 was generally higher than the Cayman Island statutory rate of 0.0% due to the entity level Unincorporated Business Tax (“UBT”) imposed by New York City and higher tax rates in certain jurisdictions where the Company’s foreign corporate subsidiaries operate. The effective income tax rate for the three months ended March 31, 2025 of 2.04% was generally lower than the effective income tax rate for the three months ended March 31, 2024 of 2.35%, primarily due to changes in the jurisdictional mix of earnings.

The Company recognizes the effects of a tax position in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based on its technical merits and their applicability to the facts and circumstances of the tax position. There were no significant changes to the Company’s uncertain tax positions for the three months ended March 31, 2025. Neither the Company, nor any of its foreign corporate subsidiaries, are subject to an income tax examination in any jurisdiction in which they operate for any years prior to 2019.

INCOME TAXES

GDH LP is a Cayman exempted limited partnership treated as a partnership for US federal tax purposes and as such income taxes are generally the responsibility of the partners through an allocation of GDH LP’s taxable income (loss), and not that of GDH LP. GDH LP is subject to a 4.0% entity level New York City unincorporated business tax (“UBT”) on income allocated or apportioned to New York City. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. Accordingly, no provision for income taxes has been recorded in these consolidated financial statements other than for GDH LP’s UBT obligation and for the entities in the consolidated GDH LP group subject to income taxes in the local jurisdictions in which they operate. The net difference between the tax basis in the Company’s assets and liabilities and the reported amount was approximately $(1.5) billion and $(995) million as of December 31, 2024 and 2023, respectively. The aggregate net basis difference of the partners may differ, potentially materially, from that of the Company based on items, allocations, and methodologies specific to the individual partners. The allocation of taxable income to partners may vary substantially from net income reported in these consolidated financial statements.

Income before taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following:


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income before taxes:
Cayman Islands	$	589,189	$	167,356	$	578,155
Foreign	(259,406)		77,072		(1,422,575)
Total	$	329,783	$	244,428	$	(844,420)


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income tax expense
Partnership level tax	$	(6,270)	$	1,920	$	(8,736)
Corporate subsidiaries
Cayman Islands	—		—		—
Foreign	(2,283)		7,457		3,068
Current tax expense / (benefit)	(8,553)		9,377		(5,668)
Deferred tax expense / (benefit)	(8,386)		6,537		(22,623)
Total	$	(16,939)	$	15,914	$	(28,291)

The effective income tax rate reported in the Company’s consolidated statements of operations varies from the Cayman income tax rate of 0.0% for the following items:


(in thousands)	2024				2023				2022
Earnings before income taxes	$	329,783			$	244,428			$	(844,420)
Income tax at Cayman statutory tax rate	—		—	%	—		—	%	—		—	%
Increase (decrease) in the income tax rate resulting from:
Foreign rate differential on entity level partnership tax	(1,381)		(0.42)	%	5,050		2.07	%	(19,099)		2.26	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%	(9,192)		1.09	%
Total income tax expense / (benefit) and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%	$	(28,291)	3.35	%

The Company recognizes the effects of a tax position in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based on its technical merits and their applicability to the facts and circumstances of the tax position. Neither the Company, nor any of its foreign corporate subsidiaries, are subject to income tax examination in any jurisdiction in which they operate for any years prior to 2020.

At December 31, 2024, 2023 and 2022, the Company's unrecognized tax benefits relating to uncertain tax positions, excluding related interest and penalties, consisted of the following, none of which, if recognized, would impact the Company’s effective tax rate. As of December 31, 2024, the Company does not believe that there will be a significant change to the uncertain tax positions during the next 12 months.


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Unrecognized tax benefits, beginning of period	$	8,132	$	6,291	$	5,137
Increases in tax positions in prior periods	—		2,437		9,199
Decreases in tax positions in prior periods	(307)		—		—
Increases in tax positions in current periods	—		163		6,219
Decreases in tax positions in current periods	—		—		(14,264)
Lapse of statute of limitations	(6,120)		(759)		—
Unrecognized tax benefits, end of period	$	1,705	$	8,132	$	6,291

The Company recognizes interest and penalties accrued related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits, the Company recorded interest expense in income tax expense of $1.5 million and $1.1 million during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2022, there was no accrued interest recorded in the statements of financial position. There were no penalties accrued as of December 31, 2024, 2023 and 2022.

The following table presents the Company’s deferred income tax assets and liabilities before the impact of offsetting deferred income tax assets and liabilities within the same tax paying component of an entity and tax jurisdiction. Deferred tax assets are recognized within Other non-current assets in the Company’s statements of

financial position. Deferred tax liabilities are recognized within Other non-current liabilities in the Company’s statements of financial position.


(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets:
Differences between book and tax basis:
Partnership investments	$	—	$	—
Other	6,244		4,587
Net operating loss carryforward	68,432		48,098
Total deferred income tax assets	$	74,676	$	52,685
Deferred income tax liabilities:
Differences between book and tax basis:
Partnership investments	$	(21,406)	$	(13,158)
Digital assets	(26,749)		(24,439)
Investment basis differences	(4,402)		(2,765)
Other	(2,096)		(2,989)
Total deferred income tax liability	(54,653)		(43,351)
Net deferred tax asset/(liability)	$	20,023	$	9,334

A valuation allowance is recorded when, based on the weight of all available evidence, management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. This analysis is complex and, amongst other factors, requires that management assess the likelihood that the Company and/or its subsidiaries will generate taxable earnings in future periods, in order to utilize its deferred tax assets. Subsidiaries will generate taxable earnings in future periods, in order to utilize recognized deferred tax assets. Estimates of future taxable income are based on forecasting cash flows from operations and applying existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the date of the statement of financial position could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Company and/or its subsidiaries operate could limit the ability of the Company to realize tax deductions in future periods. As of December 31, 2024, 2023 and 2022, the Company did not record a valuation allowance as it is more likely than not that all deferred tax assets will be fully realized.

As of December 31, 2024 and 2023, the Company recognized a deferred tax asset of $68.4 million and $48.1 million, respectively, for tax loss carryforwards, none of which are subject to limitation.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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GOODWILL AND OTHER INTANGIBLE ASSETS- Schedule of Future Amortization Expense (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
2025	$ 8,602	$ 16,708
2026	5,676	8,549
2027	4,358	5,624
2028		4,306
2029 and beyond		403
Total future amortization expense	$ 31,609	$ 35,590

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.

LOANS AND NOTES PAYABLE - Assets Posted as Collateral (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Assets posted as collateral - Digital intangible assets	$ 200,679	$ 194,306	$ 67,767
Less: Allowance for credit losses	(633)	(554)	0
Assets posted as collateral associated with digital asset loans payable	$ 200,046	$ 193,752	$ 67,767

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.

LOANS RECEIVABLE - Schedule of Loans Receivable, Current And Non-Current (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	$ 408,341	$ 476,620	$ 377,105
Loans receivable, non-current	56,800	0	10,259
Loans receivable, current and non-current	$ 464,766	$ 476,620	$ 387,364

TRANSACTION EXPENSES (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	$ 12,839,085	$ 9,247,968	$ 42,102,443	$ 51,441,223	$ 114,812,910
Impairment of digital assets	112,429	25,525	331,920	98,340	6,124,848
Blockchain reward distributions	56,446	379	130,298	2,565	0
Borrowing costs	33,838	17,883	100,760	18,171	35,457
Mining and hosting costs	5,534	15,255	47,643	20,772	15,372
Other transaction expenses	12,107	6,606	28,712	11,352	7,344
Transaction expenses	13,059,439	9,313,616	42,741,776	51,592,423	120,995,931
Digital Assets
Restructuring Cost and Reserve [Line Items]
Transaction expenses	12,999,168	9,272,125	42,437,298	51,509,381	119,437,498
Data Centers
Restructuring Cost and Reserve [Line Items]
Transaction expenses	0	0	0	0	0
Treasury and Corporate
Restructuring Cost and Reserve [Line Items]
Transaction expenses	60,271	41,491	304,478	83,042	1,558,433
Operating Segments \| Digital Assets
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	12,839,085	9,247,968	42,102,443	51,441,223	114,812,910
Impairment of digital assets	78,308	8,934	139,246	47,791	4,588,978
Blockchain reward distributions	67,766	5,594	146,731	3,069	0
Borrowing costs	5,789	4,009	25,652	8,825	29,027
Mining and hosting costs	0	0	0	0	0
Other transaction expenses	8,220	5,620	23,226	8,473	6,583
Transaction expenses	12,999,168	9,272,125	42,437,298	51,509,381	119,437,498
Operating Segments \| Data Centers
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0	0	0
Impairment of digital assets	0	0	0	0	0
Blockchain reward distributions	0	0	0	0	0
Borrowing costs	0	0	0	0	0
Mining and hosting costs	0	0	0	0	0
Other transaction expenses	0	0	0	0	0
Transaction expenses	0	0	0	0	0
Operating Segments \| Treasury and Corporate
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0	0	0
Impairment of digital assets	34,121	16,591	192,674	50,549	1,535,870
Blockchain reward distributions	(11,320)	(5,215)	(16,433)	(504)	0
Borrowing costs	28,049	13,874	75,108	9,346	6,430
Mining and hosting costs	5,534	15,255	47,643	20,772	15,372
Other transaction expenses	3,887	986	5,486	2,879	761
Transaction expenses	$ 60,271	$ 41,491	$ 304,478	$ 83,042	$ 1,558,433

TRANSACTION EXPENSES

3 Months Ended

Mar. 31, 2025

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Impairment of digital assets	78,308		—		34,121		112,429
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,999,168	$	—	$	60,271	$	13,059,439


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales costs	$	9,247,968	$	—	$	—	$	9,247,968
Impairment of digital assets	8,934		—		16,591		25,525
Blockchain reward distributions	5,594		—		(5,215)		379
Borrowing costs	4,009		—		13,874		17,883
Mining and hosting costs	—		—		15,255		15,255
Other transaction expenses (1)	5,620		—		986		6,606
Transaction expenses	$	9,272,125	$	—	$	41,491	$	9,313,616

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,443	$	—	$	—	$	42,102,443
Impairment of digital assets	139,246		—		192,674		331,920
Blockchain reward distributions	146,731		—		(16,433)		130,298
Borrowing costs	25,652		—		75,108		100,760
Mining and hosting costs	—		—		47,643		47,643
Other transaction expenses (1)	23,226		—		5,486		28,712
Transaction expenses	$	42,437,298	$	—	$	304,478	$	42,741,776


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
Impairment of digital assets	47,791		—		50,549		98,340
Blockchain reward distributions	3,069		—		(504)		2,565
Borrowing costs	8,825		—		9,346		18,171
Mining and hosting costs	—		—		20,772		20,772
Other transaction expenses (1)	8,473		—		2,879		11,352
Transaction expenses	$	51,509,381	$	—	$	83,042	$	51,592,423


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales costs	$	114,812,910	$	—	$	—	$	114,812,910
Impairment of digital assets	4,588,978		—		1,535,870		6,124,848
Blockchain reward distributions	—		—		—		—
Borrowing costs	29,027		—		6,430		35,457
Mining and hosting costs	—		—		15,372		15,372
Other transaction expenses (1)	6,583		—		761		7,344
Transaction expenses	$	119,437,498	$	—	$	1,558,433	$	120,995,931

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

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.

DIGITAL ASSETS

3 Months Ended

Mar. 31, 2025

DIGITAL ASSETS

The following tables provide additional detail related to the digital assets as of March 31, 2025 and December 31, 2024:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2025
Digital intangible assets (includes $1,020.2 million measured at fair value)	$	1,054,836	$	—	$	4,957	$	1,059,793
Digital financial assets	—		126,950		—		126,950
Total self-custodied (1)	1,054,836		126,950		4,957		1,186,743

Digital intangible assets (includes $471.0 million measured at fair value)	589,898		—		10,073		599,971
Digital financial assets	—		350,949		—		350,949
Total held with third parties, including centralized trading platforms	589,898		350,949		10,073		950,920

Collateral posted with counterparties (2) (measured at fair value)	195,059		—		—		195,059

Receipt tokens from decentralized finance protocols (3)	112,155		20,095		—		132,250
Other digital assets associated with decentralized finance protocols (3) (4)	171,912		16,485		—		188,397
Total digital assets associated with decentralized finance protocols	284,067		36,580		—		320,647
Total digital assets	$	2,123,860	$	514,479	$	15,030	$	2,653,369


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million 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

_______________

(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 $117.6 million and $53.7 million as of March 31, 2025 and December 31, 2024, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $23.2 million and $124.9 million as of March 31, 2025 and December 31, 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than 70% and 100%.

(4)Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

Digital Assets Associated with Decentralized Finance Protocols

Receipt Tokens from Decentralized Finance Protocols

Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company’s self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

Other Digital Assets Associated with Decentralized Finance Protocols

In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”). Wrapped tokens are digital assets that can interact with smart contracts or operate on another blockchain. The Company typically wraps digital assets in expectation of deploying them on decentralized finance protocols.

Some decentralized finance protocols may hold the Company’s digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company’s digital assets. Therefore the tokens continue to be recognized by the Company.

Digital Assets Subject to Lock-up Schedules

Certain digital assets are subject to sale restrictions through lock-up schedules typically associated with purchases from foundations. Digital assets restricted by lock-up schedules which have not yet been received by the Company are recognized as Digital assets receivable.

The Company held $41.4 million and $59.9 million of digital assets restricted by lock-up schedules as of March 31, 2025 and December 31, 2024. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from approximately one week to approximately 3 years.

Staked Digital Assets

The Company had staked $266.8 million and $371.7 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of March 31, 2025 and December 31, 2024, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods, which are based on network traffic on the respective blockchains. As of March 31, 2025 and December 31, 2024, the majority of staked digital assets on various blockchains including Ethereum could be unbonded within 7 and 11 days, respectively. The majority of the Company’s staked digital assets are bonded to nodes operated by the Company. The blockchain rewards generated from proprietary staking activities for the three months ended March 31, 2025 and 2024 were $6.2 million and $12.3 million, respectively.

Digital Assets Rollforward

The following tables summarize the activity within our significant digital asset classes for the three months ended March 31, 2025 and the year ended December 31, 2024:


Assets (in thousands)	Carrying value as of December 31, 2024		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of March 31, 2025
Digital intangible assets	$	550,203	$	2,906,707	$	(3,122,560)	$	153,760	$	(112,429)	$	76,888	$	(55)	$	452,514
Digital intangible assets at fair value	2,018,357		11,118,886		(11,141,072)		265,154		—		347,812		(922,761)		1,686,376
Digital financial assets	359,665		4,092,639		(3,940,321)		4,707		—		973		(3,184)		514,479
Total digital assets	$	2,928,225	$	18,118,232	$	(18,203,953)	$	423,621	$	(112,429)	$	425,673	$	(926,000)	$	2,653,369


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

_______________

(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 condensed consolidated interim 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 condensed consolidated interim 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 $365.2 million and $3.2 billion and realized losses of $820.7 million and $1.6 billion for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.

Significant Digital Asset Holdings

The Company’s digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as

collateral and retains control. The following tables show our most significant gross digital asset holdings as of March 31, 2025 and December 31, 2024:


	March 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	12,830	$	1,089,965	$	1,058,936
USDC	426,423,591	426,867		426,338
Ether	155,026	301,742		282,468
SOL	995,072	124,293		123,918
XRP	16,931,695	38,010		35,380
USDG	30,558,143	30,566		30,558
SUI	12,037,421	30,124		27,283
Other	not meaningful	274,143		215,974
Digital assets measured at fair value		2,315,710		2,200,855
Digital assets not measured at fair value	not meaningful	511,991		452,514
Total digital assets		$	2,827,701	$	2,653,369


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying 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

As of March 31, 2025 approximately 40% and 15% of the Company’s digital assets associated with decentralized finance protocols relate to digital assets issued by Coinbase wrapped bitcoin and Aave, respectively.

DIGITAL ASSETS

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

_______________

(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.

Digital Assets Associated with Decentralized Finance Protocols

Receipt tokens from decentralized finance protocols

Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company's self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

Other digital assets associated with decentralized finance protocols

Some decentralized finance protocols may hold the Company's digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company's digital assets. Therefore, the tokens continue to be recognized by the Company.

Digital Assets Subject to Lock-up Schedules

The Company held $59.9 million and $68.0 million of digital assets restricted by lock-up schedules as of December 31, 2024 and 2023, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from approximately one week to approximately 3 years.

Staked Digital Assets

The Company had staked $371.7 million and $163.3 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of December 31, 2024 and 2023, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods, which are based on network traffic on the respective blockchains. As of December 31, 2024 and 2023, the majority of staked digital assets on various blockchains including Ethereum could be unbonded within 11 days, respectively. The majority of the Company’s staked digital assets are bonded to nodes operated by the Company. The blockchain rewards generated from proprietary staking activities for the years ended December 31, 2024, 2023, and 2022 was $30.0 million, $4.0 million and $7.5 million, respectively.

Digital Assets Held in Investment Companies

Consolidated subsidiaries that apply the specialized guidance for investment companies in ASC 946, Financial Services—Investment Companies, record their digital asset investments at fair value, with realized and unrealized

gains and losses presented in Net gain / (loss) on digital assets. The Company’s realized gain or loss on a digital asset is calculated as the proceeds received from the sale of the digital asset less its assigned original cost. For the years ended December 31, 2024, 2023, and 2022, the Company recorded net realized gain / (loss) attributable to digital assets held in investment companies of $0, $0, and $(44.6) million, respectively. The net realized and unrealized gains / (losses) on digital assets attributed to the general partners of the consolidated sponsored funds and the gain / (losses) attributed to limited partner noncontrolling interests were recorded in the Treasury and Corporate segment. As of December 31, 2024 and December 31, 2023, the Company did not consolidate any of its sponsored investment funds.

Digital Assets Rollforward

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

_______________

(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.

Significant Digital Asset Holdings

The Company's digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as

collateral and 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

As of December 31, 2024, approximately 41%, 18%, and 10% of the Company's digital assets associated with decentralized finance protocols relate to digital assets issued by Sky DAO (f.k.a. Maker DAO), Coinbase wrapped bitcoin, and Aave, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS- Schedule of Future Amortization Expense (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Future amortization expense, remainder of fiscal year	$ 12,570
2025	8,602	$ 16,708
2026	5,676	8,549
2027	4,358	5,624
2029 and beyond	403
Total future amortization expense	$ 31,609	$ 35,590

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.

DERIVATIVES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Company’s Derivatives Portfolio

The breakdown of the Company’s derivatives portfolio, as of March 31, 2025 and December 31, 2024 was as follows (in thousands):

March 31, 2025


(in thousands)	Notional Amounts (1)		Gross Fair Value-Derivative Assets		Gross Fair Value-Derivative Liabilities
Digital assets	$	3,041,477	$	95,127	$	(67,313)
Foreign currencies	730,533		19,349		(14,026)
Equity securities	597,258		13,720		(6,993)
Interest rates	297,729		157		(708)
Commodities	11,563		—		(662)



	4,678,561		128,353		(89,702)

Digital assets receivable	4,036		19,670		—
Embedded derivatives — Digital assets borrowed	1,949,500		223,469		(41,027)
Embedded derivatives — Collateral payable	978,134		143,027		(58,988)
Embedded derivatives — Notes payable	847,500		—		(46,586)

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)

_______________

(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 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)

_______________

(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.

Schedule Of Collateral Payable Associated With Derivative Positions

The below table represents the breakdown of collateral payable associated with derivative positions as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024




Collateral payable — Digital assets	$	28,569	$	30,600
Collateral payable — Cash	7,452		30,460
Collateral payable associated with derivatives	$	36,021	$	61,060

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

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

EQUITY BASED COMPENSATION - Schedule of Compensation and Benefits (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation and benefits excluding equity based compensation	$ 43,434	$ 42,551	$ 191,435	$ 136,132	$ 127,078
Equity based compensation	13,519	18,520	74,156	83,124	89,123
Total compensation and benefits	$ 56,953	$ 61,071	$ 265,591	$ 219,256	$ 216,201

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.

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BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2025
Galaxy Digital Holdings, LP
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company Galaxy Digital Holdings LP (“GDH LP” and, together with its consolidated subsidiaries, the “Company,” “Galaxy,” “we,” “us,” or “our”) is a Cayman Islands exempted limited partnership formed on May 11, 2018. The Company’s principal address is 300 Vesey Street, New York, New York 10282. GDH LP, an operating partnership, is managed by the board of managers and officers of its general partner, Galaxy Digital Holdings GP LLC (“GDH GP” or the “General Partner”). Galaxy is a Cayman exempted limited partnership which is treated as a partnership for U.S. federal tax purposes. Galaxy Digital Holdings Ltd. (“GDH Ltd.”) holds a minority investment in the Company and has an active public listing on the Toronto Stock Exchange (“TSX”) under the ticker “GLXY.” Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. Galaxy’s mission is engineering a new economic paradigm. Today, the Company is primarily focused on digital assets and blockchain technology, and how these technological innovations will alter the way we store and transfer value. The Company manages and reports its activities in the following three operating segments: Digital Assets, Data Centers, and Treasury and Corporate. General Partner GDH GP is a limited liability company incorporated under the laws of the Cayman Islands on July 26, 2018 and serves as the general partner of GDH LP. The sole member of the General Partner is Galaxy Group Investments LLC (“GGI”). The General Partner has a board of managers and officers (the “Board of Managers”). On November 24, 2022, GDH LP, GDH GP, GDH Ltd. and GDH Intermediate LLC (a wholly-owned subsidiary of GDH Ltd.) entered into a fifth amended and restated limited partnership agreement (as amended from time to time, the “LPA”). Basis of Presentation The accompanying condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated interim financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated. We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 and the interim reporting requirements of Regulation S-X for the three months ended March 31, 2025. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024. The Company’s interim results are not necessarily indicative of its results for a full year. BASIS OF PRESENTATION The Company Galaxy Digital Holdings LP (“GDH LP” and, together with its consolidated subsidiaries, the “Company,” “Galaxy,” “we,” “us,” or “our”) is a Cayman Islands exempted limited partnership formed on May 11, 2018. The Company’s principal address is 300 Vesey Street, New York, New York 10282. GDH LP, an operating partnership, is managed by the board of managers and officers of its general partner, Galaxy Digital Holdings GP LLC (“GDH GP” or the “General Partner”). Galaxy is a Cayman exempted limited partnership which is treated as a partnership for U.S. federal tax purposes. Galaxy Digital Holdings Ltd. (“GDH Ltd.”) holds a minority investment in the Company and has an active public listing on the Toronto Stock Exchange (“TSX”) under the ticker “GLXY.” Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. Galaxy’s mission is engineering a new economic paradigm. Today, the Company is primarily focused on digital assets and blockchain technology, and how these technological innovations will alter the way we store and transfer value. The Company manages and reports its activities in the following three segments: Digital Assets, Data Centers, and Treasury and Corporate. General Partner GDH GP is a limited liability company incorporated under the laws of the Cayman Islands on July 26, 2018 and serves as the general partner of GDH LP. The sole member of the General Partner is Galaxy Group Investments LLC (“GGI”). The General Partner has a board of managers and officers (the “Board of Managers”). On November 24, 2022, GDH LP, GDH GP, GDH Ltd. and GDH Intermediate LLC (a wholly-owned subsidiary of GDH Ltd.) entered into a fifth amended and restated limited partnership agreement (as amended from time to time, the “LPA”). Basis of Presentation The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated. Change in Presentation Certain comparative figures in the Company’s consolidated statements of operations have been reclassified to conform to the current year’s presentation.

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table reflects the changes in carrying amount of goodwill:


(in thousands)	March 31, 2025		December 31, 2024
Balance, beginning of period	$	58,037	$	44,257
Additions due to acquisitions (Note 3)	—		13,780
Balance, end of period	$	58,037	$	58,037

The Company recognized no impairment of Goodwill for the periods ended March 31, 2025 and March 31, 2024. All goodwill is allocated to the Digital Assets segment.

Other Intangible Assets

The following table represents intangible assets and accumulated amortization as March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Software technology (1)	$	40,508	$	40,508
Other purchased defined-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		55,970
Less: Accumulated amortization	(22,600)		(18,619)
Intangible assets, net	$	33,370	$	37,351

_______________

(1)Includes capitalized equity based compensation of $3.1 million as of March 31, 2025 and December 31, 2024.

The Company estimates that there is no significant residual value related to its finite-life intangible assets. The expected future amortization expense for finite-life intangible assets for the next five years is as follows:


(in thousands)	Amounts


2025	$	12,570
2026	8,602
2027	5,676
2028	4,358
2029 and beyond	403
Total future amortization expense	$	31,609

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table reflects the changes in carrying amount of goodwill:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of period	$	44,257	$	24,645
Additions due to acquisitions (Note 3)	13,780		19,612
Balance, end of period	$	58,037	$	44,257

The Company recognized no impairment of Goodwill for the years ended December 31, 2024, 2023 and 2022. All goodwill is allocated to the Digital Assets segment.

Other intangible assets

The following table represents intangible assets and accumulated amortization as of the years ended December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Software technology(1)	$	40,508	$	38,895
Other purchased defined-life intangible assets	13,701		6,062
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		46,718
Less: Accumulated amortization	(18,619)		(6,735)
Intangible assets, net	$	37,351	$	39,983

_______________

(1)Includes capitalized equity based compensation of $3.1 million and $2.1 million as of December 31, 2024 and 2023, respectively.


(in thousands)	Amounts


2025	$	16,708
2026	8,549
2027	5,624
2028	4,306
2029 and beyond	403
Total future amortization expense	$	35,590

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.

Effective Income Tax Rate Reconciliation [Line Items]

INCOME TAXES

3 Months Ended

Mar. 31, 2025

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

INCOME TAXES

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

Effective Income Tax Rate Reconciliation [Line Items]

Income before taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following:


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income before taxes:
Cayman Islands	$	589,189	$	167,356	$	578,155
Foreign	(259,406)		77,072		(1,422,575)
Total	$	329,783	$	244,428	$	(844,420)


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income tax expense
Partnership level tax	$	(6,270)	$	1,920	$	(8,736)
Corporate subsidiaries
Cayman Islands	—		—		—
Foreign	(2,283)		7,457		3,068
Current tax expense / (benefit)	(8,553)		9,377		(5,668)
Deferred tax expense / (benefit)	(8,386)		6,537		(22,623)
Total	$	(16,939)	$	15,914	$	(28,291)

The effective income tax rate reported in the Company’s consolidated statements of operations varies from the Cayman income tax rate of 0.0% for the following items:


(in thousands)	2024				2023				2022
Earnings before income taxes	$	329,783			$	244,428			$	(844,420)
Income tax at Cayman statutory tax rate	—		—	%	—		—	%	—		—	%
Increase (decrease) in the income tax rate resulting from:
Foreign rate differential on entity level partnership tax	(1,381)		(0.42)	%	5,050		2.07	%	(19,099)		2.26	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%	(9,192)		1.09	%
Total income tax expense / (benefit) and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%	$	(28,291)	3.35	%

The Company recognizes the effects of a tax position in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based on its technical merits and their applicability to the facts and circumstances of the tax position. Neither the Company, nor any of its foreign corporate subsidiaries, are subject to income tax examination in any jurisdiction in which they operate for any years prior to 2020.


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Unrecognized tax benefits, beginning of period	$	8,132	$	6,291	$	5,137
Increases in tax positions in prior periods	—		2,437		9,199
Decreases in tax positions in prior periods	(307)		—		—
Increases in tax positions in current periods	—		163		6,219
Decreases in tax positions in current periods	—		—		(14,264)
Lapse of statute of limitations	(6,120)		(759)		—
Unrecognized tax benefits, end of period	$	1,705	$	8,132	$	6,291

financial position. Deferred tax liabilities are recognized within Other non-current liabilities in the Company’s statements of financial position.


(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets:
Differences between book and tax basis:
Partnership investments	$	—	$	—
Other	6,244		4,587
Net operating loss carryforward	68,432		48,098
Total deferred income tax assets	$	74,676	$	52,685
Deferred income tax liabilities:
Differences between book and tax basis:
Partnership investments	$	(21,406)	$	(13,158)
Digital assets	(26,749)		(24,439)
Investment basis differences	(4,402)		(2,765)
Other	(2,096)		(2,989)
Total deferred income tax liability	(54,653)		(43,351)
Net deferred tax asset/(liability)	$	20,023	$	9,334

As of December 31, 2024 and 2023, the Company recognized a deferred tax asset of $68.4 million and $48.1 million, respectively, for tax loss carryforwards, none of which are subject to limitation.

The entire disclosure for income tax.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes. Provision for income taxes is provided for using the asset and liability method, whereby deferred income tax assets and liabilities are recognized for the expected future tax consequences of the differences between the U.S. GAAP and tax bases of assets and liabilities, measured at the balance sheet date using the tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded when, based on the weight of all available evidence, management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such allowance. The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment. The Corporation analyzes its tax filing positions in all tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions, which include all periods starting from 2020. If the Corporation determines that uncertainties in tax positions exist, the Corporation recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the greatest benefit that is more likely than not to be realized. Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Corporation reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Corporation’s consolidated statements of operations. INCOME TAXES Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes. Provision for income taxes is provided for using the asset and liability method, whereby deferred income tax assets and liabilities are recognized for the expected future tax consequences of the differences between the U.S. GAAP and tax bases of assets and liabilities, measured at the balance sheet date using the tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded when, based on the weight of all available evidence, management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such allowance. The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment. The Corporation analyzes its tax filing positions in all tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions, which include all periods starting from 2020. If the Corporation determines that uncertainties in tax positions exist, the Corporation recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the greatest benefit that is more likely than not to be realized. Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Corporation reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Corporation’s consolidated statements of operations.

The entire disclosure for income tax.

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Income / (loss) for the period	$ 0	$ (1)
Changes in operating assets and liabilities:
Net cash provided by / (used in) operating activities	0	(1)
Financing activities
Net increase / (decrease) in cash and cash equivalents	0	(1)
Cash and cash equivalents, beginning of period	1	3
Cash and cash equivalents, end of period	1	2
Galaxy Digital Holdings, LP
Operating activities
Income / (loss) for the period	(295,432)	388,127
Adjustments for:
Digital assets sales revenue	(5,535,721)	(1,242,643)
Digital assets sales cost	5,552,501	1,179,478
Impairment of digital assets	49,070	3,253
Depreciation and amortization	13,591	9,500
Other impairment	49,222	0
Equity based compensation	13,738	18,652
Noncash expense from borrowing	25,327	16,064
Noncash lending and net staking income	(34,839)	(20,436)
Net (gain) / loss on digital assets	18,223	(346,393)
Net (gain) / loss on investments	133,167	(63,018)
Net (gain) /loss on derivatives trading	(31,059)	(83,640)
Net unrealized gain / (loss) on notes payable – derivative	(89,606)	9,713
Noncash notes interest expense	14,071	6,976
Net deferred tax expense / (benefit)	(7,152)	3,514
Other noncash adjustments	(1,208)	(1,329)
Changes in operating assets and liabilities:
Digital assets	198,148	244,945
Digital assets receivable	41,528	197
Derivative assets / liabilities	34,203	151,095
Accounts receivable	24,753	(1,353)
Prepaid expenses and other assets	(3,562)	2,199
Assets posted as collateral	0	(12,409)
Collateral payable	(25,577)	11,717
Accounts payable and accrued liabilities	(15,069)	(3,852)
Other current liabilities	65,911	(194,013)
Other non-current liabilities	(34,815)	(1,285)
Net cash provided by / (used in) operating activities	159,413	75,059
Investing activities
Proceeds from paydowns and maturities of loans receivable	64,072	33,109
Disbursements for loans receivable	(52,593)	(45,502)
Purchase of property, equipment and intangible assets	(91,642)	(25,166)
Disposal of property and equipment	7,954	1,560
Purchase of investments	(645,333)	(2,261,582)
Proceeds and distributions from investments	781,642	1,930,839
Net cash provided by / (used in) investing activities	64,100	(366,742)
Financing activities
Payable to customers	(232)	77,298
Proceeds from loans payable	61,921	202,826
Repayments of loans payable	(32,470)	(20,500)
Margin loans payable, net	(194,920)	0
Share issuance, net of costs	2,247	153
Distributions	(9,436)	(36,698)
Cancellation of Class A Units withheld	(3,288)	(774)
Net cash provided by / (used in) financing activities	(176,178)	222,305
Net increase / (decrease) in cash and cash equivalents	47,335	(69,378)
Cash and cash equivalents, beginning of period	462,103	316,610
Cash and cash equivalents, end of period	509,438	247,232
Cash paid during the year for:
Interest	10,931	1,915
Taxes	2,314	378
Significant noncash investing and financing activities:
Digital assets loan receivable, net of allowance	299,709	9,286
Assets posted as collateral	231,217	157,213
Digital assets borrowed	269,449
Digital assets borrowed		577,305
Collateral payable	430,565	91,759
Purchase of investments with noncash contributions	9,352	9,934
Proceeds from investments included in receivables	70	0
Proceeds from investments received as digital assets	96,461	6,714
Additions to property, plant and equipment and intangible assets	753	2,101
Disposals of property, plant and equipment and intangible assets	1,370	0
Reclassification between derivatives and investments	0	389
Origination of loans receivable with noncash consideration	$ 0	$ 2,966

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Lessee, Lease, Description [Line Items]
Cash paid in the measurement of operating lease liabilities	$ 1,483	$ 1,466	$ 5,973	$ 7,838	$ 4,216

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Goodwill [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0	$ 0

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.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Effective May 13, 2025, GDI, GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI became the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI.
Galaxy Digital Holdings, LP
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 1, 2025, a subsidiary of GDH LP and CoreWeave, Inc. entered into a phase II option agreement pursuant to the existing lease agreement between the parties, under which CoreWeave has committed to enter into a lease agreement for the uptake of additional 260 MW of critical IT load at the Helios campus on substantially similar economic terms as the phase I lease agreement executed in March 2025. Effective May 13, 2025, Galaxy Digital Inc. (“GDI”), GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI has become the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI. SUBSEQUENT EVENTS In March 2025, Galaxy entered into a 15-year agreement with CoreWeave to host high-performance computing and artificial intelligence infrastructure and deliver 133 MW of Critical IT Load at its Helios campus in West Texas.

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2025

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Prepaid expenses and other assets consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Prepaid expenses	$	13,600	$	11,112
Asset purchase deposits	4,845		4,845
Current tax asset and tax receivable	5,228		5,364

Other (1)	6,211		5,571
	$	29,884	$	26,892

_______________

(1)Includes receivables related to non-consolidated funds management, advisory activities and tax payments made on behalf of certain related parties. Refer to Note 22 for further information on related party transactions.

Accounts payable and accrued liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Compensation and compensation related	$	20,490	$	71,553
Professional fees	7,871		5,684
Promissory note(1)	109,004		96,933
Legal settlement	78,165		40,000
Mining payables and accrued liabilities	1,269		9,385
Payable for digital asset trades	15,028		20,970
Interest	27,169		15,530
Payable for investments and acquisitions	4,447		11,054
Accounts payable	3,713		6,910


Other	3,312		3,512
	$	270,468	$	281,531

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Tax liabilities	$	47,463	$	42,994
Legal settlement	108,151		142,462
Lease liability	6,500		6,936
	$	162,114	$	192,392

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Prepaid expenses	$	11,112	$	1,930
Mining deposits	4,845		8,825
Current tax asset and tax receivable	5,364		15,124

Other(1)	5,571		11,045
	$	26,892	$	36,924

_______________

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Compensation and compensation related	$	71,553	$	50,556
Professional fees	5,684		7,755
Promissory note(1)	96,933		67,246
Legal settlement	40,000		—
Mining payables and accrued liabilities	9,385		1,447
Payable for digital asset trades	20,970		4,176
Interest	15,530		4,595


Payable for investments and acquisitions	11,054		—
Accounts payable	6,910		2,569


Other	3,512		2,032
	$	281,531	$	140,376

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Tax liabilities	$	42,994	$	42,856
Legal settlement	142,462		—
Lease liability	6,936		14,096
	$	192,392	$	56,952

LEASES - Schedule of Future Minimum Lease Payments (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2025	$ 3,530
2026	2,818	$ 4,151
2027	2,572	2,557
2028	2,572	2,572
2029	429	2,572
Total future minimum lease payments	11,921	12,281
Less: Interest	2,700	2,052
Total lease liability	$ 9,221	$ 10,229	$ 14,096

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

3 Months Ended

Mar. 31, 2025

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	March 31, 2025		December 31, 2024
Digital asset loans receivable	$	280,245	$	579,954
Less: Allowance for credit losses	(150)		(424)

Digital asset loans receivable, net	$	280,095	$	579,530

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	286,781	$	673,427
Collateral payable - Cash	41,966		44,535
Collateral payable associated with digital assets loan receivable	$	328,747	$	717,962

Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Digital assets borrowed - current	$	1,760,455	$	1,497,609
Digital assets borrowed - non-current	6,603		$	—
Digital assets borrowed	$	1,767,058	$	1,497,609

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	309,065	$	84,221
Assets posted as collateral - Digital financial assets	—		—
Less: Allowance for credit loss	(2,477)		(826)
Assets posted as collateral associated with digital assets borrowed	$	306,588	$	83,395

7. DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of December 31, 2024 and 2023, no Digital asset loans receivable were past due.

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	December 31, 2024		December 31, 2023
Digital asset loans receivable	$	579,954	$	104,504
Less: Allowance for credit losses	(424)		—
Digital asset loans receivable, net	$	579,530	$	104,504

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	673,427	$	115,635
Collateral payable — Cash	44,535		—
Collateral payable associated with digital assets loan receivable	$	717,962	$	115,635

Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Digital assets borrowed	$	1,497,609	$	398,277

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral — Digital intangible assets	$	84,221	$	233,053
Assets posted as collateral — Digital financial assets	—		—
Less: Allowance for credit loss	(826)
Assets posted as collateral associated with digital assets borrowed	$	83,395	$	233,053

INCOME TAXES

3 Months Ended

Mar. 31, 2025

Income Tax Contingency [Line Items]

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

INCOME TAXES

Galaxy Digital Inc. is a US Corporation treated as a corporation for U.S. Federal tax purposes.

The Corporation recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

Income Tax Contingency [Line Items]

Income before taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following:


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income before taxes:
Cayman Islands	$	589,189	$	167,356	$	578,155
Foreign	(259,406)		77,072		(1,422,575)
Total	$	329,783	$	244,428	$	(844,420)


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income tax expense
Partnership level tax	$	(6,270)	$	1,920	$	(8,736)
Corporate subsidiaries
Cayman Islands	—		—		—
Foreign	(2,283)		7,457		3,068
Current tax expense / (benefit)	(8,553)		9,377		(5,668)
Deferred tax expense / (benefit)	(8,386)		6,537		(22,623)
Total	$	(16,939)	$	15,914	$	(28,291)

The effective income tax rate reported in the Company’s consolidated statements of operations varies from the Cayman income tax rate of 0.0% for the following items:


(in thousands)	2024				2023				2022
Earnings before income taxes	$	329,783			$	244,428			$	(844,420)
Income tax at Cayman statutory tax rate	—		—	%	—		—	%	—		—	%
Increase (decrease) in the income tax rate resulting from:
Foreign rate differential on entity level partnership tax	(1,381)		(0.42)	%	5,050		2.07	%	(19,099)		2.26	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%	(9,192)		1.09	%
Total income tax expense / (benefit) and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%	$	(28,291)	3.35	%

The Company recognizes the effects of a tax position in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based on its technical merits and their applicability to the facts and circumstances of the tax position. Neither the Company, nor any of its foreign corporate subsidiaries, are subject to income tax examination in any jurisdiction in which they operate for any years prior to 2020.


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Unrecognized tax benefits, beginning of period	$	8,132	$	6,291	$	5,137
Increases in tax positions in prior periods	—		2,437		9,199
Decreases in tax positions in prior periods	(307)		—		—
Increases in tax positions in current periods	—		163		6,219
Decreases in tax positions in current periods	—		—		(14,264)
Lapse of statute of limitations	(6,120)		(759)		—
Unrecognized tax benefits, end of period	$	1,705	$	8,132	$	6,291

financial position. Deferred tax liabilities are recognized within Other non-current liabilities in the Company’s statements of financial position.


(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets:
Differences between book and tax basis:
Partnership investments	$	—	$	—
Other	6,244		4,587
Net operating loss carryforward	68,432		48,098
Total deferred income tax assets	$	74,676	$	52,685
Deferred income tax liabilities:
Differences between book and tax basis:
Partnership investments	$	(21,406)	$	(13,158)
Digital assets	(26,749)		(24,439)
Investment basis differences	(4,402)		(2,765)
Other	(2,096)		(2,989)
Total deferred income tax liability	(54,653)		(43,351)
Net deferred tax asset/(liability)	$	20,023	$	9,334

As of December 31, 2024 and 2023, the Company recognized a deferred tax asset of $68.4 million and $48.1 million, respectively, for tax loss carryforwards, none of which are subject to limitation.

The entire disclosure for income tax.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2025
Text Block [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated interim statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of March 31, 2025 and December 31, 2024, the Corporation did not have any subsidiaries and as such the numbers presented as of the three months ended March 31, 2025 and the year ended December 31, 2024 are on a stand-alone basis. Basis of Presentation The consolidated statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of December 31, 2024 and 2023, the Corporation did not have any subsidiaries and as such the numbers presented as of the years ended December 31, 2024 and 2023 are on a stand-alone basis. As of December 31, 2022, the Corporation had one subsidiary and as such the numbers presented as of the year ended December 31, 2022 are on a consolidated basis. Statements of operations, changes in stockholder’s equity, and cash flows have not been presented for the year ended December 31, 2022 because the Corporation had not engaged in any business or other activities except in connection with its formation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions.
Investments	Investments When the Corporation does not have a controlling financial interest in an entity, but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for as an equity method investment. The Corporation has elected to apply the fair value option to equity method investments.

Disclosure of accounting policy for investment in financial asset.

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 1.5	$ 1.5	$ 5.8	$ 7.8	$ 4.1

LOANS AND NOTES PAYABLE - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
LOANS AND NOTES PAYABLE - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 23, 2021
Debt Instrument [Line Items]
Common stock, issued (in shares)	100		100	100		100
Common stock, value, issued	$ 0		$ 0	$ 0
Galaxy Digital Holdings, LP
Debt Instrument [Line Items]
Interest expense, Short-term Borrowings	3,600,000	$ 2,500,000	11,500,000	2,200,000	$ 6,900,000
Notes interest expense	14,071,000	6,976,000	30,804,000	27,285,000	37,029,000
Galaxy Digital Holdings, LP \| Senior Notes
Debt Instrument [Line Items]
Promissory note	847,500,000		847,500,000	445,000,000
Debt instrument, unamortized discount	17,400,000		18,500,000	7,500,000
Notes interest expense	14,100,000	7,000,000.0
Interest expense, long-term debt	5,900,000	$ 3,300,000	14,300,000	$ 13,400,000	$ 14,900,000
Galaxy Digital Holdings, LP \| 2026 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note	$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage	3.00%		3.00%
Common stock, issued (in shares)	7,498.221		7,498.221
Common stock, value, issued	$ 250,000		$ 250,000
Debt instrument, unamortized discount	71,000,000		71,000,000
Payments of debt issuance costs	$ 13,400,000		$ 13,400,000
Debt instrument, interest rate, effective percentage	7.00%		7.00%
Galaxy Digital Holdings, LP \| 2029 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note	$ 402,500,000		$ 402,500,000
Debt instrument, interest rate, stated percentage	2.50%		2.50%
Common stock, issued (in shares)	10,497.5856		10,497.5856
Common stock, value, issued	$ 250,000		$ 250,000
Debt instrument, unamortized discount	94,000,000		94,000,000
Payments of debt issuance costs	$ 13,600,000		$ 13,600,000
Debt instrument, interest rate, effective percentage	9.20%		9.20%

LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2025

LOANS AND NOTES PAYABLE

Loans Payable

In the ordinary course of business the Company may borrow fiat currency, such as US dollars, to facilitate digital asset trading and lending activity. For the majority of these loans, there is no set repayment term and the Company can prepay without penalty.


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718

For the three months ended March 31, 2025 and 2024, interest expense related to the Company’s Loans payable were $3.6 million and $2.5 million, respectively.

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Notes Payable

GDH LP issued $500 million, aggregate principal amount, of 3.00% exchangeable senior notes (the “2026 Exchangeable Notes”) on December 9, 2021 and $402.5 million, aggregate principal amount, of 2.500% exchangeable senior notes on November 25, 2024 (the “2029 Exchangeable Notes” and, together with the 2026 Exchangeable Notes, the “Exchangeable Notes”). Outstanding 2026 Exchangeable Notes and 2029 Exchangeable Notes will mature and the aggregate principal amount is due in 2026 and 2029, respectively, unless earlier exchanged, redeemed or repurchased. Interest on the Exchangeable Notes is payable semi-annually. There were no origination discounts or premiums associated with the notes. The 2026 Exchangeable Notes had an initial exchange rate of 7,498.2210 ordinary shares per US$250,000 principal amount and the 2029 Exchangeable Notes had an

initial exchange rate of 10,497.5856 ordinary shares per US$250,000 principal amount. All Exchangeable Notes issued are subject to certain selling and transfer restrictions set forth in each investor’s note purchase agreement and as set forth in the indenture that governs the Exchangeable Notes.

The Company determined that the conversion features represent derivative financial instruments embedded in the Exchangeable Notes. The conversion feature was recorded at fair value as a discount to the value of the Exchangeable Notes as of inception date. Accordingly, the Company recorded an aggregate discount of $71.0 million and $94.0 million for the fair value of the derivative liability at inception of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, respectively. The difference between the proceeds allocated to the convertible instrument at issuance and the fair value of the conversion feature was allocated to the host contract. The Exchangeable Notes and the associated derivative liability are shown as Notes payable in the Company’s condensed consolidated interim statements of financial position. The unamortized debt issuance cost as of March 31, 2025 and December 31, 2024 was $17.4 million and $18.5 million, respectively. As of March 31, 2025 and December 31, 2024, there was $847.5 million in principal outstanding of the Exchangeable Notes.

On initial recognition of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, debt issuance costs of $13.4 million and $13.6 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The interest expense from the Exchangeable Notes for the three months ended March 31, 2025 and 2024 was $14.1 million and $7.0 million, respectively, including coupon interest expense of $5.9 million and $3.3 million, respectively. The effective interest rates on the 2026 and 2029 Exchangeable Notes are 7.0% and 9.2%, respectively.

As of March 31, 2025, the Partnership’s notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

LOANS AND NOTES PAYABLE

Loans payable


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069

For the years ended December 31, 2024, 2023, and 2022, interest expense related to the Company’s Loans payable were $11.5 million, $2.2 million, and $6.9 million, respectively.

Assets posted as collateral associated with loans payable


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Notes payable

The Company determined that the conversion features represent derivative financial instruments embedded in the Exchangeable Notes. The conversion feature was recorded at fair value as a discount to the value of the Exchangeable Notes as of inception date. Accordingly, the Company recorded an aggregate discount of $71.0 million and $94.0 million for the fair value of the derivative liability at inception of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, respectively. The difference between the proceeds allocated to the convertible instrument at issuance and the fair value of the conversion feature was allocated to the host contract. The Exchangeable Notes and the associated derivative liability are shown as Notes payable in the Company’s consolidated statements of financial position. The unamortized debt issuance cost as of December 31, 2024 and 2023 was $18.5 million and $7.5 million, respectively. As of December 31, 2024 and 2023 there was $847.5 million and $445.0 million in principal outstanding of the Exchangeable Notes, respectively.

On initial recognition of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, debt issuance costs of $13.4 million and $13.6 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The interest expense from the Exchangeable Notes for the years ended December 31, 2024, 2023, and 2022 was $30.8 million, $27.3 million and $37.0 million, respectively, including coupon interest expense of $14.3 million, $13.4 million and $14.9 million, respectively. The effective interest rates on the 2026 and 2029 Exchangeable Notes are 7.0% and 9.2%, respectively.

As of December 31, 2024, the Partnership's notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Topic 470
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-Topic 470
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-Topic 470
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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.

DERIVATIVES - Collateral Payable Associated With Derivative Positions (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Collateral payable associated with derivatives	$ 36,021	$ 61,060	$ 20,888
Collateral payable — Digital assets
Derivative [Line Items]
Collateral payable associated with derivatives	28,569	30,600	9,521
Collateral payable — Cash
Derivative [Line Items]
Collateral payable associated with derivatives	$ 7,452	$ 30,460	$ 11,367

EQUITY BASED COMPENSATION - Narrative (Details)			3 Months Ended			12 Months Ended
EQUITY BASED COMPENSATION - Narrative (Details)	Mar. 29, 2023 $ / shares shares	Mar. 19, 2021 shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value						$ 300,000		$ 100,000		$ 1,800,000
General partners' capital account			$ 0	$ 0		$ 0	$ 0
Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options granted (in usd per share) \| $ / shares			$ 7.27			$ 6.99		$ 4.04		$ 10.86
Exercise of stock options (in shares) \| shares			652,549			3,546,327		5,847,020		2,627,053
Intrinsic value			$ 7,900,000			$ 39,900,000		$ 14,000,000		$ 19,000,000
Fair value of options vested			$ 12,100,000			$ 20,300,000		$ 17,200,000		$ 21,600,000
Options and exercise price (in shares) \| shares	1,875,000		23,375,401	23,375,401		19,865,008	19,865,008	22,263,973	22,263,973	27,652,543	27,652,543	30,413,345
Stock options modified awards (in shares) \| shares	1,500,000
Exercised (in cad per share) \| $ / shares	$ 6.75			$ 3.09			$ 3.16		$ 3.73		$ 2.68
Unamortized stock-based compensation expense			$ 58,200,000	$ 58,200,000		$ 34,200,000	$ 34,200,000
Galaxy Digital Holdings, LP \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares) \| shares			0			0		0		0
Galaxy Digital Holdings, LP \| Minimum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			2 years			2 years
Galaxy Digital Holdings, LP \| Maximum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years			4 years
Galaxy Digital Holdings, LP \| Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period			4 years 2 months 12 days			4 years 4 months 24 days
Galaxy Digital Holdings, LP \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Granted / transferred (in shares) \| shares		845,428
Unamortized stock-based compensation expense related to unvested restricted stock.			$ 0	0		$ 0	0
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period			2 years 3 months 14 days			2 years 4 months 24 days
Granted / transferred (in shares) \| shares			1,898,442		3,439,035	3,439,035		4,983,339		6,718,554
Unamortized stock-based compensation expense related to unvested restricted stock.			$ 54,400,000	$ 54,400,000		$ 48,400,000	$ 48,400,000
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years			3 years
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years			4 years
Equity Plans \| Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			5 years			5 years
Maximum number of shares reserved for issuance fixed (in shares) \| shares			45,565,739	45,565,739		45,565,739	45,565,739
Long Term Incentive Plan \| Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares reserved for issuance fixed (in shares) \| shares			48,290,478	48,290,478		48,290,478	48,290,478
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense, Tax Benefit						$ 2,300,000		$ 700,000		$ 3,700,000
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares) \| shares			125,691		124,835	240,164		375,783		830,305
Weighted average grant date fair value			$ 1,400,000		$ 1,200,000	$ 2,700,000		$ 1,200,000		$ 10,100,000
Outstanding liability related to cash settled units			$ 6,900,000	$ 6,900,000		10,200,000	$ 10,200,000	4,300,000	$ 4,300,000
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value			$ 700,000		$ 1,400,000	1,500,000		500,000
Outstanding liability related to cash settled units			$ 1,100,000	$ 1,100,000		$ 1,700,000	$ 1,700,000	$ 1,000,000	$ 1,000,000
Granted (SAARs) in shares) \| shares			92,089		215,498	242,498		299,151
Vested weighted average period			3 years

EQUITY BASED COMPENSATION - Schedule of Compensation and Benefits (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation and benefits excluding equity based compensation	$ 43,434	$ 42,551	$ 191,435	$ 136,132	$ 127,078
Equity based compensation	13,519	18,520	74,156	83,124	89,123
Total compensation and benefits	$ 56,953	$ 61,071	$ 265,591	$ 219,256	$ 216,201

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.

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Variable Interest Entities

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.


	March 31, 2025						December 31, 2024
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	330,954	$	54,225	$	385,179	$	398,386	$	56,725	$	455,111
Other VIE’s	144,577		12,294		156,871		143,145		12,294		155,439
Total	$	475,531	$	66,519	$	542,050	$	541,531	$	69,019	$	610,550

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of year-end.


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Non-Consolidated Sponsored Investment Funds	$	398,386	$	56,725	$	455,111	$	187,605	$	48,550	$	236,155
Other VIE’s	143,145		12,294		155,439		154,642		12,464		167,106
Total	$	541,531	$	69,019	$	610,550	$	342,247	$	61,014	$	403,261

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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.

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2025

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Prepaid expenses and other assets consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Prepaid expenses	$	13,600	$	11,112
Asset purchase deposits	4,845		4,845
Current tax asset and tax receivable	5,228		5,364

Other (1)	6,211		5,571
	$	29,884	$	26,892

_______________

Accounts payable and accrued liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Compensation and compensation related	$	20,490	$	71,553
Professional fees	7,871		5,684
Promissory note(1)	109,004		96,933
Legal settlement	78,165		40,000
Mining payables and accrued liabilities	1,269		9,385
Payable for digital asset trades	15,028		20,970
Interest	27,169		15,530
Payable for investments and acquisitions	4,447		11,054
Accounts payable	3,713		6,910


Other	3,312		3,512
	$	270,468	$	281,531

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Tax liabilities	$	47,463	$	42,994
Legal settlement	108,151		142,462
Lease liability	6,500		6,936
	$	162,114	$	192,392

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Prepaid expenses	$	11,112	$	1,930
Mining deposits	4,845		8,825
Current tax asset and tax receivable	5,364		15,124

Other(1)	5,571		11,045
	$	26,892	$	36,924

_______________

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Compensation and compensation related	$	71,553	$	50,556
Professional fees	5,684		7,755
Promissory note(1)	96,933		67,246
Legal settlement	40,000		—
Mining payables and accrued liabilities	9,385		1,447
Payable for digital asset trades	20,970		4,176
Interest	15,530		4,595


Payable for investments and acquisitions	11,054		—
Accounts payable	6,910		2,569


Other	3,512		2,032
	$	281,531	$	140,376

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Tax liabilities	$	42,994	$	42,856
Legal settlement	142,462		—
Lease liability	6,936		14,096
	$	192,392	$	56,952

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reporting Information by Segment

Assets and liabilities by each of the reportable segments as of March 31, 2025 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,169,254	$	264,600	$	2,902,338	$	6,336,192
Total liabilities	$	2,691,823	$	—	$	1,742,725	$	4,434,548

Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Income and expenses by each of the reportable segments for the three months ended March 31, 2025 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206
Net gain / (loss) on digital assets	52,204		—		(70,427)		(18,223)
Net gain / (loss) on investments	(20,349)		—		(112,818)		(133,167)
Net gain / (loss) on derivatives trading	60,515		—		(29,456)		31,059
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,999,168		—		60,271		13,059,439
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		8,785		13,591
Other expenses	18,821		385		84,437		103,643
Operating expenses	13,060,370		2,899		184,428		13,247,697

Operating income	3,529		(2,899)		(392,452)		(391,822)


Unrealized gain / (loss) on notes payable – derivative	—		—		89,606		89,606
Other income / (expense), net	—		—		672		672
Total other income / (expense)	—		—		90,278		90,278

Net income / (loss) for the period, before taxes	$	3,529	$	(2,899)	$	(302,174)	$	(301,544)
Income tax benefit	—		—		(6,112)		(6,112)
Net income / (loss) for the period	$	3,529	$	(2,899)	$	(296,062)	$	(295,432)

Income and expenses by each of the reportable segments for the three months ended March 31, 2024 is as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	9,302,569	$	—	$	32,803	$	9,335,372
Net gain/ (loss) on digital assets	82,590		—		263,803		346,393
Net gain / (loss) on investments	—		—		63,018		63,018
Net gain / (loss) on derivatives trading	(15,632)		—		99,272		83,640
Revenues and gains / (losses) from operations	9,369,527		—		458,896		9,828,423

Transaction expenses	9,272,125		—		41,491		9,313,616
Compensation and benefits	42,275		—		18,796		61,071
Notes interest expense	—		—		6,976		6,976
Depreciation and amortization	1,307		1,674		6,519		9,500
Other expenses	14,050		—		16,256		30,306
Operating expenses	9,329,757		1,674		90,038		9,421,469

Operating income	39,770		(1,674)		368,858		406,954

Unrealized loss on notes payable - derivative	—		—		(9,713)		(9,713)
Other income / (expense), net	—		—		213		213
Total other income / (expense)	—		—		(9,500)		(9,500)

Net income / (loss) for the year, before taxes	$	39,770	$	(1,674)	$	359,358	$	397,454
Income tax expense (benefit)	—		—		9,327		9,327
Net income / (loss) for the period	$	39,770	$	(1,674)	$	350,031	$	388,127

Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	1,978,031	$	114,529	$	1,501,720	$	3,594,280
Total liabilities	$	1,679,765	$	—	$	203,344	$	1,883,109

Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	42,497,063	$	—	$	99,610	$	42,596,673
Net gain / (loss) on digital assets	57,560		—		576,997		634,557
Net gain / (loss) on investments	17,425		—		241,366		258,791
Net gain / (loss) on derivatives trading	168,355		—		99,414		267,769
Revenues and gains / (losses) from operations	42,740,403		—		1,017,387		43,757,790

Transaction expenses	42,437,298		—		304,478		42,741,776
Compensation and benefits	175,925		—		89,666		265,591
Notes interest expense	—		—		30,804		30,804
Depreciation and amortization	11,446		7,497		27,949		46,892
Other expenses	68,725		—		245,266		313,991
Operating expenses	42,693,394		7,497		698,163		43,399,054

Operating income	47,009		(7,497)		319,224		358,736


Unrealized gain / (loss) on notes payable – derivative	—		—		(31,727)		(31,727)
Other income / (expense), net	—		—		2,774		2,774
Total other income / (expense)	—		—		(28,953)		(28,953)

Net income / (loss) for the period, before taxes	$	47,009	$	(7,497)	$	290,271	$	329,783
Income tax benefit	—		—		(16,939)		(16,939)
Net income / (loss) for the period	$	47,009	$	(7,497)	$	307,210	$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	51,565,491	$	—	$	61,288	$	51,626,779
Net gain / (loss) on digital assets	22,527		—		310,923		333,450
Net gain / (loss) on investments	—		—		97,827		97,827
Net gain / (loss) on derivatives trading	65,380		—		86,203		151,583
Revenues and gains / (losses) from operations	51,653,398		—		556,241		52,209,639

Transaction expenses	51,509,381		—		83,042		51,592,423
Compensation and benefits	148,909		—		70,347		219,256
Notes interest expense	—		—		27,285		27,285
Depreciation and amortization	4,344		5,548		13,053		22,945
Other expenses	44,854		—		48,710		93,564
Operating expenses	51,707,488		5,548		242,437		51,955,473

Operating income	(54,090)		(5,548)		313,804		254,166


Unrealized gain / (loss) on notes payable – derivative	—		—		(9,603)		(9,603)
Other income / (expense), net	—		—		(135)		(135)
Total other income / (expense)	—		—		(9,738)		(9,738)

Net income / (loss) for the period, before taxes	$	(54,090)	$	(5,548)	$	304,066	$	244,428
Income tax expense	—		—		15,914		15,914
Net income / (loss) for the period	$	(54,090)	$	(5,548)	$	288,152	$	228,514

Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	119,785,259	$	—	$	40,588	$	119,825,847
Net gain / (loss) on digital assets	(289,497)		—		1,227,862		938,365
Net gain / (loss) on investments	—		—		(464,918)		(464,918)
Net gain / (loss) on derivatives trading	100,341		—		92,217		192,558
Revenues and gains / (losses) from operations	119,596,103		—		895,749		120,491,852

Transaction expenses	119,437,498		—		1,558,433		120,995,931
Compensation and benefits	134,550		—		81,651		216,201
Notes interest expense	—		—		37,029		37,029
Depreciation and amortization	—		—		12,852		12,852
Other expenses	95,578		—		83,481		179,059
Operating expenses	119,667,626		—		1,773,446		121,441,072

Operating income	(71,523)		—		(877,697)		(949,220)

Change in fair value of warrant liability	—		—		20,322		20,322
Unrealized gain / (loss) on notes payable – derivative	—		—		57,998		57,998
Other income / (expense), net	—		—		26,480		26,480
Total other income / (expense)	—		—		104,800		104,800

Net income / (loss) for the period, before taxes	$	(71,523)	$	—	$	(772,897)	$	(844,420)
Income tax benefit	—		—		(28,291)		(28,291)
Net income / (loss) for the period	$	(71,523)	$	—	$	(744,606)	$	(816,129)
Net income / (loss) attributed to:
Redeemable noncontrolling interests	—		—		(97,219)		(97,219)
Unit holders of the Company	$	(71,523)	$	—	$	(647,387)	$	(718,910)

SIGNIFICANT ACCOUNTING POLICIES - Property Plant and Equipment (Details) - Galaxy Digital Holdings, LP	Dec. 31, 2024
Mining equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Mining equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Mining infrastructure \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Mining infrastructure \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Corporate assets other than leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Corporate assets other than leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 30, 2024	Dec. 29, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Incurred Costs Related To Aviation Policy			$ 500,000	$ 300,000	$ 1,200,000
Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Distributions	$ 9,436,000	$ 36,698,000	55,258,000	22,405,000	184,275,000
General and administrative	86,575,000	19,685,000	279,297,000	58,351,000	148,770,000
Financial guarantee	0	0	0	0	$ 0
Interest	$ 27,169,000		$ 15,530,000	$ 4,595,000
Options, grants in period (in shares)	4,172,899		2,913,051	10,963,780	1,565,000
Stock-based compensation	$ 13,738,000	$ 18,520,000	$ 75,017,000	$ 83,790,000	$ 89,860,000
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Related Party Transaction [Line Items]
Granted / transferred (in shares)	1,898,442	3,439,035	3,439,035	4,983,339	6,718,554
Galaxy Interactive Fund I, LP
Related Party Transaction [Line Items]
Fair value of investments	$ 1,000,000		$ 1,000,000	$ 2,400,000
Related Party \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			41,686,000	45,840,000	$ 31,185,000
Distributions	9,400,000	$ 36,700,000	55,300,000	22,400,000	184,300,000
Fair value of investments	13,100,000		12,900,000	11,000,000.0
General and administrative	900,000	500,000	3,200,000	2,200,000	2,500,000
Accounts payable	107,800,000		95,800,000	66,000,000.0
Advisory fees	600,000	500,000	2,100,000	900,000	1,000,000
Use of food and beverage consumption fees			20,000.00	100,000
GGI fees	400,000		400,000
Options, grants in period (in shares)						500,000
Stock-based compensation	0	3,000,000	5,000,000.0	11,900,000	11,600,000
Tax payments	4,800,000	4,800,000	4,800,000	2,900,000
Indemnification payments amount				4,900,000
Related Party \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Related Party Transaction [Line Items]
Granted / transferred (in shares)						1,500,000
Related Party \| Directors \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			700,000	800,000	$ 800,000
Related Party \| Promissory Note \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Debt instrument, interest rate, effective percentage							7.00%	9.00%	7.00%
Promissory note	109,000,000		96,900,000	67,200,000
Interest	2,200,000		0	0
Related Party \| Candy Digital Inc \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Fair value of investments	8,800,000		9,100,000	18,000,000.0
Related Party \| GDH Ltd \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Consulting agreement, expense	$ 0	$ 200,000	$ 1,000,000.0	$ 1,000,000.0

REVENUES

3 Months Ended

Mar. 31, 2025

REVENUES

The following tables provide additional details related to the Company’s Revenues for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales	$	12,849,568	$	—	$	—	$	12,849,568
Fees	14,580		—		(3,063)		11,517
Blockchain rewards	80,700		—		(9,588)		71,112
Proprietary mining	—		—		11,236		11,236
Revenues from contracts with customers	12,944,848		—		(1,415)		12,943,433

Blockchain rewards from non-customers	1,055		—		4,309		5,364
Lending	25,626		—		1,783		27,409
Total revenues	$	12,971,529	$	—	$	4,677	$	12,976,206


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales	$	9,257,178	$	—	$	—	$	9,257,178
Fees	18,854		—		9,274		28,128
Blockchain rewards	8,251		—		2,023		10,274
Proprietary mining	—		—		20,128		20,128
Revenues from contracts with customers	9,284,283		—		31,425		9,315,708

Blockchain rewards from non-customers	2,910		—		—		2,910
Lending	15,376		—		1,378		16,754
Total revenues	$	9,302,569	$	—	$	32,803	$	9,335,372

REVENUES

The following table provides additional details related to the Company’s Revenues for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales	$	42,155,920	$	—	$	—	$	42,155,920
Fees	74,962		—		28,232		103,194
Blockchain rewards	179,924		—		890		180,814
Proprietary mining	—		—		63,305		63,305
Revenues from contracts with customers	42,410,806		—		92,427		42,503,233

Blockchain rewards from non-customers	5,852		—		2,099		7,951
Lending	80,405		—		5,084		85,489
Total revenues	$	42,497,063	$	—	$	99,610	$	42,596,673


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales	$	51,488,120	$	—	$	—	$	51,488,120
Fees	29,240		—		21,571		50,811
Blockchain rewards	3,230		—		2,455		5,685
Proprietary mining	—		—		33,121		33,121
Revenues from contracts with customers	51,520,590		—		57,147		51,577,737

Blockchain rewards from non-customers	982		—		—		982
Lending	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales	$	119,724,879	$	—	$	—	$	119,724,879
Fees	31,104		—		3,167		34,271
Blockchain rewards	—		—		7,510		7,510
Proprietary mining	—		—		29,911		29,911
Revenues from contracts with customers	119,755,983		—		40,588		119,796,571

Blockchain rewards from non-customers	—		—		—		—
Lending	29,276		—		—		29,276
Total revenues	$	119,785,259	$	—	$	40,588	$	119,825,847

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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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LEASES - Schedule of Operating Lease Transaction Expenses (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Lease	$ 0	$ 456	$ 1,202
Financed sales of mining equipment	0	0	2,965
Loss on disposal	0		(2,046)
Associated mining equipment sales costs	$ 0	$ 0	$ 2,453

VARIABLE INTEREST ENTITIES - Schedule of Net Gain / (Loss) Related to consolidated VIEs (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Net gain / (loss) on consolidated VIEs	$ (133,167)	$ 63,018	$ 258,791	$ 97,827	$ (464,918)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net gain / (loss) on consolidated VIEs			0	0	(166,113)
Net income / (loss) attributable to NCI on consolidated VIEs			$ 0	$ 0	$ (97,219)

Amount of Net Income (Loss) attributable to noncontrolling interest.

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.

Cover	3 Months Ended
Cover	Mar. 31, 2025
Cover [Abstract]
Document Type	S-1
Registrant Name	Galaxy Digital Inc.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
CIK	0001859392
Amendment Flag	false

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Effective May 13, 2025, GDI, GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI became the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI.
Galaxy Digital Holdings, LP
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 1, 2025, a subsidiary of GDH LP and CoreWeave, Inc. entered into a phase II option agreement pursuant to the existing lease agreement between the parties, under which CoreWeave has committed to enter into a lease agreement for the uptake of additional 260 MW of critical IT load at the Helios campus on substantially similar economic terms as the phase I lease agreement executed in March 2025. Effective May 13, 2025, Galaxy Digital Inc. (“GDI”), GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI has become the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI. SUBSEQUENT EVENTS In March 2025, Galaxy entered into a 15-year agreement with CoreWeave to host high-performance computing and artificial intelligence infrastructure and deliver 133 MW of Critical IT Load at its Helios campus in West Texas.

LOANS RECEIVABLE - Schedule of Collateral Payable Associated With Loans Receivable, Current (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 578,745	$ 620,633	$ 444,839
Collateral payable - Digital assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	578,745	620,633	444,839
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 0	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Cumulative Effect Adjustment (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Digital intangible assets	$ 15,030	$ 20,979	$ 41,356
Unit holder’s capital	$ 1,901,644	$ 2,194,352	$ 1,711,171
Cumulative Effect, Period of Adoption, Adjusted Balance
Significant Accounting Policies [Line Items]
Digital intangible assets					$ 362,383
Unit holder’s capital					1,416,194
Cumulative adjustment
Significant Accounting Policies [Line Items]
Digital intangible assets				$ 367,125	4,742
Unit holder’s capital				$ 1,420,936	$ 4,742

INVESTMENTS

3 Months Ended

Mar. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

INVESTMENTS

Net gain / (loss) on investments in the Company’s condensed consolidated interim statements of operations consists of the following:

•Net realized gains / (losses) related to sales of investments were $153.0 million and $(172.8) million for the three months ended March 31, 2025 and March 31, 2024, respectively.

•Net change in unrealized gains / (losses) related to investments were $(286.1) million and $235.9 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

•Accumulated net unrealized gains / (losses) related to investments held in the Company’s condensed consolidated interim statements of financial position were $337.1 million and $627.1 million as of March 31, 2025 and December 31, 2024, respectively.

Investments at Measurement Alternative

The following table presents investments for which the measurement alternative has been elected. These investments have been valued at cost less impairment and where applicable at observable transaction prices based on orderly transactions for the identical or similar investments of the same issuer.


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
March 31, 2025	$	66,412	$	(1,282)	$	(60,591)	$	1,642	$	64,834
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652

For the three months ended March 31, 2025 and the year ended December 31, 2024, one investment with a fair value of $1.0 million and eight investments with a combined fair value of $21.2 million were reclassified out of measurement alternative due to changes to investee capital structure and valuation methodology. These investments are now held at fair value. Refer to Note 11 for additional information regarding investments held at fair value.

INVESTMENTS

Net gain / (loss) on investments in the Company’s consolidated statements of operations consists of the following:

•Net realized gains / (losses) related to sales of investments were $(171.1) million, $13.4 million, and $42.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

•Net change in unrealized gains / (losses) related to investments were $429.9 million, $84.4 million, and $(507.5) million for the years ended December 31, 2024, 2023 and 2022, respectively.

Accumulated net unrealized gains related to investments held in the Company’s consolidated statements of financial position were $627.1 million, $202.2 million, and $111.2 million as of December 31, 2024, 2023 and 2022, respectively.

Investments at Measurement Alternative


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652
December 31, 2023	$	83,702	$	(37,868)	$	(64,588)	$	2,356	$	74,352

For the years ended December 31, 2024 and 2023, eight investments with a combined fair value of $21.2 million and seven investments with a combined fair value of $67.9 million, respectively, were reclassified out of measurement alternative due to changes to investee capital structure and valuation methodology. These investments are now held at fair value. Refer to Note 11 for additional information regarding investments held at fair value.

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.

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INVESTMENTS - Narrative (Details) - Galaxy Digital Holdings, LP $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) investment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Net realized gains / (losses) related to sales of investments	$ 153.0	$ (172.8)	$ (171.1)	$ 13.4	$ 42.5
Net change in unrealized gains / (losses) related to investments	(286.1)	$ 235.9	429.9	84.4	(507.5)
Debt securities, available-for-sale, accumulated gross unrealized gain (loss), before tax	$ 337.1		$ 627.1	$ 202.2	$ 111.2
Number of investments \| investment	1		8	7
Fair value	$ 1.0		$ 21.2	$ 67.9

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

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.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Legal provision accrued		$ 182
Litigation settlement, amount awarded to other party	$ 200	200
Galaxy Digital Holdings, LP
Loss Contingencies [Line Items]
Legal provision accrued	$ 186	$ 182

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.

Condensed Consolidated Interim Statements of Financial Position (Parenthetical) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Digital intangible asset, fair value	$ 1,671,300	$ 1,997,400	$ 694,900
Due from related parties	28,864	55,279	60,929
Fair value	669,600	745,500	651,400
Due to related parties	270,468	281,531	140,376
Related Party
Due from related parties	4,500	4,200	1,600
Due to related parties	$ 111,000	$ 96,900	$ 66,900

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2025

VARIABLE INTEREST ENTITIES

The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. This includes funds which were once controlled but were subsequently deconsolidated due to reduced ownership percentage or other changes. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through net income in Net gain / (loss) on investments in the Company’s condensed consolidated interim statements of operations. NAV was utilized as the practical expedient to fair value. See Note 10 for further information.

The Company’s involvement in financing operations of the VIEs is limited to its investment in the entity. The Company does not provide performance guarantees and has no other financial obligation to provide funding to VIEs, other than its own capital commitments.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.


	March 31, 2025						December 31, 2024
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	330,954	$	54,225	$	385,179	$	398,386	$	56,725	$	455,111
Other VIE’s	144,577		12,294		156,871		143,145		12,294		155,439
Total	$	475,531	$	66,519	$	542,050	$	541,531	$	69,019	$	610,550

VARIABLE INTEREST ENTITIES

Consolidated Sponsored Investment Funds

As a result of a reduction of ownership percentage or amendments to the underlying partnership agreements, as of December 31, 2024 and 2023, the Company did not consolidate any of its sponsored investment funds. Prior to December 31, 2022, the Company controlled and consolidated certain managed funds.

Net income / (loss) attributable to redeemable noncontrolling interests (i.e., the portion not attributable to the Unit holders of the Company) is identified in the Company’s consolidated statements of operations. Income / (loss) attributable to redeemable noncontrolling interests is not adjusted for income taxes for consolidated sponsored investment funds that are treated as pass-through entities for tax purposes. Net gain / (loss) related to consolidated VIEs is presented in the following table:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net gain / (loss) on consolidated VIEs	$	—	$	—	$	(166,113)
Net income / (loss) attributable to NCI on consolidated VIEs	$	—	$	—	$	(97,219)

Non-consolidated Sponsored Investment Funds & Other VIEs

The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. This includes funds which were once controlled but were subsequently deconsolidated due to reduced ownership percentage or other changes. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through net income in Net gain / (loss) on investments in the Company’s consolidated statements of operations. NAV was utilized as the practical expedient to fair value. See Note 9 for further information.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of year-end.


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Non-Consolidated Sponsored Investment Funds	$	398,386	$	56,725	$	455,111	$	187,605	$	48,550	$	236,155
Other VIE’s	143,145		12,294		155,439		154,642		12,464		167,106
Total	$	541,531	$	69,019	$	610,550	$	342,247	$	61,014	$	403,261

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.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, GDH LP accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, GDH LP accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.
Galaxy Digital Holdings, LP
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2025 and December 31, 2024, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and Loan Commitments As of March 31, 2025 and December 31, 2024, the Company was obligated to seven portfolio companies, all of which are non-consolidated variable interest entities (VIEs), to fund up to $66.5 million and $69.0 million, respectively. Subsequent to period ended March 31, 2025, $1.1 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of March 31, 2025 and December 31, 2024 Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million and $60.0 million, respectively, and had funded $60.0 million and $39.9 million in relation to these facilities as of March 31, 2025 and December 31, 2024, respectively. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual Commitments As of March 31, 2025, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $713.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of March 31, 2025 and December 31, 2024, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect on our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, the Company accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.’s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $9.4 million and $36.7 million were paid during the three months ended March 31, 2025 and March 31, 2024, respectively. In December 2021, July 2024, and March 2025, the Company contributed approximately $523.0 million, $20.0 million, and $75.0 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining and AI / HPC leasing activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. Subsequent to March 31, 2025, the Company contributed an additional $90.0 million into these same subsidiaries. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2024 and 2023, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and loan commitments As of December 31, 2024 and 2023, the Company was obligated to seven portfolio companies, all of which are variable interest entities (VIEs), to fund up to $69.0 million and $61.0 million, respectively. Subsequent to December 31, 2024, $2.5 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of December 31, 2024 and 2023, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $60.0 million and $20.0 million, respectively, and had funded $39.9 million and $0 in relation to these facilities, respectively, as of the year end. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual commitments As of December 31, 2024, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $9.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of December 31, 2024 and 2023, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect upon our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, the Company accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.'s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $55.3 million and $22.4 million were paid during the years ended December 31, 2024 and 2023, respectively. In December 2021 and July 2024, the Company contributed approximately $523.0 million and $20 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd.

INCOME TAXES - Significant Change to the Uncertain Tax Positions (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning of period	$ 8,132	$ 6,291	$ 5,137
Increases in tax positions in prior periods	0	2,437	9,199
Decreases in tax positions in prior periods	(307)	0	0
Increases in tax positions in current periods	0	163	6,219
Decreases in tax positions in current periods	0	0	(14,264)
Lapse of statute of limitations	(6,120)	(759)	0
Unrecognized tax benefits, end of period	$ 1,705	$ 8,132	$ 6,291

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Property and Equipment

The following table represents property and equipment balances and accumulated depreciation as of the period ended March 31, 2025 and year ended December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Corporate assets (1)	$	12,150	$	11,093
Mining equipment	165,942		172,572
Data center infrastructure (2)	105,324		113,710
Land	16,487		12,809
WIP / Construction in progress (3)	125,776		35,777
Property and equipment, gross	425,679		345,961
Less: Accumulated depreciation	(63,252)		(57,934)
Less: Impairment / Loss on disposal (4)	(100,211)		(50,989)
Property and equipment, net	$	262,216	$	237,038

_______________

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)Data center infrastructure comprises land and improvements associated with our mining and AI/HPC leasing businesses.

(3)As of March 31, 2025 and December 31, 2024, WIP/Construction in progress related to data center infrastructure under construction.

(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

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.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Assets Posted as Collateral Associated with Digital Assets Borrowed (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Less: Allowance for credit loss	$ (2,477)	$ (826)
Assets posted as collateral associated with digital assets borrowed	306,588	83,395	233,053
Digital intangible assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral - Digital intangible assets	309,065	84,221	233,053
Digital financial assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral - Digital intangible assets	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, GDH LP accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, GDH LP accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.
Galaxy Digital Holdings, LP
Other Commitments [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2025 and December 31, 2024, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and Loan Commitments As of March 31, 2025 and December 31, 2024, the Company was obligated to seven portfolio companies, all of which are non-consolidated variable interest entities (VIEs), to fund up to $66.5 million and $69.0 million, respectively. Subsequent to period ended March 31, 2025, $1.1 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of March 31, 2025 and December 31, 2024 Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million and $60.0 million, respectively, and had funded $60.0 million and $39.9 million in relation to these facilities as of March 31, 2025 and December 31, 2024, respectively. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual Commitments As of March 31, 2025, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $713.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of March 31, 2025 and December 31, 2024, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect on our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, the Company accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.’s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $9.4 million and $36.7 million were paid during the three months ended March 31, 2025 and March 31, 2024, respectively. In December 2021, July 2024, and March 2025, the Company contributed approximately $523.0 million, $20.0 million, and $75.0 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining and AI / HPC leasing activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. Subsequent to March 31, 2025, the Company contributed an additional $90.0 million into these same subsidiaries. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2024 and 2023, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and loan commitments As of December 31, 2024 and 2023, the Company was obligated to seven portfolio companies, all of which are variable interest entities (VIEs), to fund up to $69.0 million and $61.0 million, respectively. Subsequent to December 31, 2024, $2.5 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of December 31, 2024 and 2023, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $60.0 million and $20.0 million, respectively, and had funded $39.9 million and $0 in relation to these facilities, respectively, as of the year end. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual commitments As of December 31, 2024, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $9.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of December 31, 2024 and 2023, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect upon our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, the Company accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.'s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $55.3 million and $22.4 million were paid during the years ended December 31, 2024 and 2023, respectively. In December 2021 and July 2024, the Company contributed approximately $523.0 million and $20 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd.

STOCKHOLDER’S EQUITY	3 Months Ended
STOCKHOLDER’S EQUITY	Mar. 31, 2025
Stockholders Equity [Line Items]
STOCKHOLDER’S EQUITY	STOCKHOLDER’S EQUITY The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees. STOCKHOLDER’S EQUITYThe Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees.
Galaxy Digital Holdings, LP
Stockholders Equity [Line Items]
STOCKHOLDER’S EQUITY	EQUITY Issued Unit Holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Issued Capital Class A Units During the three months ended March 31, 2025 and March 31, 2024, the Company issued 485,977 and 254,387 Class A Units, respectively, to GDH Ltd. on exercise of stock options and restricted share units vesting. Ordinary Share Repurchase and Cancellations The Company cancelled 61,040 and 8,234 Class A units during the three months ended March 31, 2025 and March 31, 2024, respectively, primarily in association with withholding obligations on exercised stock options and vested restricted share units. Class B Units For the three months ended March 31, 2025 and March 31, 2024, there were no Class B Units exchanged for ordinary shares of GDH Ltd, respectively. No Class B units were redeemed during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025 and December 31, 2024, there were 128,002,717 and 127,577,780 Class A Units outstanding, respectively, and 215,862,343 Class B Units outstanding. Distributions During the three months ended March 31, 2025 and March 31, 2024 there were tax-related distributions of $9.4 million and $36.7 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2025 and 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions. EQUITY Issued Unit holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Private Investment in Public Equity (“PIPE”) On November 12, 2020, GDH Ltd. closed a PIPE of $50 million of aggregate gross proceeds. As part of the PIPE, GDH Ltd. issued 19,070,000 shares and 4,767,500 warrants. Each warrant was exercisable into an ordinary share of GDH Ltd. for a term of two years from the date of issuance at an exercise price of C$8.25. Under the terms of the LPA, the Company will issue a Class A Unit for each GDH Ltd. common share issued and any liability associated with the warrant will be pushed down to the Company. The gain / (loss) recognized in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 was $0, $0 and $20.3 million, respectively. All the warrants expired in November 2022. Issued Capital Class A Units During the years ended December 31, 2024, 2023, and 2022, the Company issued 20,110,850; 8,709,592; and 14,131,494 Class A Units, respectively, to GDH Ltd. on exchange of Class B Units, exercise of stock options, restricted share units vesting, warrant exercise, as a result of a capital raise, and as consideration for business combinations. On April 12, 2024, the GDH Ltd. issued 12,100,000 ordinary shares to a syndicate of underwriters including Jefferies Securities Inc. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”). The Underwriters purchased the shares at a price of C$14.00 per ordinary share for gross proceeds of C$169.4 million in an underwritten block trade. An equivalent number of Class A Units of GDH LP were issued to GDH Ltd. On July 18, 2024, the Company acquired the assets of CMF. Initial consideration included $3.5 million of equity. On August 9, 2024, GDH LP issued 359,919 Class A Units in connection with this acquisition. On February 28, 2025, an additional 76,573 Class A Units were issued as milestone consideration. On December 9, 2024, the Company acquired the shares of Fierce. Initial consideration included $8.3 million of equity. GDH LP issued 427,723 Class A Units in connection with the acquisition this acquisition. Refer to Note 3 for additional information regarding acquisitions. Ordinary share repurchase and cancellations The Company cancelled 1,832,402; 4,221,799; and 10,870,449 Class A units during the years ended December 31, 2024, 2023 and 2022, respectively primarily in association with withholding obligations on exercised stock options and vested restricted share units, as well as the normal course issuer bid in 2023 and 2022. On May 26, 2023, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,056,193 ordinary shares (10% of the Company's public float as of May 19, 2023). GDH Ltd. repurchased a total of 1,248,900 ordinary shares for a total cost of $4.3 million under the plan during the year ended December 31, 2023. No shares were repurchased during the year ended December 31, 2024. All the repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. The Company completed its normal course issuer bid program on May 30, 2024. On May 16, 2022, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,596,720 ordinary shares (10% of the Company's public float as of May 10, 2022). GDH Ltd. began repurchasing shares on May 18, 2022. The Company completed its normal course issuer bid program on October 24, 2022. As of December 31, 2022, GDH Ltd. repurchased a total of 10,596,720 shares for a total cost of $53.3 million. All repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. Class B Units During the years ended December 31, 2024, 2023, and 2022, there were 81,357; 30,121; and 10,055,909 of Class B Units exchanged for ordinary shares of GDH Ltd, respectively. During the year ended December 31, 2022, there were 2,671,350 Class B units redeemed for $8.0 million. No Class B units were redeemed during the years ended December 31, 2024 and 2023. As of December 31, 2024, 2023, and 2022, there were 127,577,780; 109,299,332; and 104,811,539 Class A Units outstanding, respectively, and 215,862,343; 215,928,474; and 215,943,369 Class B Units outstanding, respectively. The change in Class A units during the year ended December 31, 2024, 2023 and 2022 was due to exchanges of Class B Units for ordinary shares of GDH Ltd. (and into Class A Units of GDH LP), issuance of Class A Units on exercise of options, issuance of Class A Units as a result of a capital raise, issuance of Class A Units as a result of warrant exercises, and issuance of Class A Units as consideration for business combinations. Distributions During the years ended December 31, 2024, 2023 and 2022 there were tax related distributions of $55.3 million, $22.4 million, and $184.3 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2024, 2023 and 2022 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions.

The entire disclosure for equity.

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RISKS AND UNCERTAINTIES	3 Months Ended
RISKS AND UNCERTAINTIES	Mar. 31, 2025
Galaxy Digital Holdings, LP
Concentration Risk [Line Items]
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others. The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful. The Company also participates in decentralized finance protocols, smart contracts that perform specific functions. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of March 31, 2025, five protocols, Coinbase wrapped bitcoin, Aave, Pendle, Kamino, and Lombard represented 70% of the Company’s digital assets associated with decentralized finance protocols. As of December 31, 2024, four protocols, Maker DAO / Sky DAO, Coinbase wrapped bitcoin, Aave, and Pendle, represented 77% of the Company’s digital assets associated with decentralized finance protocols balance. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company held $152.8 million and $19.7 million of cash at brokers and $16.8 million and $64.7 million of cash on trading platforms as of March 31, 2025 and December 31, 2024, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of March 31, 2025 and December 31, 2024 no individual customer accounted for 10% or more of net accounts receivable. During the three months ended March 31, 2025, two digital asset trading platforms accounted for 43% of revenue; and during the three months ended March 31, 2024 one digital asset trading platform accounted for 41% of revenue. As of March 31, 2025 and December 31, 2024, two counterparties and their related parties accounted for 38% and 27%, respectively, of the Company’s Loans receivable and Digital assets loan receivable balance. The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans are callable on demand by the counterparties and are collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of March 31, 2025, no individual counterparty accounted for greater than 5% of current liabilities. As of December 31, 2024, one individual counterparty accounted for greater than 5% of the Company’s total current liabilities at 8.5%. The proceeds from these loans are utilized for trading activities. The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform it transacts on, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of March 31, 2025 and December 31, 2024, approximately 43% and 22%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. Two centralized digital asset trading platforms held more than 10% of the Company’s digital assets as of March 31, 2025, holding approximately 28% including posted collateral over which the Company maintains control. No centralized digital asset trading platform held more than 10% of the Company’s digital assets as of December 31, 2024. The Company operates a bitcoin mining business. The Company operates its own mining facility and utilizes third party hosting providers. The facilities are subject to operational risks including managing power costs and maintaining uptime, some of which are outside of the Company’s control. The regulatory environment related to digital assets is complex, evolving, and uncertain, requiring the Company to allocate resources in legal, accounting, compliance, technology, and other functions which impact the Company’s consolidated financial statements. Future regulatory rules adopted domestically and internationally may impose obligations and restrictions on how the Company manages to conduct its business activities in the future. The Company seeks to minimize potential adverse effects of these risks on performance by employing experienced personnel; daily monitoring of the Company’s investments, digital assets and market events; and diversifying the Company’s business strategy as well as its investment portfolio within the constraints of the Company’s investment objectives. RISKS AND UNCERTAINTIES The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others. The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful. The Company also participates in decentralized finance protocols, smart contracts that perform specific functions, which are predominantly built on top of the Ethereum blockchain. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of December 31, 2024, four protocols, Maker DAO / Sky DAO, Coinbase wrapped bitcoin, Aave, and Pendle, represented 77% of the Company’s digital assets associated with decentralized finance protocols. As of December 31, 2023, two protocols, Compound, Maker DAO / Sky DAO, represented 92% of the Company’s digital assets associated with decentralized finance protocols balance. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines, relative to credit ratings and maturities, that seek to maintain safety and liquidity. The Company held $19.7 million and $199.6 million of cash at brokers and $64.7 million and $24.9 million of cash on trading platforms as of December 31, 2024 and 2023, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of December 31, 2024 and 2023, no individual customer accounted for 10% or more of net accounts receivable. During the year ended December 31, 2024, two digital asset trading platforms accounted for 40% of revenue; and during the years ended December 31, 2023 and 2022, three digital asset trading platforms accounted for 54% and 67% of revenue, respectively. As of December 31, 2024 and 2023, two counterparties and their related parties accounted for 27% and 65%, respectively, of the Company’s Loans receivable and Digital assets loan receivable balance. The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans are callable on demand by the counterparties and are collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of December 31, 2024 and 2023, one individual counterparty accounted for greater than 5% of the Company's total current liabilities, at 8.5% and 12.0%, respectively. The proceeds from these loans are utilized for trading activities. The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform it transacts on, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of December 31, 2024 and 2023, approximately 22% of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. No centralized digital asset trading platform held more than 10% of the Company’s digital assets, including posted collateral over which the Company maintains control, as of December 31, 2024 and 2023. The Company operates a bitcoin mining business. The Company operates its own mining facility and utilizes third party hosting providers. The facilities are subject to operational risks including managing power costs and maintaining uptime, some of which are outside of the Company’s control. As of December 31, 2024, the Company predominantly operates its mining equipment at its mining facility in Texas, which reduces reliance on third-party hosting service providers. The regulatory environment related to digital assets is complex, evolving, and uncertain, requiring the Company to allocate resources in legal, accounting, compliance, technology, and other functions which impact the Company’s consolidated financial statements. Future regulatory rules adopted domestically and internationally may impose obligations and restrictions on how the Company manages to conduct its business activities in the future. The Company seeks to minimize potential adverse effects of these risks on performance by employing experienced personnel; daily monitoring of the Company’s investments, digital assets and market events; and diversifying the Company’s business strategy, as well as its investment portfolio within the constraints of the Company’s investment objectives.

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Except for the items described below, the Company has applied its accounting policies consistently from the previously disclosed annual financial statements.

Recent Accounting Developments

In January 2025, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”), which rescinds the interpretive guidance previously provided in SAB No. 121 (“SAB 121”). SAB 121 had required entities to recognize a liability and corresponding asset for their obligation to safeguard

crypto-assets held for platform users. With the issuance of SAB 122, entities are no longer mandated to recognize such liabilities and assets solely based on safeguarding responsibilities. Instead, entities should assess whether to recognize a liability related to the risk of loss under such obligations by applying the recognition and measurement requirements for contingencies as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 450-20, Loss Contingencies. In March 2025, the FASB issued ASU 2025-02, Liabilities (Topic 405) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122, which incorporates SEC Staff Accounting Bulletin No. 122 into the Codification. The Company adopted SAB 122 and ASU 2025-02 during the year ended December 31, 2024 on a fully retrospective basis.

2. SIGNIFICANT ACCOUNTING POLICIES

The following represents the Company’s significant accounting policies. These accounting policies have been consistently applied to all periods presented in the Company’s consolidated financial statements, unless otherwise indicated.

Consolidation

The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”).

Voting Interest Entities

Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a

voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entities

A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 18 for further information about VIEs.

Noncontrolling Interests

In the normal course of business, the Company is the general partner and manager of sponsored investment funds that are often VIEs. These sponsored investment funds are consolidated when the Company has a controlling financial interest. These investment funds also issue mandatorily redeemable instruments that meet the definition of a redeemable noncontrolling interest. Accordingly, the Company records redeemable noncontrolling interests for the limited partners of consolidated sponsored investment funds.

In the Company’s consolidated statements of operations, for any consolidated VIE sponsored investment fund, the Company eliminates management fees or performance fee allocations received or accrued as they are considered intercompany transactions. The Company fully recognizes the consolidated VIEs’ investment income / (loss) and allocates the portion of that income / (loss) attributable to third party ownership to noncontrolling interests in arriving at Net income attributed to Unit holders of the Company. Valuation changes associated with investments held at fair value by these consolidated sponsored investment funds are reflected in Net gain on digital assets and Net gain / (loss) on investments and are partially offset in Net income / (loss) attributable to Redeemable noncontrolling interests for the portion not attributable to the Unit holders of the Company. See Note 18 for further information regarding the consolidated sponsored investment funds.

Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Company’s chief operating decision maker is its chief executive officer. The chief operating decision-maker reviews the operating income and net income before tax of each reportable segment to evaluate segment performance against the Company’s budget and to establish management’s compensation. The chief operating decision-maker is responsible for allocating resources and assessing the performance of each of the segments. All inter-segment transactions are eliminated in the Treasury and Corporate segment.

Use of Estimates

The preparation of the Company’s consolidated financial statements, in conformity with U.S. GAAP, requires management to make certain estimates and assumptions about future events that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

Significant estimates and assumptions include: the valuation of certain digital intangible assets, digital asset receivables, digital assets loan receivable, loans receivable, credit losses, assets posted as collateral, goodwill, property, plant, and equipment, investments, equity based awards issued, assets acquired and liabilities assumed in business combinations, and derivatives. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable; the result of which forms the basis for making judgments about the carrying values of assets and liabilities, as well as reported amounts of revenues and expenses during the reported periods.

Revenues and Gains / (Losses) from Operations

The Company recognizes revenue from digital assets sales, proprietary mining, hosting services, digital asset staking, technology licensing, advisory services, and investment management services, when the performance obligations related to those services are satisfied. The Company acts as a principal in sales and purchases of digital intangible assets, which requires gross recognition of revenue and the corresponding costs. As a principal, the Company obtains control over the digital intangible asset before it is transferred to the customer.

Sales of digital financial assets are recognized on a net basis. The Company presents Net gain / (loss) on digital assets, Net gain / (loss) on investments and Net gain / (loss) on derivatives trading as these transactions are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). See Notes 6, 8, and 9 for information on gains and losses related to these activities of the Company.

The Company evaluates whether transactions are in scope of ASC Topic 606, and each new digital asset is analyzed to determine whether it is within the scope of the applicable accounting guidance as a financial instrument or an indefinite-lived intangible asset. These classifications dictate the corresponding revenue recognition discussed herein. Additionally, digital assets which the Company holds within consolidated entities for which investment company accounting applies, are measured at fair value with changes in fair value recorded as Net gain / (loss) on digital assets in the Company’s consolidated statements of operations.

Digital Assets Sales

The Company considers the counterparty in digital assets sale transactions to be its customer. When the Company sells a digital asset, the Company has a single performance obligation, which is satisfied at the point in time when control of the digital asset sold has transferred.

Fees

The Company earns fee revenues from the following sources.

Management and performance-based fees

The Company receives investment management fees for providing investment management services. Investment management fees are recorded within Revenue in the Company’s consolidated statements of operations.

The Company’s investment management contracts with customers contain a base management fee and sometimes include a performance fee component. These contracts have a single performance obligation that is satisfied over time. Base management fees are recorded based on the amount of assets under management, at the contractually stated rate. Performance management fees are a form of variable consideration and recorded when the performance target is met and a significant reversal of such fees is not probable.

Advisory fees

The Company receives investment banking fees for providing advisory services to customers executing transactions in the digital assets sector. The Company’s investment banking contracts with customers have a single performance obligation and fees are recognized as revenue at the point in time when the underlying transaction has been completed.

Licensing fees

The Company licenses its digital asset custody technology products to customers and receives a license fee that is based on the value of the self-custodied digital assets or transaction volume managed using the Company’s technology solution. The license fee is variable and subject to a contractual minimum. The license terms are generally one year and can be renewed by the customer on the same terms. License fee revenue is recognized over time as the customer uses the Company’s self-custody technology.

Hosting fees

The Company has entered into agreements with customers as a hosting services provider where customers host their bitcoin mining equipment at the Company’s main facility, Helios, in West Texas. Hosting services require the Company to maintain the customers’ mining equipment, provide power and network connectivity, and perform installation and/or repair of customer equipment, as necessary. The Company receives fixed and variable consideration in return for these services. The variable consideration depends on the amount of bitcoin that the customers’ mining equipment generates and any power curtailment credit that the Company shares with the customers. Revenue for hosting services is recognized over time as services are provided.

Proprietary mining

The Company has entered into arrangements with bitcoin mining pool operators. The Company does not operate the mining pool but instead provides hash calculation services for the purpose of validating blockchain transactions, measured in hash rate per second, to the mining pool operators, as an output of the Company’s ordinary activities, to generate returns. The Bitcoin blockchain relies on miners competing to successfully solve a hashing function. To maximize the chances of successfully solving the hashing function, miners aggregate computing power through mining pool operators. Once a solution to the hashing function is found by a participant in a bitcoin mining pool, the bitcoin mining pool operator is entitled to propose a block and receive: 1) transaction fees paid by the Bitcoin blockchain participants for including their transactions in the newly proposed block on the blockchain and 2) newly-created digital assets awarded by the blockchain. This consideration is collectively referred to as block rewards.

Prior to the acquisition of Helios in December 2022, the Company participated in a mining pool that offered a Pay Per Share (“PPS”) payment. Under the PPS model, the Company received a portion of the mining reward, based on the Company’s contributed hash rate relative to the total hash rate of the mining pool, generated by the mining pool if and when the pool successfully mined a block on the bitcoin blockchain. Starting in January 2023, the Company switched to participating in a mining pool that applies the Full Pay Per Share (“FPPS”) model. Under the FPPS model, in exchange for providing hash calculation services, the Company is entitled to pay-per-share network block subsidies and network transaction fee reward compensation, calculated on an hourly basis and settled daily, at an amount that approximates the total bitcoin that could have been mined and transaction fees that could have been awarded using the Company’s contributed computing power, based upon the then current blockchain difficulty, less pool operating fees. The mining pool operator therefore bears the risk of not successfully solving the hash function for a given bitcoin block.

The Company has a single performance obligation to its customer (i.e., the mining pool operator), which is to provide hash calculation services to the customer so the customer can earn block rewards. The provision of hash calculation services is an output of the Company’s ordinary activities. The arrangement with the mining pool operator can be terminated by either the Company or the customer without penalty or prior notice. The Company is able to determine when and whether to provide hash calculation services to the mining pool, and the Company’s enforceable rights and obligations begin when and last only as long as hash rate continues to be provided. The contract with the mining pool operator is continuously renewed and has a duration of less than 24 hours. No material right exists in relation to any additional services Galaxy may provide if neither us, nor the pool operator, terminate the contract because such services are provided at their standalone selling prices. The transaction consideration the Company receives, which is denominated in bitcoin, includes the block rewards equivalent less a pool operating fee charged by the mining pool operator. The transaction consideration represents noncash consideration and is entirely variable. The Company measures mining revenue at the fair value of the noncash consideration to which it is entitled as of 23:59:59 Universal Time Coordinated (“UTC”) on the date of when control of services transfers to the customer, which is the same day as the contract inception. Bitcoins earned from the Company’s mining operations are subsequently accounted for in accordance with the Company’s digital assets policy.

Blockchain rewards

The Company participates in proof-of-stake validation. Proof-of-stake validation, also referred to as staking, requires the Company to delegate its digital assets to a validator. Staking can be performed on proprietary validation

infrastructure or through the use of third-party infrastructure or service providers. The Company concluded that where it controls the validation infrastructure, it is a principal in the provision of staking services to the blockchain, and recognizes staking revenue on a gross basis.

Digital assets staked directly on validation infrastructure are recognized within Digital intangible assets on the Company’s consolidated statements of financial position. The Company recognizes staking rewards received, as non-cash consideration for staking activities, as revenue measured at the fair value of the digital assets at the time of contract inception. Staking rewards earned by third-party delegators who stake using the Company’s infrastructure are recognized in Transaction expenses. The Company also generates blockchain rewards from holding liquid staking tokens. These blockchain rewards are typically issued by decentralized finance protocols, which are not customers of the Company. Refer to Note 6 for additional discussion on the Company's digital asset staking activities.

Transaction Expenses

The Company’s transaction expenses include the following:

Digital asset sales cost and impairment

Digital asset sales cost is allocated to digital assets sold, which meet the appropriate derecognition criteria, on a first-in-first-out basis. Impairment is recognized when the carrying amount exceeds the fair value, which is measured throughout the holding period using observable intraday low prices, of the digital intangible assets not in scope of ASC 350-60. Impairment expense represents the impairment loss incurred in the current period. Impairment is recognized on digital intangible assets not in scope of ASC Subtopic 350-60, Intangibles—Goodwill and Other—Crypto Assets (“ASC 350-60”), and measured using the lowest observed price of the digital asset during the period that the asset is held.

Blockchain reward distributions

As a principal in the provision of staking services, the Company recognizes the amount of staking rewards earned by third-parties utilizing the Company’s validation infrastructure as part of its Transaction expenses. These costs are measured using the fair value of the digital assets at the time staking rewards are earned by the customer.

Borrowing costs

The Company borrows fiat and digital assets from counterparties and in doing so incurs borrowing costs in both fiat currencies and digital assets. The borrowing costs associated with fiat loans payable are measured using the effective interest method. Borrowing costs related to digital asset loans payable are measured using the fair value of the underlying digital asset owed to counterparties.

Mining and hosting costs

Includes power and hosting fees paid to third-parties. As a part of its mining operations, the Company may enter into power purchase agreements with energy suppliers. These agreements allow the Company to purchase a given capacity of power at a fixed rate for the duration of the agreement term. The Company accounts for power purchase agreements as derivatives. Realized and unrealized gains or losses associated with these agreements are recorded together with hosting fee expense and costs associated with mining equipment recognized through sales-type finance leases.

Cash and Cash Equivalents

Cash and cash equivalents may include cash on hand, cash on trading platforms, cash held at brokers, demand deposits and short-term highly liquid investments that are readily convertible into known amounts of cash, with maturities of three months or less when acquired.

Statements of Cash Flows

The Company participates in digital asset trading activities, which often involve non-cash exchanges of digital assets for other digital assets. In reconciling its net income to the net change in cash from operating activities, the Company includes reconciling adjustments for Digital assets sales revenue and Digital assets cost of sales associated with non-cash sales of intangible digital assets. In addition, the Company includes a reconciling adjustment for Impairment of digital assets associated with non-cash sales of intangible digital assets that were sold during the period and on intangible digital assets that were not sold during the period.

Certain lending counterparties post digital asset collateral with the Company. In some instances, the counterparties request that the Company liquidate the collateral to satisfy their loan obligations. In such instances, the Company liquidates the collateral and remits the excess proceeds to the counterparties. Similarly, a lender may request that the Company settle its loan obligations against its trading balance. Such activities are presented as cash payments or receipts in the Company’s consolidated statements of cash flows.

Digital Assets

Accounting for digital assets depends on the nature of the asset and how the asset is held. The Company accounts for digital assets in the following ways:

•Intangible assets recorded at cost less applicable impairment charge. Recognized as Digital intangible assets in the Company’s consolidated statements of financial position as these digital assets do not meet the scope criteria of ASC 350-60, primarily as they provide the holder with enforceable rights to or claims on other assets. The sale of these digital assets to a customer as part of the Company’s ordinary activities are presented gross on the Company’s consolidated statements of operations. The Company early adopted ASC 350-60 effective for the fiscal year beginning January 1, 2023, resulting in fewer digital intangible assets recorded at cost less applicable impairment charge and a cumulative adoption impact related to the fair value adjustment of in scope digital intangible assets recorded in Unit holders’ capital. Prior to the adoption of ASC 350-60, all digital intangible assets held outside of consolidated investment funds were measured at lower of cost or impaired value.

•Intangible assets recorded at fair value with changes in fair value recorded in Net gain / (loss) on digital assets within the Company’s consolidated statement of operations. These assets include digital intangible assets that meet the scope requirements of ASC 350-60 for the period following January 1, 2023, as well as digital assets held in consolidated sponsored investment funds that qualify as investment companies and for which all consolidated assets and liabilities are measured at fair value. They are recognized as Digital intangible assets in the Company’s consolidated statements of financial position. As all changes in the fair value are reported in earnings as they occur, the sale of these digital assets does not necessarily give rise to a gain or loss. The sales of these digital assets to a customer as part of the Company’s ordinary activities are presented gross on the Company’s consolidated statements of operations

•Financial assets for which the Company has elected to apply the fair value option (“FVO”). Recognized as Digital financial assets in the Company’s consolidated statements of financial position. These assets represent certain stablecoins, such as USDC, that are contractually redeemable for fiat currency on demand. As any changes in the fair value are reported in earnings as they occur, the derecognition of these digital assets does not necessarily give rise to a gain or loss. Gains and losses resulting from derecognition of these digital assets are presented net on the Company’s consolidated statements of operations.

Digital intangible assets and Digital financial assets are collectively referred to as Digital assets.

Stablecoins are digital assets designed to have a relatively stable price that aligns with the price of an underlying asset, most commonly a fiat currency, such as USD, or an exchange-traded commodity. The Company uses stablecoins to post risk margin collateral and to settle trades on certain trading platforms that do not accept cash collateral. The Company primarily holds stablecoins that provide the Company with a contractual right to USD. Stablecoins that are contractually redeemable for fiat currency on demand are carried at fair value as Digital financial assets in the Company’s consolidated statements of financial position. Stablecoins concluded to not be

contractually redeemable for a fiat currency on demand are accounted for as Digital intangible assets. Some stablecoins meet the scope requirement of ASC 350-60 and are digital intangible assets measured at fair value. Impairment of stablecoins accounted for as Digital intangible assets not measured at fair value is recognized as Transaction expenses in the Company’s consolidated statements of operations. Changes in the fair value of stablecoins that are measured at fair value are recorded in Net gain / (loss) on digital assets in the Company’s consolidated statements of operations.

The Company places digital assets with trading platforms or loan counterparties to satisfy risk margin or collateral requirements from open trading positions and loans. The margin requirement on trading platforms can generally be met with a combination of digital assets and cash. The Company is able to use the digital assets supplied for margin requirements for trading purposes, with no restriction as long as a minimum balance is held on the trading platform. The Company is able to withdraw such digital assets if no margin loan is outstanding. The initial and subsequent measurements of these digital assets are accounted for in a similar manner as other intangible assets and financial assets not placed on such trading platforms as such digital assets do not qualify for derecognition.

Digital assets staked with third-party non-custodial1 validator nodes are not derecognized as the third-party non-custodial validator nodes do not control the digital assets staked by the Company, and the Company may initiate withdrawal of the digital assets at any time. Withdrawal time periods vary by protocol and depend on the volume of transactions on the blockchain. The Company is not able to sell or transfer staked digital assets until withdrawal is completed.

Digital assets associated with decentralized finance protocols

The Company participates in decentralized finance protocols, smart contracts that perform specific functions built on various blockchains. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets, directly on the blockchain. To provide liquidity, the Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets deposited.

The majority of decentralized finance protocols have the ability to utilize the Company’s deposited digital assets for various purposes, including lending or trading with other market participants. When digital assets are transferred to the smart contracts, the Company derecognizes the digital assets and recognizes the protocol-specific digital asset received in return. The Company does not apply ASC 350-60 to the protocol-specific digital asset as they do not meet the scope requirements of ASC 350-60, in part because these assets provide the Company with enforceable rights to or claims on the underlying digital assets deposited to decentralized protocols. These assets are measured at cost less accumulated impairment and are included in Digital intangible assets on the Company’s consolidated statements of financial position. In circumstances where the protocol has the ability to utilize the Company’s deposited digital assets, redemption may be delayed to the extent the protocol does not have an adequate supply.

As a liquidity provider to certain such protocols, the Company receives non-cash consideration in the form of additional digital intangible assets from decentralized protocols or an increased claim to the digital assets held in the protocol smart contracts. The Company does not consider any such non-cash consideration as revenue under ASC 606, and the amounts generated from such activities are included in Blockchain rewards from non-customers within Revenues on the Company’s consolidated statements of operations.

The Company also places digital assets with decentralized finance protocols where the protocol does not have the ability to lend or trade them with other market participants. In these circumstances, the Company does not receive a protocol-specific digital asset in return and retains control of the digital assets deposited into the protocol. The digital assets are not derecognized and continue to be recorded as digital assets on the Company’s consolidated statements of financial position. The Company is able to use these digital assets as collateral for loans from the protocol, and can withdraw such digital assets if no loan is outstanding. These digital assets are presented in other digital assets associated with decentralized finance protocols in Note 6.

Digital Assets Loan Receivable

The Company lends digital assets to counterparties under fixed term loans, typically of less than one year, or loans with no prespecified maturity date. Digital asset loan receivables that do not have a prespecified maturity date are repayable at the option of the Company (i.e., the Company has a put option to put the loan receivable back to the borrower), and the borrower may repay at any time (i.e., the borrower retains a call option on the loan receivable), without penalty or premium. For certain fixed term loans outstanding where the Company acts as the lender, the borrower has the right to prepay the principal amount prior to maturity; however, the Company does not have the right to accelerate the repayment of the assets (i.e., the Company does not have a put option on the loan receivable). While the loan is outstanding the borrower has the right and the ability to use the digital assets at its sole discretion, including the ability to sell or pledge the borrowed digital assets to third parties. At the conclusion of a loan, the borrower is generally required to return the same type and quantity of digital assets as those lent by the Company.

Upon funding of digital asset loans, the Company evaluates whether it can derecognize the loaned Digital assets. Generally, the Company does not meet the derecognition criteria for digital financial asset loans under ASC Topic 860, Transfers and Servicing (“ASC 860”). Digital financial assets are reclassified to Digital assets loan receivable upon loan origination, reflecting that the digital financial assets have been transferred to a third-party borrower that can use the digital financial assets at its discretion, and the Company is exposed to the credit risk of the third-party borrower. Digital intangible assets are derecognized upon loan origination, and a Digital assets loan receivable, net of allowance is recognized in the Company’s consolidated statement of financial position. Digital assets loan receivable is measured at the fair value of the digital financial assets or digital intangible assets to be received upon settlement. The initial and subsequent gain / loss resulting from the changes in value of the underlying digital assets are recognized in Net gains from digital assets in the Company’s consolidated statements of operations. Digital assets loan receivable are placed on nonaccrual status when it is probable that the Company will not collect all principal and interest due under the contractual terms, regardless of the delinquency status, or if a loan is past due for 90 days or more, unless the loan is still over-collateralized or has begun reperforming. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. The Digital assets loan receivable balance is evaluated for possible credit losses using the framework outlined in ASC Topic 326, Financial Instruments—Credit Losses (“ASC 326”). The allowance for credit losses on Digital assets loan receivable under the current expected credit loss (“CECL”) model reflects management’s estimate of credit losses over the remaining expected life of the loans and also considers forecasts of future economic conditions. Provision for credit losses is included in the General and administrative expense in the Company’s consolidated statements of operations. The majority of the Company’s digital assets loan receivable is secured by cash or collateral that is readily convertible to cash such as BTC, ETH, and stablecoins and is typically 110% to 140% of the principal balance. The Company monitors collateral value throughout each day and requests additional collateral from the borrower if the fair value of the collateral associated with a given loan drops below a predefined threshold, typically 110% of the fair value of the digital assets on loan. Should the borrower fail to provide additional collateral upon request, the Company is entitled to liquidate the collateral held and close out the associated digital asset loan(s), usually within 18 hours but in no case later than one business day of the collateral requests being made. The Company maintains processes and controls to ensure adequate collateral is held for all its digital asset loans, including processes that monitor market prices and liquidity of the assets that are held as collateral. The quality and amount of collateral is a key input to the Company’s determination of expected credit losses on its loan portfolio, and the Company applies the collateral maintenance practical expedient under ASC 326 in estimating its credit losses.

Under the terms of the Company’s lending arrangements, the borrower is required to pay the Company a fee which is calculated as an annualized percentage of the quantity of digital assets lent. The fees for these lending arrangements are denominated in the related digital asset lent. The borrowing fee is recognized as Revenue in the Company’s consolidated statements of operations over the life of the loan. The borrower may also be required to pay the Company origination fees. The fees for these lending arrangements are not material and are recognized as Revenue as earned.

Digital Assets Borrowed

The Company enters into borrowing arrangements to acquire digital assets for various purposes including to lend to another counterparty through a lending arrangement, to utilize as collateral for certain trading positions, or for proprietary trading activities. The Company’s material borrowings of digital assets have historically consisted of a combination of bitcoin, ether, Solana, and stablecoins.

The Company enters into borrowing arrangements via over-the-counter transactions or on-chain borrowings through DeFi protocols which can be structured as fixed term loans, of less than one year, or loans with no prespecified maturity date. Digital assets borrowings that do not have a prespecified maturity date are repayable at the option of the Company (i.e., the Company has a call option to call the loan from the lender), and the lender may demand repayment, at any time (i.e., the lender retains a put option on the loan), without penalty or premium. The Company has the ability to use the borrowed digital assets at its sole discretion, and an obligation to return the same quantity and type of digital assets to the lender upon the repayment of the digital asset loan. The Company concluded that it does not obtain control of borrowed digital financial assets at the time of loan origination under ASC 860. When the Company sells the borrowed digital financial assets, the Company recognizes a liability to return the borrowed digital financial assets, which is recognized and measured at fair value.

Digital intangible assets borrowed are recognized at their initial fair value with a corresponding liability associated with the Company’s obligation to return the borrowed digital intangible assets. Borrowed digital intangible assets are subsequently accounted for in line with the Company’s digital intangible asset accounting policy.

The Company accounts for its digital intangible asset borrowings as hybrid instruments, where the liability host contract contains an embedded feature associated with the put option that gives rise to the Company’s repayment obligation which is indexed to the underlying digital asset. The settlement of the embedded put and call options is indexed to the value of the underlying digital intangible assets that are required to be delivered upon settlement. The forward element meets the definition of a derivative on a standalone basis. The Company assesses the digital intangible assets that it borrows to determine whether the digital intangible assets can be readily converted to cash on each balance sheet date. The borrowed digital intangible assets are readily convertible to cash if there is sufficient trading volume such that the Company has the ability to convert the digital intangible assets to cash in the near-term and is not in a position that is substantially different from net settlement. When the underlying digital intangible assets to be delivered upon settlement of the forward element are readily convertible to cash, the embedded feature would be bifurcated as an embedded derivative. The fair value of the embedded derivative is measured as the change in the spot price of the underlying digital intangible asset in which the loan is denominated. Any changes in fair value are recorded in current period earnings in Net gain / (loss) on digital assets in the Company’s consolidated statements of operations.

For a portion of its loans, the Company is required to post collateral with the lender in the form of cash and/or digital assets that are transferred to the lending counterparty. In some instances, the counterparty obtains control of the collateral assets, including the ability to use these collateral assets at their sole discretion, with an obligation to return the same type and quantity of the assets to the Company upon the repayment of our loan. The Company accounts for digital asset collateral receivables using the same policy as its lending arrangements for digital intangible assets and digital financial assets, respectively, and presents the receivable as Assets posted as collateral. Digital intangible assets collateral receivables are measured at the fair value of the digital assets the Company has the right to receive, with changes in fair value recognized in Net gain / (loss) on digital assets in the Company’s consolidated statements of operations. The Company assesses such collateral receivable for credit risk in the same way as it does digital asset loan receivable. Provision for credit losses expense is included in the General and administrative expense in the Company’s consolidated statements of operations. Digital intangible asset collateral that the Company retains control over continues to be accounted for under the Company’s accounting policy for digital assets.

Under the terms of the Company’s borrowing arrangements, the Company is required to pay a fee to the lender which is calculated as an annualized percentage of the quantity of digital assets borrowed. For digital asset borrowings, the fees are denominated in the related digital asset borrowed. The borrowing fee is recognized over the

life of the loan and is included as part of Transaction expenses in the Company’s consolidated statements of operations. The Company may also be required to pay the lender origination fees. The fees for these borrowing arrangements are not material and are recognized as Transaction expenses as incurred.

Digital Assets Receivable

The Company invests in start-up blockchain projects in exchange for a right to receive digital assets (tokens) generated by the project at a future date. The associated digital assets are generated and become available for trading following the completion of the project (referred to as the “launch” of the project, or Initial Coin Offering), at which time the Company is entitled to receive a predefined number of tokens. These tokens are distributed to the Company over time, according to an agreed-upon release schedule. The pre-network launch investments in these projects are initially recorded at cost, as Other non-current assets, in the Company’s consolidated statements of financial position. After the project launches, but prior to receiving the tokens, the Company records Digital assets receivable, in the Company’s consolidated statements of financial position. Digital assets receivable not expected to be settled within a year are classified as non-current. When our right to receive digital assets at a future date meets the definition of a derivative, we record changes in the fair value of the Digital assets receivable in Net gain / (loss) on digital assets in the Company’s consolidated statements of operations. Digital assets receivable meet the definition of a derivative when quoted prices are available in an active market and the quantities contracted to be delivered can be absorbed by the market without significantly affecting the price. Upon receipt of the digital asset, the Company reclassifies the asset from Digital assets receivable to Digital intangible assets in the consolidated statements of financial position.

Collateral Payable

The Company generally requires the counterparty in a lending transaction to post collateral to secure the borrowed assets. Where the Company obtains control of the collateral assets, the Company recognizes an obligation to return the collateral received as Collateral payable in its consolidated statements of financial position. Collateral accepted is typically limited to digital assets that are the most liquid with the highest market capitalization such as bitcoin, ether and USDC, or U.S. dollars. The Company implements aggregate asset-specific liquidity limits. Digital asset collateral, where the Company obtains control of the collateral received, is recognized as Digital intangible assets or Digital financial assets. The Collateral payable balance represents the obligation to return the collateral including both the host instrument and a bifurcated embedded derivative measured at fair value each period with changes in fair value recorded as Net gain on digital assets in the Company’s consolidated statements of operations.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit” price) in an orderly transaction between market participants at the measurement date.

Fair value is a market-based measure considered from the perspective of a market participant. When market assumptions are not readily available, assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

In determining fair value, the Company uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value, requiring the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect assumptions the Company believes other market participants would use in pricing the asset or liability; they are developed based on the best information available in the circumstance. The fair value hierarchy is broken down into three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

•Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are

observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Inputs that are unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

The Company values Level 1 and Level 2 assets and liabilities using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company utilizes unobservable pricing inputs and assumptions, including but not limited to prior transactions, in determining the fair value of its Level 3 assets and liabilities. These unobservable pricing inputs and assumptions may differ by asset / liability and in the application of valuation methodologies. The Company’s reported fair value estimates could vary materially if different unobservable pricing inputs and other assumptions were used; or for applicable assets/liabilities, if the Company only used a single valuation methodology instead of assigning a weighting to different methodologies. Key unobservable inputs that have a significant impact on the Company’s Level 3 valuations are described in Note 11. Fair values of Level 3 assets and liabilities may be supported by limited or no market activity within the periods presented.

Investments in investment funds are valued based on Net Asset Value (“NAV”), which is used as a practical expedient to measure the fair value. Funds the Company values based on NAV predominantly invest in the digital asset industry. The Company invests in both open-ended and closed-ended funds. The Company can request to redeem its investment from open-ended funds by providing written notice to the fund’s general partner on a date prior to the redemption date which is specified in the relevant agreements for each respective fund. The Company is unable to redeem its investment from the closed-ended funds and receives distributions based on waterfall calculations specified in the relevant agreements for each fund. The Company is unable to transfer or sell its interests in these funds without prior consent from the fund’s general partner.

In some instances, the Company records investments using the measurement alternative provided by ASC Topic 321, Investments-Equity Securities (“ASC 321”). See Note 9 for a discussion of investments for which the measurement alternative has been elected.

Equity-Method Investments

When the Company does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment may be accounted for either (i) under the equity method of accounting or (ii) at fair value by electing the fair value option. The Company has elected the fair value option for equity-method investments.

Leases

Lessee

The Company leases real estate for use in its business operations. The Company determines if an arrangement is, or contains, a lease at contract inception. A lease exists when the Company has the right to control the use of an identified asset for a period of time. Operating lease right-of-use assets and lease liabilities are included in Other non-current assets, Other current liabilities and Other non-current liabilities, respectively, in the Company’s consolidated statements of financial position. Right-of-use assets in the Company’s consolidated statements of financial position represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of future minimum lease payments over the lease term. Most leases do not provide an implicit rate; the Company uses its estimated incremental borrowing rate. The operating lease right-of-use assets include any payments made before commencement and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company made the policy election to account for lease payments on short-term leases on a straight-line basis over the lease term and not recognize these leases in the Company’s consolidated statements of financial position.

Lessor

The Company purchases new mining equipment from mining manufacturers for proprietary use and from time to time for the purpose of leasing such equipment to customers. The Company leases mining equipment through sales-type financing leases in accordance with ASC 842, Leases. These leases generally have terms of less than two years with early termination options. The leases also include options to purchase the underlying equipment at the end of the lease term or upon early termination. Revenue on sales type financing leases is recognized at the inception of the lease; related interest revenue is recognized over the term using the effective interest method. Interest revenue is derived from the discounted cash flows of the lease payments. There are no non-lease components associated with these leases. Investment in sales-type leases are included in Other non-current assets in the Company’s consolidated statements of financial position and are comprised of the minimum lease payments receivable at present value. There is no residual value associated with the mining equipment. The fees from mining equipment leasing are presented within Revenue in the Company’s consolidated statements of operations.

Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation and, where applicable, the initial estimation of any asset retirement obligation. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. The Company assesses property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of property and equipment is measured by a comparison of the carrying amount of the asset to undiscounted future cash flows expected to be generated by the asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value. Depreciation is recognized in General and administrative expenses in the Company’s consolidated statements of operations on a straight-line basis over the following estimated useful lives:




•Mining equipment			3 – 5 years
•Mining infrastructure			15 – 25 years
•Corporate assets other than leasehold improvements			3 – 10 years
•Leasehold improvements			The shorter of the lease term or useful life of the assets

Items of property or equipment are derecognized upon disposal or when no future economic benefits are expected from their use. Any gain or loss arising on the derecognition of an asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in General and administrative expenses in the Company’s consolidated statements of operations in the period the asset is derecognized. The assets’ residual values and useful lives are reviewed at each financial year-end and adjusted if necessary.

Goodwill and Other Intangible Assets

Goodwill

The Company tests goodwill for impairment on an annual basis and at other times, if a significant event or change in circumstance exists. The Company tests goodwill for impairment at the reporting unit level, which is at the level of, or one level below, its business segments. For both the annual and interim tests, the Company has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the quantitative test would be performed. The quantitative goodwill test compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its estimated net book value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its estimated net book value. As of December 31, 2024, there were no reporting units with goodwill at-risk for impairment. The Company will continue to monitor its goodwill for possible future impairment.

Intangible Assets—Definite Lived

Intangible assets with a definite useful life are amortized over their estimated useful lives on a straight-line basis. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Amortization is recognized in General and administrative expenses in the Company’s consolidated statements of operations over the following estimated useful lives:


•Software technology			2 - 5 years
•Customer relationships and other intangibles			2 - 3 years

Intangible Assets—Indefinite Lived

Intangible assets, other than Digital intangible assets, assessed as having indefinite lives are not amortized but are assessed for indicators that the useful life is no longer indefinite or for indicators of impairment each period.

Intangible assets, both definite lived and indefinite lived other than Digital intangible assets, are included in Other non-current assets in the Company’s consolidated statements of financial position.

Investments

Investments consist of common stock, convertible notes, limited partnership and limited liability company interests, preferred stock, trust shares, bankruptcy claims, and warrants. Investments denominated in currencies other than the entity’s functional currency are valued based on the spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements reflected in the Company’s consolidated statements of operations. See Notes 9, 10 and 11 for further information on investments.

Fair Value Option

The Company has elected the fair value option for certain eligible instruments including:

•Common stock investments

•Limited partnership / Limited liability company interest investments

•Trust units / Trust shares

•Preferred shares

•Stablecoins that are digital financial assets

Such election is irrevocable and is applied on an individual asset by asset or liability by liability basis at initial recognition. The primary reason for electing the fair value option is to reflect economic events in earnings on a timely basis. The investments, for which the fair value option has been elected, are valued consistent with the methodology applied to the other investments held by the Company. Changes in value of investments are recognized in Net gain / (loss) on investments, in the Company’s consolidated statements of operations. Changes in value of stablecoins are recognized in Net gain / (loss) on digital assets in the Company’s consolidated statements of operations.

Loans receivable

Loans receivable are U.S. dollar loans and are typically collateralized by the borrower’s digital assets. Loans are reported at the value of their outstanding principal balances less any allowance for credit loss, if applicable. Interest income is recognized when earned and is recorded within Revenue in the Company’s consolidated statements of operations.

Loans accounted for at amortized cost are placed on nonaccrual status when it is probable that the Company will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is well collateralized or has begun reperforming. Once placed on nonaccrual status, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the principal balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding principal balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. The allowance for credit losses on Loans receivable under the CECL model reflects management’s estimate of credit losses over the remaining expected life of the loans and considers forecasts of future economic conditions. For the majority of its loans, including all loans supported by digital asset collateral, the Company applies the collateral maintenance practical expedient under ASC 326 in estimating its credit losses. Provision for credit losses expense is included in the General and administrative expense in the Company’s consolidated statements of operations.

Derivative assets and liabilities

The value of derivatives is determined by underlying asset prices, other inputs or a combination of these factors. The Company buys and sells derivative contracts to facilitate trades for its customers and for its own account. These are shown in Derivative assets and Derivative liabilities in the Company’s consolidated statements of financial position. Derivative assets and liabilities are measured at fair value, with the changes in fair value recognized in Net gain / (loss) on derivatives trading in the Company’s consolidated statements of operations. The Company does not offset cash collateral paid or received against derivative assets or liabilities.

Equity-based compensation

The Company’s equity-based compensation includes grants of stock options, restricted stock, restricted share units, deferred share units and compensatory Class B Units to employees, officers, consultants and non-employee directors. The Company measures compensation expense for all awards based on the estimated fair value of the award on the date of grant. The fair value of awards is based on the price of the publicly traded company shares of GDH Ltd. Equity-based compensation is accrued and charged to Operating expenses, with an offsetting credit to Unit holders’ capital, over the respective vesting periods.

The fair value of each stock option granted to employees is estimated using the Black-Scholes option-pricing model. Stock options granted to nonemployees are measured at grant-date fair value of the equity instruments that the Company is obligated to issue when the service has been rendered. For restricted stock and standard Class B Units, the grant date fair value is based on the closing market price of the publicly traded shares on the date of grant. The fair value of the Profit Interest Class B Units was estimated using a probability-weighted expected return method at the end of each period.

The Company accounts for forfeitures as they occur. Stock-based compensation for time-based awards is recognized on a straight-line basis over the requisite vesting period. Stock-based compensation expense for performance-based awards is recognized on an accelerated basis over the requisite vesting period when it is considered probable that the performance vesting condition will be satisfied. See Note 21 for further information regarding stock-based compensation expense and the assumptions used in estimating that expense.

Income Taxes

GDH LP is a Cayman exempted limited partnership treated as a partnership for U.S. Federal tax purposes. Items of income, gain, loss, deduction, and credit are allocated to the partners and, as such, income taxes are generally the responsibility of the partners. GDH LP is subject to an entity level New York City unincorporated business tax (“UBT”) at a rate of 4.0% on income allocated or apportioned to New York City. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are treated as domiciled under their respective tax laws. Accordingly, no provision for income taxes has been recorded in these consolidated financial statements other than for GDH LP’s UBT obligation and for the entities in the consolidated GDH LP group subject to income taxes in the local jurisdictions in which they operate.

Deferred income tax assets and liabilities are recognized for the expected future tax consequences of the differences between the U.S. GAAP and tax bases of assets and liabilities, measured at the balance sheet date using the tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded when, based on the weight of all available evidence, management determines it is more likely than not that some portion or all of the deferred tax assets will not be realized. Significant judgment is required in determining whether a valuation allowance should be established, as well as the amount of such allowance. Deferred income tax assets and liabilities are offset and presented as a single amount in the statements of financial condition for each tax-paying component of an entity and within a particular tax jurisdiction. Deferred income tax assets are included in Other non-current assets and deferred income tax liabilities are included in Other non-current liabilities in the Company’s consolidated statements of financial position.

The Company recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

The Company analyzes its tax filing positions in all tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions, which include all periods starting from 2019. If the Company determines that uncertainties in tax positions exist, the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the greatest benefit that is more likely than not to be realized.

Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Company’s consolidated statements of operations.

Recent Accounting Developments

In January, 2025, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”), which rescinds the interpretive guidance previously provided in SAB No. 121 (“SAB 121”). SAB 121 had required entities to recognize a liability and corresponding asset for their obligation to safeguard crypto-assets held for platform users. With the issuance of SAB 122, entities are no longer mandated to recognize such liabilities and assets solely based on safeguarding responsibilities. Instead, entities should assess whether to recognize a liability related to the risk of loss under such obligations by applying the recognition and measurement requirements for contingencies as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 450-20, Loss Contingencies.

The Company adopted SAB 122 during the year ended December 31, 2024 on a fully retrospective basis. This resulted in the elimination of Counterparty digital assets and Counterparty digital assets obligations of $20.6 million from the Company’s statement of financial position as of December 31, 2023. The Company has provided disclosure in Note 17 in relation to off balance sheet exposure to customer digital assets.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU provides guidance on the accounting for, measurement of, and disclosures related to digital assets that meet specific criteria outlined within the standard. The ASU aims to improve the transparency and comparability of financial information related to digital assets held by entities.

ASU 2023-08 applies to all entities that hold digital assets, which are defined as digital assets existing on a blockchain or similar distributed ledger technology, secured through cryptography, and are fungible. The standard specifically excludes digital assets that provide the holder with enforceable rights to goods, services, or other assets and those created or issued by the reporting entity or its related parties.

Under ASU 2023-08, digital assets within its scope are required to be measured at fair value with changes in fair value recognized in net income each reporting period. This represents a departure from the previous practice of accounting for these assets as indefinite-lived intangible assets subject to impairment testing. The ASU also mandates separate presentation of digital assets on the balance sheet and the separate presentation of gains and losses from the remeasurement of digital assets in the income statement.

Furthermore, the ASU introduces comprehensive disclosure requirements designed to provide users of financial statements with detailed information about an entity's holdings of digital assets. These disclosures include, but are not limited to, the nature and amount of significant holdings of digital assets, the risks associated with contractual sale restrictions, and a reconciliation of changes in the holdings of digital assets during the reporting period.

The Company early adopted the provisions of ASU 2023-08 for the fiscal year beginning on January 1, 2023. The adoption was applied through a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, in accordance with the transition requirements specified by the ASU. The adoption of ASU 2023-08 had the following impact on our financial statements:


(in thousands)	Balance at December 31, 2022	Cumulative adjustment	Balance at January 1, 2023
Digital intangible assets	362,383	4,742	367,125

Unit holder’s capital	1,416,194	4,742	1,420,936

The adoption of ASU 2023-08 has resulted in changes to our accounting policy for Digital intangible assets. These changes have been reflected in the measurement and recognition of gains and losses related to Digital intangible assets in our financial statements. The separate presentation requirements have been applied, and the additional disclosures as required by the ASU have been included in the notes to our financial statements.

In October 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, aimed at enhancing the clarity and usefulness of segment disclosure. This update requires public business entities to disclose significant segment expenses that contribute to profitability measures and provide more detailed reconciliations to enhance user understanding. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 for the fiscal year beginning on January 1, 2024. See Note 23 for additional segment information.

In October 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency in income tax reporting. The ASU requires public business entities to disclose more detailed information about the nature and composition of deferred tax assets and liabilities, including the impact of tax law changes on current taxes payable. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the ASU’s impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosure. This ASU requires public business entities to disaggregate certain significant expenses by nature within functional expense categories on the income statement or in the notes. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact on its consolidated financial statements and disclosures.

The Company adopted ASU 2022-03, Fair Value Measurement — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”) starting from January 1, 2024. ASU 2022-03 clarifies that contractual restrictions on the sale of an equity security do not form part of the unit of account for the equity security and, therefore, should not impact its fair value measurement.

The Company adopted ASU 2022-03 prospectively, and consequently we do not apply a discount for lack of marketability to its digital assets subject to contractual sale restrictions that were acquired subsequent to the adoption

of ASU 2022-03. Digital assets subject to contractual sale restrictions that were acquired prior to the adoption of ASU 2022-03 continue to include a discount for lack of marketability.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Items measured on a recurring basis at fair value:


	As of March 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	477,899	$	36,580	$	—	$	514,479
Digital intangible assets at fair value	1,611,833		63,581		10,963		1,686,377

Digital assets loan receivable, net of allowance - Financial assets	—		173,452		—		173,452
Digital assets receivable	18		10		19,642		19,670
Assets posted as collateral — Digital assets			506,634		—		506,634
Derivative assets	120,130		8,223		—		128,353
Embedded derivative – Collateral payable	—		143,027		—		143,027
Embedded derivative – Digital assets borrowed	—		223,469		—		223,469
Investments(1)	503,356		5,568		391,441		900,365
	$	2,713,236	$	1,160,544	$	422,046	$	4,295,826
Liabilities
Investments sold short(2)	69,358		—		—		69,358

Derivative liabilities	81,237		8,465		—		89,702

Embedded derivative – Digital assets borrowed	—		41,027		—		41,027
Embedded derivative –Collateral payable	—		58,988		—		58,988
Embedded derivative – Notes payable	—		—		46,586		46,586
	$	150,595	$	108,480	$	46,586	$	305,661

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($315.0 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($66.4 million).

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	$	4,814	$	—	$	359,665


Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357
Digital assets loan receivable, net of allowance Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720

Assets posted as collateral – Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative – Collateral payable	—		55,848		—		55,848
Embedded derivative – Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative – Digital assets borrowed			252,635				252,635
Embedded derivative – Collateral payable			161,261				161,261
Embedded derivative – Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $304.5 million and equity securities utilizing the measurement alternative of $63.2 million as they are without readily determinable fair values.

Nonrecurring Fair Value Measurements

Impairment losses are recognized for Digital intangible assets carried at the lower of cost or impaired value and Property and equipment, net when their carrying amounts exceed fair value. See Note 13 for additional information on impairment of Property and equipment. The carrying values for Digital intangible assets carried at the lower of cost or impaired value were $452.5 million and $550.2 million as of March 31, 2025 and December 31, 2024, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended March 31, 2025 and December 31, 2024, respectively.


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192

Transfers in and out of Level 3 are considered to have occurred at the beginning of the period the transfer occurred. For the period ended March 31, 2025, gross transfers into Level 3 were $1.0 million, gross transfers out of Level 3 were $12.9 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. Transfers out of Level 3 for Digital asset receivables and Digital assets were due to removal of restrictions. For the year ended December 31, 2024, gross transfers into Level 3 were $21.2 million and gross transfers out of Level 3 were $48.7 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. The transfers into Level 3 for Digital asset receivables were due to underlying token launches of contracts held. Transfers out of Level 3 for Investments related to a conversion of a convertible note upon emergence from a bankruptcy during the year. Transfers out of Level 3 for Digital asset receivables and Digital assets were due to removal of restrictions.

The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of March 31, 2025 and December 31, 2024, respectively:


Financial Instrument	Fair Value at March 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	10,963	Marketability discount	15.7% - 39.1%	28.4%
Digital assets receivable	$	19,642	Marketability discount	2.8% - 61.8%	21.1%
Investments	$	391,441	Time to liquidity event (years)	0.8 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	3.9%
			Market adjustment discount	30.0% - 90.0%	39.7%
			Market adjustment premium	25.0% - 150.0%	100.5%
			Marketability discount	25.0% - 40.0%	27.6%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	9.5x
			Enterprise value to projected revenue	2.0x - 10.5x	6.2x
			Enterprise value to annualized revenue	2.5x - 9.0x	5.8x
			Enterprise value to LTM volume	2.8x	2.8x
			Enterprise value to ARR	8.0x	8.0x
			Price to tangible book value	1.3x	1.3x
			Enterprise value to gross profit	6.0x	6.0x
			Scenario probability	35.0%	35.0%
			Recovery percentage	44.0%	44.0%
Embedded derivative - Notes payable	$	46,586	Volatility	47.0% - 77.0%	56.2%
			Risk free rate	3.8% - 4.0%	3.9%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70% - 90%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30% - 90%	41.0%
			Market adjustment premium	25% - 130%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative - Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004

Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.

Financial Instruments Not Measured at Fair Value

The following table presents the fair value of financial instruments not measured at fair value in the Company’s condensed consolidated interim statements of financial position. This table excludes non-financial assets and liabilities.


	As of March 31, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	509,438	$	509,438	$	509,438	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	28,864		28,864		28,864		—		—
Loans receivable	464,766		464,766		—		464,766		—
Total Assets	$	1,003,068	$	1,003,068	$	538,302	$	464,766	$	—
Accounts payable and accrued liabilities	270,468		270,468		270,468		—		—
Notes payable	763,798		724,856		—		724,856		—
Collateral payable — Cash	49,418		49,418		—		49,418		—
Payable to customers — Cash	19,288		19,288		—		19,288		—
Loans payable	345,249		345,249		—		345,249		—
Total Liabilities	$	1,448,221	$	1,409,279	$	270,468	$	1,138,811	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—

FAIR VALUE OPTION

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	December 31, 2024		December 31, 2023
Assets
Digital financial assets	$	359,664	$	74,386
Investments	558,093		398,529
Total	$	917,757	$	472,915

The fair value option was only elected for investments, within the Investments line item, where the Company was deemed to have significant influence and otherwise would have applied the equity method of accounting.

Realized and unrealized gains / (losses) on financial instruments for which the fair value option has been elected are recorded as Net gain / (loss) on investments and Net gain / (loss) on digital assets in the Company’s consolidated statements of operations. The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	December 31, 2024				December 31, 2023				December 31, 2022
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	83,441	$	130,980	$	(833)	$	88,757	$	48,501	$	(320,050)

Realized and unrealized gains and (losses) for digital assets classified as financial assets was $0.3 million and $11.8 million for the years ended December 31, 2024 and 2023, respectively, and were not significant for the year ended December 31, 2022.

FAIR VALUE MEASUREMENTS

Recurring fair value measurements

Items measured on a recurring basis at fair value:


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	4,814		$	—	359,665
Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357

Digital assets loan receivable, net of allowance — Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720
Assets posted as collateral — Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative — Collateral payable	—		55,848		—		55,848
Embedded derivative — Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short (2)	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative — Digital assets borrowed			252,635				252,635
Embedded derivative — Collateral payable			161,261				161,261
Embedded derivative — Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($304.5 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($63.2 million).

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	74,386	$	—	$	—	74,386
Digital intangible assets at fair value	655,473		12,674		68,004		736,151

Digital assets loan receivable, net of allowance — Financial assets	—		12,000		—		12,000
Digital assets receivable	196		95		20,569		20,860
Assets posted as collateral — Digital assets	—		316,104		—		316,104

Derivative assets	59,724		113,485		—		173,209

Embedded derivative — Collateral payable	—		4,244		—		4,244
Embedded derivative — Digital assets borrowed	—		877		—		877
Investments(1)	43,568		—		364,576		408,144
	$	833,347	$	459,479	$	453,149	$	1,745,975
Liabilities
Investments sold short	25,295		—		—		25,295

Derivative liabilities	55,567		105,075		—		160,642

Embedded derivative — Digital assets borrowed	—		29,874		—		29,874
Embedded derivative — Collateral payable	—		134,695		—		134,695
Embedded derivative — Notes payable	—		—		10,472		10,472

	$	80,862	$	269,644	$	10,472	$	360,978

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($243.3 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($83.7 million).

Nonrecurring fair value measurements

Impairment losses are recognized for Digital intangible assets carried at the lower of cost or impaired value and Property and equipment, net when their carrying amounts exceed fair value. The carrying values for Digital intangible assets carried at the lower of cost or impaired value were $550.2 million and $277.6 million as of December 31, 2024 and 2023, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the years ended December 31, 2024 and 2023 respectively:


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472

Transfers in and out of Level 3 are considered to have occurred at the beginning of the period the transfer occurred. For the year ended December 31, 2024, gross transfers into Level 3 were $21.2 million and gross transfers out of Level 3 were $48.7 million. The transfers into Level 3 for Investments were due to fair value adjustments determine by unobservable market inputs. The transfers into Level 3 for Digital asset receivables were due to underlying token launches of contracts held. Transfers out of Level 3 for Investments related to a conversion of a convertible note upon emergence from a bankruptcy during the year. Transfers out of Level 3 for Digital asset receivables and Digital assets were due to removal of restrictions. For the year ended December 31, 2023, gross transfers into Level 3 were $67.3 million and gross transfers out of Level 3 were $31.6 million. Transfers into Level 3 were due to fair value adjustments determined by unobservable market inputs, recategorization and underlying token launches of contracts held. The transfers out of Level 3 were due to removal of restrictions.


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30.0% - 90.0%	41.0%
			Market adjustment premium	25.0% - 130.0%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative — Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2023 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	68,004	Marketability discount	3.3% - 59.4%	15.4%
Digital assets receivable	$	20,569	Marketability discount	6.1% - 74.4%	28.5%
Investments	$	364,576	Time to liquidity event (years)	3.0 - 5.0	4.6
			Annualized equity volatility	90.0%	90.0%
			Risk free rate	3.5% - 4.2%	3.9%
			Control discount	7.5% - 20.0%	11.1%
			Market adjustment discount	25.0% - 65.0%	37.4%
			Marketability discount	5.7% - 40.0%	15.4%
			Enterprise value to revenue multiple	2.0x- 12.0x	9.4x
			Enterprise value to projected revenue multiple	2.0x - 8.0x	4.4x
			Enterprise value to volume multiple	5.5x	5.5x

			Recovery percentage	120.1%	120.1%
			Claims percentage	68.0%	68.0%
Embedded derivative — Notes payable	$	10,472	Volatility	67.0%	67.0%
			Risk free rate	4.0%	4.0%
			Time-step (years)	0.004	0.004

Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.

Financial Instruments Not Measured at Fair Value

The following table presents the fair value of financial instruments not measured at fair value in the Company’s consolidated statements of financial position. This table excludes non-financial assets and liabilities.


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral — Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2023
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	316,610	$	316,610	$	316,610	$	—	$	—
Assets posted as collateral — Cash	2,091		2,091		2,091		—		—
Accounts receivable	60,929		60,929		60,929		—		—
Loans receivable	387,364		387,364		—		387,364		—
Total Assets	$	766,994	$	766,994	$	379,630	$	387,364	$	—
Accounts payable and accrued liabilities	140,376		140,376		140,376		—		—
Notes payable	408,053		342,161		—		342,161		—
Collateral payable — Cash	11,367		11,367		—		11,367		—
Payable to customers — Cash	3,442		3,442		—		3,442		—
Loans payable	93,069		93,069		—		93,069		—
Total Liabilities	$	656,307	$	590,415	$	140,376	$	450,039	$	—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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DERIVATIVES

3 Months Ended

Mar. 31, 2025

DERIVATIVES

The Company enters into derivative contracts primarily for the purpose of trading, risk management, and hedging of operating costs. For the three months ended March 31, 2025 and March 31, 2024, the Company recognized $31.1 million and $83.6 million, respectively, of net derivative gain related to free-standing derivatives.

The breakdown of the Company’s derivatives portfolio, as of March 31, 2025 and December 31, 2024 was as follows (in thousands):

March 31, 2025


(in thousands)	Notional Amounts (1)		Gross Fair Value-Derivative Assets		Gross Fair Value-Derivative Liabilities
Digital assets	$	3,041,477	$	95,127	$	(67,313)
Foreign currencies	730,533		19,349		(14,026)
Equity securities	597,258		13,720		(6,993)
Interest rates	297,729		157		(708)
Commodities	11,563		—		(662)



	4,678,561		128,353		(89,702)

Digital assets receivable	4,036		19,670		—
Embedded derivatives — Digital assets borrowed	1,949,500		223,469		(41,027)
Embedded derivatives — Collateral payable	978,134		143,027		(58,988)
Embedded derivatives — Notes payable	847,500		—		(46,586)

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)

_______________

The below table represents the breakdown of collateral payable associated with derivative positions as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024




Collateral payable — Digital assets	$	28,569	$	30,600
Collateral payable — Cash	7,452		30,460
Collateral payable associated with derivatives	$	36,021	$	61,060

The Company did not post any collateral in association with its derivative positions as of March 31, 2025 and December 31, 2024.

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)

_______________

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

FAIR VALUE OPTION - Schedule of Realized and Net Change in Unrealized Gains Losses (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized Gains / (Losses)	$ 36,913	$ 1,075	$ 83,441	$ (833)	$ 48,501
Net Change in Unrealized Gains / (Losses)	$ (94,894)	$ 160,098	$ 130,980	$ 88,757	$ (320,050)

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Items measured on a recurring basis at fair value:


	As of March 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	477,899	$	36,580	$	—	$	514,479
Digital intangible assets at fair value	1,611,833		63,581		10,963		1,686,377

Digital assets loan receivable, net of allowance - Financial assets	—		173,452		—		173,452
Digital assets receivable	18		10		19,642		19,670
Assets posted as collateral — Digital assets			506,634		—		506,634
Derivative assets	120,130		8,223		—		128,353
Embedded derivative – Collateral payable	—		143,027		—		143,027
Embedded derivative – Digital assets borrowed	—		223,469		—		223,469
Investments(1)	503,356		5,568		391,441		900,365
	$	2,713,236	$	1,160,544	$	422,046	$	4,295,826
Liabilities
Investments sold short(2)	69,358		—		—		69,358

Derivative liabilities	81,237		8,465		—		89,702

Embedded derivative – Digital assets borrowed	—		41,027		—		41,027
Embedded derivative –Collateral payable	—		58,988		—		58,988
Embedded derivative – Notes payable	—		—		46,586		46,586
	$	150,595	$	108,480	$	46,586	$	305,661

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	$	4,814	$	—	$	359,665


Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357
Digital assets loan receivable, net of allowance Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720

Assets posted as collateral – Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative – Collateral payable	—		55,848		—		55,848
Embedded derivative – Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative – Digital assets borrowed			252,635				252,635
Embedded derivative – Collateral payable			161,261				161,261
Embedded derivative – Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

Nonrecurring Fair Value Measurements


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192


Financial Instrument	Fair Value at March 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	10,963	Marketability discount	15.7% - 39.1%	28.4%
Digital assets receivable	$	19,642	Marketability discount	2.8% - 61.8%	21.1%
Investments	$	391,441	Time to liquidity event (years)	0.8 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	3.9%
			Market adjustment discount	30.0% - 90.0%	39.7%
			Market adjustment premium	25.0% - 150.0%	100.5%
			Marketability discount	25.0% - 40.0%	27.6%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	9.5x
			Enterprise value to projected revenue	2.0x - 10.5x	6.2x
			Enterprise value to annualized revenue	2.5x - 9.0x	5.8x
			Enterprise value to LTM volume	2.8x	2.8x
			Enterprise value to ARR	8.0x	8.0x
			Price to tangible book value	1.3x	1.3x
			Enterprise value to gross profit	6.0x	6.0x
			Scenario probability	35.0%	35.0%
			Recovery percentage	44.0%	44.0%
Embedded derivative - Notes payable	$	46,586	Volatility	47.0% - 77.0%	56.2%
			Risk free rate	3.8% - 4.0%	3.9%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70% - 90%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30% - 90%	41.0%
			Market adjustment premium	25% - 130%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative - Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004

Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.

Financial Instruments Not Measured at Fair Value


	As of March 31, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	509,438	$	509,438	$	509,438	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	28,864		28,864		28,864		—		—
Loans receivable	464,766		464,766		—		464,766		—
Total Assets	$	1,003,068	$	1,003,068	$	538,302	$	464,766	$	—
Accounts payable and accrued liabilities	270,468		270,468		270,468		—		—
Notes payable	763,798		724,856		—		724,856		—
Collateral payable — Cash	49,418		49,418		—		49,418		—
Payable to customers — Cash	19,288		19,288		—		19,288		—
Loans payable	345,249		345,249		—		345,249		—
Total Liabilities	$	1,448,221	$	1,409,279	$	270,468	$	1,138,811	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—

FAIR VALUE OPTION

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	December 31, 2024		December 31, 2023
Assets
Digital financial assets	$	359,664	$	74,386
Investments	558,093		398,529
Total	$	917,757	$	472,915


	December 31, 2024				December 31, 2023				December 31, 2022
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	83,441	$	130,980	$	(833)	$	88,757	$	48,501	$	(320,050)

FAIR VALUE MEASUREMENTS

Recurring fair value measurements

Items measured on a recurring basis at fair value:


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	4,814		$	—	359,665
Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357

Digital assets loan receivable, net of allowance — Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720
Assets posted as collateral — Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative — Collateral payable	—		55,848		—		55,848
Embedded derivative — Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short (2)	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative — Digital assets borrowed			252,635				252,635
Embedded derivative — Collateral payable			161,261				161,261
Embedded derivative — Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	74,386	$	—	$	—	74,386
Digital intangible assets at fair value	655,473		12,674		68,004		736,151

Digital assets loan receivable, net of allowance — Financial assets	—		12,000		—		12,000
Digital assets receivable	196		95		20,569		20,860
Assets posted as collateral — Digital assets	—		316,104		—		316,104

Derivative assets	59,724		113,485		—		173,209

Embedded derivative — Collateral payable	—		4,244		—		4,244
Embedded derivative — Digital assets borrowed	—		877		—		877
Investments(1)	43,568		—		364,576		408,144
	$	833,347	$	459,479	$	453,149	$	1,745,975
Liabilities
Investments sold short	25,295		—		—		25,295

Derivative liabilities	55,567		105,075		—		160,642

Embedded derivative — Digital assets borrowed	—		29,874		—		29,874
Embedded derivative — Collateral payable	—		134,695		—		134,695
Embedded derivative — Notes payable	—		—		10,472		10,472

	$	80,862	$	269,644	$	10,472	$	360,978

_______________

Nonrecurring fair value measurements

Impairment losses are recognized for Digital intangible assets carried at the lower of cost or impaired value and Property and equipment, net when their carrying amounts exceed fair value. The carrying values for Digital intangible assets carried at the lower of cost or impaired value were $550.2 million and $277.6 million as of December 31, 2024 and 2023, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30.0% - 90.0%	41.0%
			Market adjustment premium	25.0% - 130.0%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative — Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2023 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	68,004	Marketability discount	3.3% - 59.4%	15.4%
Digital assets receivable	$	20,569	Marketability discount	6.1% - 74.4%	28.5%
Investments	$	364,576	Time to liquidity event (years)	3.0 - 5.0	4.6
			Annualized equity volatility	90.0%	90.0%
			Risk free rate	3.5% - 4.2%	3.9%
			Control discount	7.5% - 20.0%	11.1%
			Market adjustment discount	25.0% - 65.0%	37.4%
			Marketability discount	5.7% - 40.0%	15.4%
			Enterprise value to revenue multiple	2.0x- 12.0x	9.4x
			Enterprise value to projected revenue multiple	2.0x - 8.0x	4.4x
			Enterprise value to volume multiple	5.5x	5.5x

			Recovery percentage	120.1%	120.1%
			Claims percentage	68.0%	68.0%
Embedded derivative — Notes payable	$	10,472	Volatility	67.0%	67.0%
			Risk free rate	4.0%	4.0%
			Time-step (years)	0.004	0.004

Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.

Financial Instruments Not Measured at Fair Value


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral — Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2023
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	316,610	$	316,610	$	316,610	$	—	$	—
Assets posted as collateral — Cash	2,091		2,091		2,091		—		—
Accounts receivable	60,929		60,929		60,929		—		—
Loans receivable	387,364		387,364		—		387,364		—
Total Assets	$	766,994	$	766,994	$	379,630	$	387,364	$	—
Accounts payable and accrued liabilities	140,376		140,376		140,376		—		—
Notes payable	408,053		342,161		—		342,161		—
Collateral payable — Cash	11,367		11,367		—		11,367		—
Payable to customers — Cash	3,442		3,442		—		3,442		—
Loans payable	93,069		93,069		—		93,069		—
Total Liabilities	$	656,307	$	590,415	$	140,376	$	450,039	$	—

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2025

BUSINESS COMBINATIONS

Fierce

On December 9, 2024, a subsidiary controlled by the Company acquired all shares of Fierce Technology, Inc. (“Fierce”), which provides financial application software, for approximately $12.5 million ($3.0 million in cash and $9.5 million in equity). The Company determined that the acquisition of Fierce constituted a business combination under ASC Topic 805, Business Combinations (“ASC 805”).

The consideration transferred was measured at the fair value of the cash and equity paid, and the estimated contingent consideration of approximately $1.2 million, in the form of GDH Ltd. shares, that is payable by the Company upon determination of the final working capital amounts. The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	$	110
Total liabilities	$	110

The Company recorded $8.6 million of goodwill which was attributed to the Digital Assets segment. Goodwill represents the future economic benefit arising from assets acquired which could not be individually identified and separately recognized. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the combined business. The Company also recognized a deferred tax asset of $3.3 million related to the net operating losses of Fierce that the Company expects to utilize. The goodwill from this acquisition is not deductible for tax purposes.

Acquired intangible assets included trade names, trademarks, and technology platforms valued at $0.4 million. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company’s accounting policies.

The Company incurred acquisition related transaction costs of $0.2 million, of which the majority represented legal fees. The revenue and net income included in the Company’s consolidated statements of operations contributed by Fierce for the year ended December 31, 2024, from the date of the acquisition, were not material to the Company. The pro forma impact of the acquisition on the Company’s revenue and net income for the years ended December 31, 2024 and 2023 would not have been material to the Company.

CryptoManufaktur

business combination under ASC 805. CMF provides staking infrastructure, primarily on the Ethereum blockchain, as well as data oracle services.

The consideration transferred was measured at the fair value of the cash and equity paid, and the estimated contingent consideration of approximately $5.5 million, which is payable by the Company if CMF achieves certain financial and operating targets through the end of 2026. On February 28, 2025, an additional 76,573 shares were issued for milestone consideration. The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

The Company recorded $5.2 million of goodwill which was attributed to the Digital Infrastructure Solutions segment. Goodwill represents the future economic benefit arising from assets acquired which could not be individually identified and separately recognized. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the combined business. The Company expects all of the goodwill from this acquisition to be deductible for tax purposes.

Acquired intangible assets included customer relationships valued at $7.2 million, which will be amortized over an estimated useful life of 5 years. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company’s accounting policies.

The Company incurred acquisition related transaction costs of $0.5 million of which the majority represented professional fees. The revenue and net income included in the Company’s condensed consolidated interim statements of operations contributed by CMF from the date of the acquisition were not material to the Company. The pro forma impact of the acquisition on the Company’s revenue and net income for the year ended December 31, 2024 would have been an increase of approximately $22 million and $2 million, respectively. The pro forma impact of the acquisition on the Company’s revenue and net income for the year ended December 31, 2023 would have been $21 million and $1 million, respectively.

BUSINESS COMBINATIONS

Fierce

On December 9, 2024, a subsidiary controlled by the Company acquired all shares of Fierce Technology, Inc. ("Fierce"), which provides financial application software, for approximately $12.5 million ($3.0 million in cash and $9.5 million in equity). The Company determined that the acquisition of Fierce constituted a business combination under ASC Topic 805, Business Combinations (“ASC 805”).


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	110
Total liabilities	$	110

The Company incurred acquisition related transaction costs of $0.2 million, of which the majority represented legal fees. The revenue and net income included in the Company's consolidated statements of operations contributed by Fierce for the year ended December 31, 2024, from the date of the acquisition, were not material to the Company. The pro forma impact of the acquisition on the Company’s revenue and net income for the years ended December 31, 2024 and 2023 would not have been material to the Company.

CryptoManufaktur

On July 18, 2024, a subsidiary controlled by the Company acquired the assets of CryptoManufaktur LLC (“CMF”) for approximately $12.4 million. The Company determined that the acquisition of CMF constituted a business combination under ASC 805. CMF provides staking infrastructure, primarily on the Ethereum blockchain, as well as data oracle services.

issued for milestone consideration. The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

The Company recorded $5.2 million of goodwill which was attributed to the Digital Assets segment. Goodwill represents the future economic benefit arising from assets acquired which could not be individually identified and separately recognized. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the combined business. The Company expects all of the goodwill from this acquisition to be deductible for tax purposes.

The Company incurred acquisition related transaction costs of $0.5 million, of which the majority represented professional fees. The revenue and net income included in the Company's consolidated statements of operations contributed by CMF from the date of the acquisition were not material to the Company. The pro forma impact of the acquisition on the Company’s revenue and net income for the year ended December 31, 2024 would have been an increase of approximately $22 million and $2 million, respectively. The pro forma impact of the acquisition on the Company’s revenue and net income for the year ended December 31, 2023 would have been $21 million and $1 million, respectively.

GK8

On February 21, 2023, a subsidiary controlled by the Company acquired the net assets of GK8 Ltd. from the Celsius Estate for $44 million. The Company determined that the acquisition of GK8's net assets ("GK8") constituted a business combination under ASC 805. GK8 is a developer of secure technology solutions for self-custody of digital assets by institutions operated through Galaxy GDS Crypto Technologies Israel Ltd, providing customers with software that allows them to generate and store the private keys to their digital assets, as well as to generate multi-signature backup keys, in a secure cold storage vault. It is a leading technology provider for institutions looking to self-custody their digital assets with the highest possible security, using patented technology to safely store cryptocurrencies and execute blockchain transactions.

The consideration transferred was measured at the fair value of the cash paid, $44 million, on February 21, 2023 in exchange for the net identifiable assets of GK8 and goodwill identified below:


(in thousands)
Receivables	$	814
Prepaid expenses and other assets	190
Property and equipment	128
Intangibles	23,258
Goodwill(1)	19,612
Total assets	$	44,002

Accounts payable and accrued liabilities	109
Total liabilities	$	109

Goodwill represents the future economic benefit arising from assets acquired which could not be individually identified and separately recognized. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the business. The Company expects $17.2 million of goodwill from this acquisition to be deductible for tax purposes.

Intangible assets acquired included customer relationships valued at $2.9 million, which will be amortized over an estimated useful life of 3 years; trade names and trademarks valued at $3.2 million, inclusive of measurement period adjustments, which will be amortized over an estimated useful life of 3 years; and technology valued at $17.2 million, which will be amortized over an estimated useful life of 5 years. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company's accounting policies.

The Company incurred acquisition related transaction costs of $2.3 million, of which the majority represented professional fees. The pro forma impact of the acquisition on the Company's revenue and net income for the years ended on December 31, 2023 and 2022 would not have been material.

EQUITY BASED COMPENSATION - Schedule of Awarded Compensatory Equity Based Compensation (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 13,738	$ 18,520	$ 75,017	$ 83,790	$ 89,860
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	4,575	3,597	20,475	23,138	27,628
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	9,163	14,909	54,489	60,593	61,512
Profit Interest Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 0	$ 14	$ 53	$ 59	$ 720

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.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Intangible Assets

Schedule of Goodwill

The following table reflects the changes in carrying amount of goodwill:


(in thousands)	March 31, 2025		December 31, 2024
Balance, beginning of period	$	58,037	$	44,257
Additions due to acquisitions (Note 3)	—		13,780
Balance, end of period	$	58,037	$	58,037

The following table reflects the changes in carrying amount of goodwill:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of period	$	44,257	$	24,645
Additions due to acquisitions (Note 3)	13,780		19,612
Balance, end of period	$	58,037	$	44,257

The following table represents intangible assets and accumulated amortization as March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Software technology (1)	$	40,508	$	40,508
Other purchased defined-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		55,970
Less: Accumulated amortization	(22,600)		(18,619)
Intangible assets, net	$	33,370	$	37,351

_______________

(1)Includes capitalized equity based compensation of $3.1 million as of March 31, 2025 and December 31, 2024.

The following table represents intangible assets and accumulated amortization as of the years ended December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Software technology(1)	$	40,508	$	38,895
Other purchased defined-life intangible assets	13,701		6,062
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		46,718
Less: Accumulated amortization	(18,619)		(6,735)
Intangible assets, net	$	37,351	$	39,983

_______________

(1)Includes capitalized equity based compensation of $3.1 million and $2.1 million as of December 31, 2024 and 2023, respectively.

Schedule of Future Amortization Expense


(in thousands)	Amounts


2025	$	12,570
2026	8,602
2027	5,676
2028	4,358
2029 and beyond	403
Total future amortization expense	$	31,609


(in thousands)	Amounts


2025	$	16,708
2026	8,549
2027	5,624
2028	4,306
2029 and beyond	403
Total future amortization expense	$	35,590

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.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

LOANS RECEIVABLE - Schedule of Outstanding Loans Receivable to be Repaid (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
2025	$ 407,966
2026	51,286	$ 476,620
2027	1,088
2028	2,938
2029	1,188
2030	300
Loans receivable, current and non-current	$ 464,766	$ 476,620	$ 387,364

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2029		$ 429
Galaxy Digital Holdings, LP
Lessee, Lease, Description [Line Items]
2025	$ 2,818	4,151
2026	2,572	2,557
2027	2,572	2,572
2028	429	2,572
Total future minimum lease payments	11,921	12,281
Less: Interest	2,700	2,052
Total lease liability	$ 9,221	$ 10,229	$ 14,096

EQUITY BASED COMPENSATION - Schedule of the Fair Value Of The Options Granted Was Measured Using the Black-Scholes Option Pricing Model With the Following Weighted Average Inputs (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)	$ 15.17
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in cad per share)	16.45
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in cad per share)	$ 22.45
Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years	5 years	5 years	5 years
Expected volatility	90.00%
Expected volatility minimum		85.00%	80.00%	98.00%
Expected volatility maximum		90.00%	90.00%	120.00%
Risk-free interest rate	2.60%
Risk-free interest rate minimum		2.80%	3.00%	248.00%
Risk-free interest rate maximum		3.80%	3.96%	300.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Galaxy Digital Holdings, LP \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)		$ 12.41	$ 4.77	$ 4.83
Exercise price (in cad per share)		10.00	4.19	5.39
Galaxy Digital Holdings, LP \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)		27.45	7.43	20.40
Exercise price (in cad per share)		$ 37.38	$ 8.06	$ 21.30

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Lessee, Lease, Description [Line Items]
Cash paid in the measurement of operating lease liabilities	$ 1,483	$ 1,466	$ 5,973	$ 7,838	$ 4,216

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest income related to loans receivable	$ 12.6	$ 12.6	$ 48.7	$ 36.5	$ 17.6

LOANS AND NOTES PAYABLE - Loans Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Galaxy Digital Holdings, LP
Debt Instrument [Line Items]
Loans payable	$ 345,249	$ 510,718	$ 93,069

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.

Financing Receivable, Allowance for Credit Loss [Line Items]

LOANS RECEIVABLE (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Schedule of Outstanding Loans Receivable to be Repaid

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	407,966
2026	51,286
2027	1,088
2028	2,938
2029	1,188
2030	300
Loans receivable, current and non-current	$	464,766

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	476,620



Loans receivable, current and non-current	$	476,620

Schedule of Collateral Payable Associated With Loans Receivable, Current

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	578,745	$	620,633
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current and non-current	$	578,745	$	620,633

Collateral payable associated with loans receivable, current


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	620,633	$	444,839
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current	$	620,633	$	444,839

EQUITY BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

EQUITY BASED COMPENSATION

Equity Based Compensation

For the three months ended March 31, 2025 and March 31, 2024, the total compensation and benefits include cash based payments and equity based payments as follows:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Compensation and benefits excluding equity based compensation	$	43,434	$	42,551
Equity based compensation (1)	13,519		18,520
Total compensation and benefits (2)	$	56,953	$	61,071

_______________

(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.

The Company has awarded compensatory Class B Units, stock options and restricted stock to eligible officers and employees. For the three months ended March 31, 2025 and March 31, 2024, equity based compensation included the following:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Stock options	$	4,575	$	3,597
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)	9,163		14,909
Compensatory Class B Unit Awards

Profit Interest Units	—		14
	$	13,738	$	18,520

_______________

(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.

Equity Plans

The Company has granted stock options to employees, officers, directors and consultants of the Company under the GDH Ltd. stock option plan (the “Plan”), subject to the approval of the board of directors of GDH Ltd. The exercise price of each option was not less than the market price of GDH Ltd.’s shares at the date of grant. Options granted under the Plan had a term not to exceed 5 years and are subject to vesting provisions as determined by the board of directors of GDH Ltd., who administer the Plan. On exercise of an option, the holder will receive one common share in GDH Ltd. and GDH LP will issue one Class A Unit to GDH Ltd. The maximum number of shares reserved for issuance under the Plan was fixed at 45,565,739 shares of GDH Ltd. Following the approval of the Long Term Incentive Plan, the Company no longer makes grants under the Plan and future grants will be made from the Long Term Incentive Plan. The Plan reserve has been rolled over into the Long Term Incentive Plan.

Long Term Incentive Plan

In May 2021 (subsequently amended and restated in May 2024), the Board of Directors of GDH Ltd. approved the GDH Ltd. Long Term Incentive Plan (“LTIP”) to grant stock options, stock appreciation rights, restricted stock, and share units in the form of restricted share units and/or performance share units to employees, officers, and consultants of GDH Ltd. and its affiliates, and deferred share units to non-employee directors of GDH Ltd. and non-employee managers of the Board of Managers of the General Partner. Under the LTIP Plan, the exercise price of each option may not be less than the market price of GDH Ltd.’s shares at the date of grant. Options granted under the LTIP typically have a term not to exceed five years and are subject to vesting provisions as determined by the board of directors of GDH Ltd., who administer the LTIP. On exercise of an option, the holder will receive one common share in GDH Ltd. and GDH LP will issue one Class A Unit to GDH Ltd. The maximum number of shares reserved for issuance under the LTIP is fixed at 48,290,478 shares of GDH Ltd.

Non-Treasury Plan

In May 2021, the Board of Directors of the Company approved the GDH Ltd. Non-Treasury Share Unit Plan (“Non-Treasury Plan”) as a supplement to the LTIP under which grants are settled solely in cash. Share units are restricted share units or performance share units.

Stock Options

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:


Description	Number of Options	Weighted Average Exercise Price (C$)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Granted	2,913,051	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
Granted	4,172,899	17.30
Exercised	(652,549)	3.09
Forfeited	—	—
Canceled	(9,957)	6.75
Balance, March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Vested and expected to vest as of March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Options exercisable as of March 31, 2025	12,729,406	$	7.81	1.82	$	72,307
Vested and expected to vest as of December 31, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653

The weighted average grant date fair value of options granted to employees was $7.27 and $6.99 per share for the periods ended March 31, 2025 and December 31, 2024, respectively. The total intrinsic value of the 652,549 and 3,546,327 options exercised during the period ended March 31, 2025 and December 31, 2024 was $7.9 million and $39.9 million, respectively. The intrinsic value is the difference between the estimated fair value of the Company’s units at the time of exercise and the exercise price of the stock option.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the aggregate difference between the closing stock price of GDH Ltd.’s ordinary shares on March 31, 2025 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on March 31, 2025.

The fair value of options vested during the periods ended March 31, 2025 and December 31, 2024 was $12.1 million and $20.3 million, respectively.

Modification of Stock Options Previously Granted

Effective March 29, 2023, certain outstanding stock option awards were modified reducing the number of options and exercise price. 1,875,000 previously granted options were reduced to 1,500,000 options, and the exercise price of the modified awards was reduced to C$6.75. The incremental fair value of the replacement awards is being recognized over the modified vesting period. The impact to the years ended December 31, 2024 and 2023 was not material.

As of March 31, 2025, the total unamortized stock-based compensation expense related to the stock options was $58.2 million, which will be recognized over a weighted-average period of approximately 4.2 years.

Stock Option Valuation Assumptions

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

March 31, 2025

December 31, 2024

Share price

C$15.17

C$12.41 - C$27.45

Exercise price

C$16.45 - C$22.45

C$10.00 - C$37.38

Expected term (in years)

Expected volatility

90%

85% - 90%

Risk-free interest rate

2.60%

2.8% - 3.8%

Dividend yield

The assumptions used in the Black-Scholes option pricing model were determined as follows:

Share price. The closing price of GDH Ltd. shares on the respective grant dates was used.

Expected Term. Full term of the options was used as the expected term.

Expected Volatility. In estimating the expected volatility of the underlying stock price, the Company considered historical volatility of GDH Ltd.’s shares, implied volatility from traded options, volatility of comparable companies, and industry indices.

Risk-free Interest Rate. The risk-free interest rate was calculated by interpolating government bond yields over the expected terms of the respective option grants.

Dividend Yield. GDH Ltd. has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero.

The Company has made a policy election to recognize forfeitures of awards as they occur.

Compensatory Class B Unit Awards

The Company has awarded Class B Unit awards to eligible officers and employees. The Class B Units granted are typically comprised of subtype R units (“Standard Units”) and subtype P units (“Profit Interest Units”). Class B Units typically vest over periods ranging from two to four years and are expensed using the straight-line method over the requisite service period.

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-Average Grant Date Fair Value (C$)




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
Granted / Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, December 31, 2024	10,711,587	$	1.49

All Class B Units were vested as of December 31, 2024. The fair values of units vested during the period ended December 31, 2024 was $0.3 million.

Standard Units Valuation Assumptions

The fair value of the Standard Units has been determined to be the closing stock price of GDH Ltd. shares on the date of grant.

Profits Interest Units Valuation Assumptions

The Profit Interest Units receive “catch up” allocations with respect to book income which enable such units to accumulate capital accounts equal to those of Standard Units. Initially, the Profit Interest Units will have a capital account balance of $0, which will be adjusted upon a liquidation or capital event, or when the capital accounts of the GDH LP unit holders are marked to market to reflect the fair value of GDH LP’s assets. Such “catch up” allocations will terminate once the Profit Interest Units have accumulated capital accounts equal to those of other Standard Units. Once a Profit Interest Unit has vested and has been fully “caught up,” such Profit Interest Unit may be exchanged for one share of GDH Ltd. for no additional consideration. The fair value of the Profit Interest Units was estimated using the probability-weighted expected return method. In applying this method, a payoff was determined for a Profit Interest Unit under three potential scenarios, each payoff was weighted by an estimated probability of the corresponding scenario and then the probability-weighted payoffs were discounted to the date of grant and summed. The scenarios, probabilities and other inputs into the model were selected using professional judgment, considering, among other things, the results of a one-period trinomial model, the results of a standard Black-Scholes option pricing model under different assumptions and the estimated fair value of a common share of GDH Ltd.

There were no Class B units granted during the period ended March 31, 2025 and December 31, 2024.

Restricted Stock

On May 19, 2021, the Company granted 845,428 restricted shares as part of the business combination with Vision Hill. The restricted shares vested over approximately 3 years and were expensed using the straight-line method over the requisite service period. All granted restricted shares were fully vested as of June 30, 2024.

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units(1)	Weighted Average Grant Price (C$)




Balance, December 31, 2023	281,808	$	19.11
Vested	(281,808)	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, March 31, 2025	—	—

As of March 31, 2025 and December 31, 2024, there was no unamortized stock-based compensation expense related to unvested restricted stock.

Restricted Share Units

Restricted share units vest over approximately 3 - 4 years and are expensed using the straight-line method over the requisite service period. The Company accounts for forfeitures as they occur.

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, 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
Granted	1,898,442	15.17
Exercised	(158,114)	15.46
Forfeited / Cancelled	(165,986)	17.35
Balance, March 31, 2025	11,583,915	$	14.25
Units vested as of March 31, 2025	4,541,399	$	16.46
Units vested as of December 31, 2024	4,066,372	$	15.07

_______________

(1)Includes deferred share units granted to the directors as part of annual compensation.

As of March 31, 2025, there was $54.4 million of unamortized stock-based compensation expense related to unvested restricted share units, which is expected to be recognized over a weighted average period of 2.29 years.

During the three months ended March 31, 2025 and March 31, 2024, the Company granted 125,691 and 124,835 restricted share units, respectively, under the Non-Treasury Share Unit Plan which will be settled in cash. The restricted share units vest over three to four years with varying vesting schedules and had a fair value of $1.4 million and $1.2 million at grant date, respectively. The outstanding liability related to cash settled units as of March 31, 2025 and December 31, 2024 was $6.9 million and $10.2 million, respectively.

During the three months ended March 31, 2025, and March 31, 2024, the Company granted 92,089 and 215,498 Stock Appreciation Rights (“SARs”), respectively, under the LTIP which will be settled in cash. The SARs vest over three years and had a weighted average grant date fair value of $0.7 million and $1.4 million, respectively. The outstanding liability as of March 31, 2025 and December 31, 2024 related to the SARs was $1.1 million and $1.7 million, respectively.

EQUITY BASED COMPENSATION

Equity based compensation

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, 2024		December 31, 2023		December 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.

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, 2024		December 31, 2023		December 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 Units	53		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.

Equity Plans

Long Term Incentive Plan

In May 2021 (subsequently amended and restated in May 2024), the Board of Directors of GDH Ltd. approved the GDH Ltd. Long Term Incentive Plan (“LTIP”) to grant stock options, stock appreciation rights, restricted stock and share units in the form of restricted share units and/or performance share units to employees, officers and consultants of GDH Ltd. and its affiliates and deferred share units to non-employee directors of GDH Ltd. and non-employee managers of the board of managers of the General Partner. Under the LTIP Plan, the exercise price of each option may not be less than the market price of GDH Ltd.’s shares at the date of grant. Options granted under the LTIP typically have a term not to exceed five years and are subject to vesting provisions as determined by the board of directors of GDH Ltd., who administer the LTIP. On exercise of an option, the holder will receive one common share in GDH Ltd. and GDH LP will issue one Class A Unit to GDH Ltd. The maximum number of shares reserved for issuance under the LTIP is fixed at 48,290,478 shares of GDH Ltd.

Non-Treasury Plan

Stock Options

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:


Description	Number of Options	Weighted 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
Granted	1,565,000	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
Granted	2,913,051	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, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	$	5.80	1.82	$	40,427
Vested and expected to vest as of December 31, 2022	27,652,543	$	8.56	2.62	$	9,594
Options exercisable as of December 31, 2022	14,180,883	$	4.66	2.06	$	8,135

_______________

(1)Includes stock options granted due to stock option modification.

The weighted average grant date fair value of options granted to employees was $6.99, $4.04, and $10.86 per share for the years ended December 31, 2024, 2023 and 2022, respectively. The total intrinsic value of the 3,546,327, 5,847,020, and 2,627,053 options exercised during the years ended December 31, 2024, 2023, and 2022 was $39.9 million, $14.0 million, and $19.0 million, respectively. The intrinsic value is the difference between the estimated fair value of the Company’s units at the time of exercise and the exercise price of the stock option.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the aggregate difference between the closing stock price of the GDH Ltd.’s ordinary shares on December 31, 2024 and the exercise price for in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2024.

The fair value of options vested during the years ended December 31, 2024, 2023 and 2022 was $20.3 million, $17.2 million, and $21.6 million, respectively.

Modification of stock options previously granted

As of December 31, 2024, the total unamortized stock-based compensation expense related to the stock options was $34.2 million, which will be recognized over a weighted-average period of approximately 4.4 years.

Stock Option Valuation Assumptions

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)	5	5	5
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 yield	0%	0%	0%

The assumptions used in the Black-Scholes option pricing model were determined as follows:

Share price. The closing price of GDH Ltd. shares on the respective grant dates was used.

Expected Term. Full term of the options was used as the expected term.

Risk-free Interest Rate. The risk-free interest rate was calculated by interpolating government bond yields over the expected terms of the respective option grants.

Dividend Yield. GDH Ltd. has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero.

The Company has made a policy election to recognize forfeitures of awards as they occur.

Compensatory Class B Unit Awards

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-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

The fair values of units vested during the years ended December 31, 2024, 2023 and 2022 were $0.3 million, $0.1 million, and $1.8 million, respectively. As of December 31, 2024, there was no unamortized stock-based compensation expense related to the Class B Units.

Standard Units valuation assumptions

The fair value of the Standard Units has been determined to be the closing stock price of GDH Ltd. shares on the date of grant.

Profits Interest Units valuation assumptions

There were no Class B units granted during the year ended December 31, 2024, 2023 and 2022.

Restricted Stock

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units	Weighted 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	—	$	—

As of December 31, 2024, there was no unamortized stock-based compensation expense related to unvested restricted stock.

Restricted Share Units

Restricted share units vest over approximately 3-4 years and are expensed using the straight-line method over the requisite service period. The Company accounts for forfeitures as they occur.

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.

As of December 31, 2024, there was $48.4 million of unamortized stock-based compensation expense related to unvested restricted share units, which is expected to be recognized over a weighted average period of 2.4 years.

During the years ended December 31, 2024, 2023 and 2022, the Company granted 240,164, 375,783 and 830,305 restricted share units, respectively, under the Non-Treasury Share Unit Plan which will be settled in cash. The restricted share units vest over three to four years with varying vesting schedules and had a fair value of $2.7 million, $1.2 million and $10.1 million at grant date for the years ended December 31, 2024, 2023 and 2022, respectively. The outstanding liability related to cash settled units as of December 31, 2024 and 2023 was $10.2 million and $4.3 million, respectively.

During the years ended December 31, 2024 and 2023, the Company granted 242,498 and 299,151 Stock Appreciation Rights ("SARs"), respectively, under the LTIP which will be settled in cash. The SARs vest over three years and had a weighted average grant date fair value of $1.5 million and $0.5 million for the years ended December 31, 2024 and 2023, respectively. The outstanding liability as of December 31, 2024 and 2023 related to the SARs was $1.7 million and $1.0 million, respectively.

Income tax benefits related to equity based compensation recognized in the Company's consolidated statement of operations for the years ended December 31, 2024, 2023 and 2022 were $2.3 million, $0.7 million, and $3.7 million, respectively.

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.

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

SUBSEQUENT EVENTS (Details) - MW	Apr. 01, 2025	Mar. 31, 2025
Subsequent Event \| Galaxy Digital Holdings, LP
Subsequent Event [Line Items]
Lease agreement, nonmonetary amount	260	133

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended				3 Months Ended		9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2025 USD ($)	May 13, 2025 USD ($)	Mar. 31, 2025 USD ($) company	Jul. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2025 USD ($) contract company	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2024 USD ($) contract company	Dec. 31, 2023 USD ($) contract company
Other Commitments [Line Items]
Legal provision accrued												$ 182,000,000
LPA maximum tax distribution percentage						25.00%						25.00%
Galaxy Digital Holdings, LP
Other Commitments [Line Items]
Number of sublease contracts \| contract						3						3	3
Number of VIE portfolio companies \| company			7			7						7	7
Unfunded commitments to VIEs			$ 66,500,000			$ 66,500,000						$ 69,000,000	$ 61,000,000
Legal provision accrued			$ 186,000,000			$ 186,000,000						$ 182,000,000
Discount rate for legal provision			4.30%			4.30%						4.30%
Undiscounted amount of the settlement			$ 200,000,000			$ 200,000,000						$ 200,000,000
Distributions						$ 9,400,000	$ 36,700,000					$ 55,300,000	22,400,000
Contributions to subsidiaries related to crypto asset activities			75,000,000	$ 20,000,000	$ 523,000,000
Percentage of capital gains to be recognized						90.00%						90.00%
Galaxy Digital Holdings, LP \| Forecast
Other Commitments [Line Items]
Payments for legal settlement								$ 40,000,000	$ 60,000,000	$ 60,000,000	$ 40,000,000
Galaxy Digital Holdings, LP \| Indemnifications
Other Commitments [Line Items]
Loss contingency accrual			0			$ 0						$ 0	0
Galaxy Digital Holdings, LP \| Credit Facility Funding and Delayed Trading Settlements
Other Commitments [Line Items]
Other commitments			80,000,000			80,000,000						60,000,000	20,000,000
Amounts funded for other commitments			60,000,000			60,000,000						39,900,000	$ 0
Galaxy Digital Holdings, LP \| Facility Construction Improvements
Other Commitments [Line Items]
Other commitments			$ 713,100,000			$ 713,100,000						$ 9,100,000
Galaxy Digital Holdings, LP \| Subsequent Event
Other Commitments [Line Items]
Amount funded to VIEs	$ 2,500,000	$ 1,100,000
Contributions to subsidiaries related to crypto asset activities		$ 90,000,000

REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
Total operating expenses	0	1	2	2
Net income / (loss) for the period, before taxes	0	(1)	(2)	(2)
Income tax expense / (benefit)	0	0	0	0
Net income / (loss)	0	(1)	(2)	(2)
Galaxy Digital Holdings, LP
Segment Reporting Information [Line Items]
Revenue	12,976,206	9,335,372	42,596,673	51,626,779	$ 119,825,847
Net gain / (loss) on digital assets	(18,223)	346,393	634,557	333,450	938,365
Net gain / (loss) on investments	(133,167)	63,018	258,791	97,827	(464,918)
Net gain / (loss) on derivatives trading	31,059	83,640	267,769	151,583	192,558
Revenues and gains / (losses) from operations	12,855,875	9,828,423	43,757,790	52,209,639	120,491,852
Transaction expenses	13,059,439	9,313,616	42,741,776	51,592,423	120,995,931
Compensation and benefits	56,953	61,071	265,591	219,256	216,201
Notes interest expense	14,071	6,976	30,804	27,285	37,029
Depreciation and amortization	13,591	9,500	46,892	22,945	12,852
Other expenses	103,643	30,306	313,991	93,564	179,059
Total operating expenses	13,247,697	9,421,469	43,399,054	51,955,473	121,441,072
Operating income	(391,822)	406,954	358,736	254,166	(949,220)
Change in fair value of warrant liability			0	0	20,322
Unrealized gain / (loss) on notes payable – derivative	89,606	(9,713)	(31,727)	(9,603)	57,998
Other income / (expense), net	672	213	2,774	(135)	26,480
Total other income / (expense)	90,278	(9,500)	(28,953)	(9,738)	104,800
Net income / (loss) for the period, before taxes	(301,544)	397,454	329,783	244,428	(844,420)
Income tax expense / (benefit)	(6,112)	9,327	(16,939)	15,914	(28,291)
Unit holders of the Company			346,722	228,514	(718,910)
Net income / (loss)	(295,432)	388,127	346,722	228,514	(816,129)
Redeemable noncontrolling interests			0	0	(97,219)
Galaxy Digital Holdings, LP \| Digital Assets
Segment Reporting Information [Line Items]
Revenue	12,971,529	9,302,569	42,497,063	51,565,491	119,785,259
Net gain / (loss) on digital assets	52,204	82,590	57,560	22,527	(289,497)
Net gain / (loss) on investments	(20,349)	0	17,425	0	0
Net gain / (loss) on derivatives trading	60,515	(15,632)	168,355	65,380	100,341
Revenues and gains / (losses) from operations	13,063,899	9,369,527	42,740,403	51,653,398	119,596,103
Transaction expenses	12,999,168	9,272,125	42,437,298	51,509,381	119,437,498
Compensation and benefits	38,826	42,275	175,925	148,909	134,550
Notes interest expense	0	0	0	0	0
Depreciation and amortization	3,555	1,307	11,446	4,344	0
Other expenses	18,821	14,050	68,725	44,854	95,578
Total operating expenses	13,060,370	9,329,757	42,693,394	51,707,488	119,667,626
Operating income	3,529	39,770	47,009	(54,090)	(71,523)
Change in fair value of warrant liability					0
Unrealized gain / (loss) on notes payable – derivative	0	0	0	0	0
Other income / (expense), net	0	0	0	0	0
Total other income / (expense)	0	0	0	0	0
Net income / (loss) for the period, before taxes	3,529	39,770	47,009	(54,090)	(71,523)
Income tax expense / (benefit)	0	0	0	0	0
Unit holders of the Company			47,009	(54,090)	(71,523)
Net income / (loss)	3,529	39,770			(71,523)
Redeemable noncontrolling interests					0
Galaxy Digital Holdings, LP \| Data Centers
Segment Reporting Information [Line Items]
Revenue	0	0	0	0	0
Net gain / (loss) on digital assets	0	0	0	0	0
Net gain / (loss) on investments	0	0	0	0	0
Net gain / (loss) on derivatives trading	0	0	0	0	0
Revenues and gains / (losses) from operations	0	0	0	0	0
Transaction expenses	0	0	0	0	0
Compensation and benefits	1,263	0	0	0	0
Notes interest expense	0	0	0	0	0
Depreciation and amortization	1,251	1,674	7,497	5,548	0
Other expenses	385	0	0	0	0
Total operating expenses	2,899	1,674	7,497	5,548	0
Operating income	(2,899)	(1,674)	(7,497)	(5,548)	0
Change in fair value of warrant liability					0
Unrealized gain / (loss) on notes payable – derivative	0	0	0	0	0
Other income / (expense), net	0	0	0	0	0
Total other income / (expense)	0	0	0	0	0
Net income / (loss) for the period, before taxes	(2,899)	(1,674)	(7,497)	(5,548)	0
Income tax expense / (benefit)	0	0	0	0	0
Unit holders of the Company			(7,497)	(5,548)	0
Net income / (loss)	(2,899)	(1,674)			0
Redeemable noncontrolling interests					0
Galaxy Digital Holdings, LP \| Treasury and Corporate
Segment Reporting Information [Line Items]
Revenue	4,677	32,803	99,610	61,288	40,588
Net gain / (loss) on digital assets	(70,427)	263,803	576,997	310,923	1,227,862
Net gain / (loss) on investments	(112,818)	63,018	241,366	97,827	(464,918)
Net gain / (loss) on derivatives trading	(29,456)	99,272	99,414	86,203	92,217
Revenues and gains / (losses) from operations	(208,024)	458,896	1,017,387	556,241	895,749
Transaction expenses	60,271	41,491	304,478	83,042	1,558,433
Compensation and benefits	16,864	18,796	89,666	70,347	81,651
Notes interest expense	14,071	6,976	30,804	27,285	37,029
Depreciation and amortization	8,785	6,519	27,949	13,053	12,852
Other expenses	84,437	16,256	245,266	48,710	83,481
Total operating expenses	184,428	90,038	698,163	242,437	1,773,446
Operating income	(392,452)	368,858	319,224	313,804	(877,697)
Change in fair value of warrant liability					20,322
Unrealized gain / (loss) on notes payable – derivative	89,606	(9,713)	(31,727)	(9,603)	57,998
Other income / (expense), net	672	213	2,774	(135)	26,480
Total other income / (expense)	90,278	(9,500)	(28,953)	(9,738)	104,800
Net income / (loss) for the period, before taxes	(302,174)	359,358	290,271	304,066	(772,897)
Income tax expense / (benefit)	(6,112)	9,327	(16,939)	15,914	(28,291)
Unit holders of the Company			$ 307,210	$ 288,152	(647,387)
Net income / (loss)	$ (296,062)	$ 350,031			(744,606)
Redeemable noncontrolling interests					$ (97,219)

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Prepaid expenses	$	13,600	$	11,112
Asset purchase deposits	4,845		4,845
Current tax asset and tax receivable	5,228		5,364

Other (1)	6,211		5,571
	$	29,884	$	26,892

_______________

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Prepaid expenses	$	11,112	$	1,930
Mining deposits	4,845		8,825
Current tax asset and tax receivable	5,364		15,124

Other(1)	5,571		11,045
	$	26,892	$	36,924

_______________

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Compensation and compensation related	$	20,490	$	71,553
Professional fees	7,871		5,684
Promissory note(1)	109,004		96,933
Legal settlement	78,165		40,000
Mining payables and accrued liabilities	1,269		9,385
Payable for digital asset trades	15,028		20,970
Interest	27,169		15,530
Payable for investments and acquisitions	4,447		11,054
Accounts payable	3,713		6,910


Other	3,312		3,512
	$	270,468	$	281,531

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Compensation and compensation related	$	71,553	$	50,556
Professional fees	5,684		7,755
Promissory note(1)	96,933		67,246
Legal settlement	40,000		—
Mining payables and accrued liabilities	9,385		1,447
Payable for digital asset trades	20,970		4,176
Interest	15,530		4,595


Payable for investments and acquisitions	11,054		—
Accounts payable	6,910		2,569


Other	3,512		2,032
	$	281,531	$	140,376

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions

Schedule of Other Noncurrent Liabilities

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Tax liabilities	$	47,463	$	42,994
Legal settlement	108,151		142,462
Lease liability	6,500		6,936
	$	162,114	$	192,392

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Tax liabilities	$	42,994	$	42,856
Legal settlement	142,462		—
Lease liability	6,936		14,096
	$	192,392	$	56,952

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

PROPERTY AND EQUIPMENT

The following table represents property and equipment balances and accumulated depreciation as of the period ended March 31, 2025 and year ended December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Corporate assets (1)	$	12,150	$	11,093
Mining equipment	165,942		172,572
Data center infrastructure (2)	105,324		113,710
Land	16,487		12,809
WIP / Construction in progress (3)	125,776		35,777
Property and equipment, gross	425,679		345,961
Less: Accumulated depreciation	(63,252)		(57,934)
Less: Impairment / Loss on disposal (4)	(100,211)		(50,989)
Property and equipment, net	$	262,216	$	237,038

_______________

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)Data center infrastructure comprises land and improvements associated with our mining and AI/HPC leasing businesses.

(3)As of March 31, 2025 and December 31, 2024, WIP/Construction in progress related to data center infrastructure under construction.

(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Depreciation expense of $8.7 million and $6.7 million related to property and equipment for the three months ended March 31, 2025 and March 31, 2024, respectively, is included in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Impairment of Mining Equipment

The Company assesses mining equipment for impairment when a triggering event is identified. As a result of a change of anticipated use of the mining equipment in fiscal year 2025 during the three months ended March 31, 2025, the Company recognized an impairment of $49.2 million in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. Impairment testing of assets held for use requires determination of recoverability using unobservable inputs such as estimated future cash flows and involves significant judgment. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.

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.

(3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations.

Depreciation expense of $31.2 million, $15.3 million and $9.2 million related to property 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.

STOCKHOLDER’S EQUITY (Details) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2021
Equity [Abstract]
Common stock, authorized (in shares)	1,000	1,000	1,000
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)	100	100	100	100

REVENUES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Disaggregation of Revenue

The following tables provide additional details related to the Company’s Revenues for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales	$	12,849,568	$	—	$	—	$	12,849,568
Fees	14,580		—		(3,063)		11,517
Blockchain rewards	80,700		—		(9,588)		71,112
Proprietary mining	—		—		11,236		11,236
Revenues from contracts with customers	12,944,848		—		(1,415)		12,943,433

Blockchain rewards from non-customers	1,055		—		4,309		5,364
Lending	25,626		—		1,783		27,409
Total revenues	$	12,971,529	$	—	$	4,677	$	12,976,206


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales	$	9,257,178	$	—	$	—	$	9,257,178
Fees	18,854		—		9,274		28,128
Blockchain rewards	8,251		—		2,023		10,274
Proprietary mining	—		—		20,128		20,128
Revenues from contracts with customers	9,284,283		—		31,425		9,315,708

Blockchain rewards from non-customers	2,910		—		—		2,910
Lending	15,376		—		1,378		16,754
Total revenues	$	9,302,569	$	—	$	32,803	$	9,335,372

The following table provides additional details related to the Company’s Revenues for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales	$	42,155,920	$	—	$	—	$	42,155,920
Fees	74,962		—		28,232		103,194
Blockchain rewards	179,924		—		890		180,814
Proprietary mining	—		—		63,305		63,305
Revenues from contracts with customers	42,410,806		—		92,427		42,503,233

Blockchain rewards from non-customers	5,852		—		2,099		7,951
Lending	80,405		—		5,084		85,489
Total revenues	$	42,497,063	$	—	$	99,610	$	42,596,673


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales	$	51,488,120	$	—	$	—	$	51,488,120
Fees	29,240		—		21,571		50,811
Blockchain rewards	3,230		—		2,455		5,685
Proprietary mining	—		—		33,121		33,121
Revenues from contracts with customers	51,520,590		—		57,147		51,577,737

Blockchain rewards from non-customers	982		—		—		982
Lending	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales	$	119,724,879	$	—	$	—	$	119,724,879
Fees	31,104		—		3,167		34,271
Blockchain rewards	—		—		7,510		7,510
Proprietary mining	—		—		29,911		29,911
Revenues from contracts with customers	119,755,983		—		40,588		119,796,571

Blockchain rewards from non-customers	—		—		—		—
Lending	29,276		—		—		29,276
Total revenues	$	119,785,259	$	—	$	40,588	$	119,825,847

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.

EQUITY BASED COMPENSATION - Schedule of Awarded Compensatory Equity Based Compensation (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 13,738	$ 18,520	$ 75,017	$ 83,790	$ 89,860
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	4,575	3,597	20,475	23,138	27,628
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	9,163	14,909	54,489	60,593	61,512
Profit Interest Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 0	$ 14	$ 53	$ 59	$ 720

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.

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0
Galaxy Digital Holdings, LP
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,943,433	9,315,708	42,503,233	51,577,737	$ 119,796,571
Total revenues	12,976,206	9,335,372	42,596,673	51,626,779	119,825,847
Galaxy Digital Holdings, LP \| Digital Assets
Disaggregation of Revenue [Line Items]
Total revenues	12,971,529	9,302,569	42,497,063	51,565,491	119,785,259
Galaxy Digital Holdings, LP \| Data Centers
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0	0
Galaxy Digital Holdings, LP \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Total revenues	4,677	32,803	99,610	61,288	40,588
Galaxy Digital Holdings, LP \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,944,848	9,284,283	42,410,806	51,520,590	119,755,983
Total revenues	12,971,529	9,302,569	42,497,063	51,565,491	119,785,259
Galaxy Digital Holdings, LP \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Total revenues	0	0	0	0	0
Galaxy Digital Holdings, LP \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,415)	31,425	92,427	57,147	40,588
Total revenues	4,677	32,803	99,610	61,288	40,588
Galaxy Digital Holdings, LP \| Digital assets sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,849,568	9,257,178	42,155,920	51,488,120	119,724,879
Galaxy Digital Holdings, LP \| Digital assets sales \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,849,568	9,257,178	42,155,920	51,488,120	119,724,879
Galaxy Digital Holdings, LP \| Digital assets sales \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Digital assets sales \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,517	28,128	103,194	50,811	34,271
Galaxy Digital Holdings, LP \| Fees \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,580	18,854	74,962	29,240	31,104
Galaxy Digital Holdings, LP \| Fees \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Fees \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(3,063)	9,274	28,232	21,571	3,167
Galaxy Digital Holdings, LP \| Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	71,112	10,274	180,814	5,685	7,510
Galaxy Digital Holdings, LP \| Blockchain rewards \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	80,700	8,251	179,924	3,230	0
Galaxy Digital Holdings, LP \| Blockchain rewards \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Blockchain rewards \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(9,588)	2,023	890	2,455	7,510
Galaxy Digital Holdings, LP \| Proprietary mining
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,236	20,128	63,305	33,121	29,911
Galaxy Digital Holdings, LP \| Proprietary mining \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Proprietary mining \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Proprietary mining \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,236	20,128	63,305	33,121	29,911
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	5,364	2,910	7,951	982	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	1,055	2,910	5,852	982	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0	0	0	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	4,309	0	2,099	0	0
Galaxy Digital Holdings, LP \| Lending
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	27,409	16,754	85,489	48,060	29,276
Galaxy Digital Holdings, LP \| Lending \| Operating Segments \| Digital Assets
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	25,626	15,376	80,405	43,919	29,276
Galaxy Digital Holdings, LP \| Lending \| Operating Segments \| Data Centers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0	0	0	0
Galaxy Digital Holdings, LP \| Lending \| Operating Segments \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 1,783	$ 1,378	$ 5,084	$ 4,141	$ 0

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0
Galaxy Digital Holdings, LP
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,943,433	9,315,708	42,503,233	51,577,737	$ 119,796,571
Total revenues	12,976,206	9,335,372	42,596,673	51,626,779	119,825,847
Galaxy Digital Holdings, LP \| Digital Assets
Disaggregation of Revenue [Line Items]
Total revenues	12,971,529	9,302,569	42,497,063	51,565,491	119,785,259
Galaxy Digital Holdings, LP \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,944,848	9,284,283	42,410,806	51,520,590	119,755,983
Total revenues	12,971,529	9,302,569	42,497,063	51,565,491	119,785,259
Galaxy Digital Holdings, LP \| Data Centers
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0	0
Galaxy Digital Holdings, LP \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Total revenues	0	0	0	0	0
Galaxy Digital Holdings, LP \| Treasury and Corporate
Disaggregation of Revenue [Line Items]
Total revenues	4,677	32,803	99,610	61,288	40,588
Galaxy Digital Holdings, LP \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,415)	31,425	92,427	57,147	40,588
Total revenues	4,677	32,803	99,610	61,288	40,588
Galaxy Digital Holdings, LP \| Digital assets sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,849,568	9,257,178	42,155,920	51,488,120	119,724,879
Galaxy Digital Holdings, LP \| Digital assets sales \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,849,568	9,257,178	42,155,920	51,488,120	119,724,879
Galaxy Digital Holdings, LP \| Digital assets sales \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Digital assets sales \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,517	28,128	103,194	50,811	34,271
Galaxy Digital Holdings, LP \| Fees \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,580	18,854	74,962	29,240	31,104
Galaxy Digital Holdings, LP \| Fees \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Fees \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(3,063)	9,274	28,232	21,571	3,167
Galaxy Digital Holdings, LP \| Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	71,112	10,274	180,814	5,685	7,510
Galaxy Digital Holdings, LP \| Blockchain rewards \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	80,700	8,251	179,924	3,230	0
Galaxy Digital Holdings, LP \| Blockchain rewards \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Blockchain rewards \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(9,588)	2,023	890	2,455	7,510
Galaxy Digital Holdings, LP \| Proprietary mining
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,236	20,128	63,305	33,121	29,911
Galaxy Digital Holdings, LP \| Proprietary mining \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Proprietary mining \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0	0
Galaxy Digital Holdings, LP \| Proprietary mining \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,236	20,128	63,305	33,121	29,911
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	5,364	2,910	7,951	982	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	1,055	2,910	5,852	982	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0	0	0	0
Galaxy Digital Holdings, LP \| Blockchain rewards from non-customers \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	4,309	0	2,099	0	0
Galaxy Digital Holdings, LP \| Lending
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	27,409	16,754	85,489	48,060	29,276
Galaxy Digital Holdings, LP \| Lending \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	25,626	15,376	80,405	43,919	29,276
Galaxy Digital Holdings, LP \| Lending \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0	0	0	0
Galaxy Digital Holdings, LP \| Lending \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 1,783	$ 1,378	$ 5,084	$ 4,141	$ 0

Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1	$ 1		$ 3
Total current assets	1	1		3
Total assets	1	1		3
Stockholder’s equity
Common stock, par value $0.01 per share, 1,000 shares authorized, 100 shares issued and outstanding	0	0		0
Additional paid in capital	5	5		5
Retained deficit	(4)	(4)		(2)
Total stockholder’s equity	1	1	$ 2	3	$ 0
Total liabilities and stockholder’s equity	$ 1	$ 1		$ 3

EQUITY BASED COMPENSATION - Schedule of the Activity Related to the Compensatory Class B Units During the Respective Periods (Details) - Class B Unit Capital - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class B Units
Beginning balance (in shares)	10,711,587	10,792,944	10,792,944	14,890,203
Granted / transferred (in shares)	0	0	0	0
Exchanged (in shares)	0	(81,357)		(4,097,259)
Forfeited (in shares)	0	0	0	0
Ending balance (in shares)	10,711,587	10,711,587	10,792,944	10,792,944
Class B units exercisable (in shares)	10,711,587	10,711,587	10,777,718
Weighted-Average Grant Date Fair Value (C$)
Beginning balance (in cad per share)	$ 1.49	$ 1.49	$ 1.49	$ 1.81
Granted / transferred (in cad per share)	0	0	0	0
Exchanged (in cad per share)	0	1.65		1.98
Forfeited (in cad per share)	0	0	0
Ending balance (in cad per shares)		1.49	1.49	$ 1.49
Class B units exercisable (in cad per share)	$ 1.49	$ 1.49	$ 1.49

FAIR VALUE OPTION - Schedule of Fair Value Option (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 1,041,877	$ 917,757	$ 472,915
Digital financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	514,479	359,664	74,386
Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 527,398	$ 558,093	$ 398,529

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Effective May 13, 2025, GDI, GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI became the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI.
Galaxy Digital Holdings, LP
Subsequent Event [Line Items]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 1, 2025, a subsidiary of GDH LP and CoreWeave, Inc. entered into a phase II option agreement pursuant to the existing lease agreement between the parties, under which CoreWeave has committed to enter into a lease agreement for the uptake of additional 260 MW of critical IT load at the Helios campus on substantially similar economic terms as the phase I lease agreement executed in March 2025. Effective May 13, 2025, Galaxy Digital Inc. (“GDI”), GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI has become the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI. SUBSEQUENT EVENTS In March 2025, Galaxy entered into a 15-year agreement with CoreWeave to host high-performance computing and artificial intelligence infrastructure and deliver 133 MW of Critical IT Load at its Helios campus in West Texas.

LOANS AND NOTES PAYABLE - Narrative (Details)	3 Months Ended		12 Months Ended
LOANS AND NOTES PAYABLE - Narrative (Details)	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Apr. 23, 2021 shares
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares	100		100	100		100
Common stock, value, issued	$ 0		$ 0	$ 0
Galaxy Digital Holdings, LP
Debt Instrument [Line Items]
Interest expense, Short-term Borrowings	3,600,000	$ 2,500,000	11,500,000	2,200,000	$ 6,900,000
Notes interest expense	14,071,000	6,976,000	30,804,000	27,285,000	37,029,000
Galaxy Digital Holdings, LP \| Senior Notes
Debt Instrument [Line Items]
Promissory note	847,500,000		847,500,000	445,000,000
Debt instrument, unamortized discount	17,400,000		18,500,000	7,500,000
Notes interest expense	14,100,000	7,000,000.0
Interest expense, long-term debt	5,900,000	$ 3,300,000	14,300,000	$ 13,400,000	$ 14,900,000
Galaxy Digital Holdings, LP \| 2026 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note	$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage	3.00%		3.00%
Common stock, issued (in shares) \| shares	7,498.221		7,498.221
Common stock, value, issued	$ 250,000		$ 250,000
Debt instrument, unamortized discount	71,000,000		71,000,000
Payments of debt issuance costs	$ 13,400,000		$ 13,400,000
Debt instrument, interest rate, effective percentage	7.00%		7.00%
Debt Instrument, Convertible, Conversion Ratio			0.02999
Galaxy Digital Holdings, LP \| 2029 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note	$ 402,500,000		$ 402,500,000
Debt instrument, interest rate, stated percentage	2.50%		2.50%
Common stock, issued (in shares) \| shares	10,497.5856		10,497.5856
Common stock, value, issued	$ 250,000		$ 250,000
Debt instrument, unamortized discount	94,000,000		94,000,000
Payments of debt issuance costs	$ 13,600,000		$ 13,600,000
Debt instrument, interest rate, effective percentage	9.20%		9.20%
Debt Instrument, Convertible, Conversion Ratio			0.04199

DERIVATIVES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Company’s Derivatives Portfolio

The breakdown of the Company’s derivatives portfolio, as of March 31, 2025 and December 31, 2024 was as follows (in thousands):

March 31, 2025


(in thousands)	Notional Amounts (1)		Gross Fair Value-Derivative Assets		Gross Fair Value-Derivative Liabilities
Digital assets	$	3,041,477	$	95,127	$	(67,313)
Foreign currencies	730,533		19,349		(14,026)
Equity securities	597,258		13,720		(6,993)
Interest rates	297,729		157		(708)
Commodities	11,563		—		(662)



	4,678,561		128,353		(89,702)

Digital assets receivable	4,036		19,670		—
Embedded derivatives — Digital assets borrowed	1,949,500		223,469		(41,027)
Embedded derivatives — Collateral payable	978,134		143,027		(58,988)
Embedded derivatives — Notes payable	847,500		—		(46,586)

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)

_______________

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)

_______________

Schedule Of Collateral Payable Associated With Derivative Positions

The below table represents the breakdown of collateral payable associated with derivative positions as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024




Collateral payable — Digital assets	$	28,569	$	30,600
Collateral payable — Cash	7,452		30,460
Collateral payable associated with derivatives	$	36,021	$	61,060

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

Condensed Consolidated Interim Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Revenue
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Bank charges	0	1	2	2
Total operating expenses	0	1	2	2
Net income / (loss) for the period, before taxes	0	(1)	(2)	(2)
Income tax expense / (benefit)	0	0	0	0
Net income / (loss)	$ 0	$ (1)	$ (2)	$ (2)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Unfunded Commitments	$ 66,500	$ 69,000	$ 61,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	475,531	541,531	342,247
Unfunded Commitments	66,519	69,019	61,014
Maximum Exposure	542,050	610,550	403,261
Non-Consolidated Sponsored Investment Funds \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment		398,386	187,605
Unfunded Commitments		56,725	48,550
Maximum Exposure		455,111	236,155
Other VIE’s \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	144,577	143,145	154,642
Unfunded Commitments	12,294	12,294	12,464
Maximum Exposure	$ 156,871	$ 155,439	$ 167,106

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.

LOANS AND NOTES PAYABLE - Repayment Obligation (Details) - Galaxy Digital Holdings, LP - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
2025	$ 445,000	$ 0
2026	0	445,000
2027	0	0
2028	402,500	0
2029		402,500
Total	$ 847,500	$ 847,500

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.

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

DIGITAL ASSETS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Digital Asset Holdings

The following tables provide additional detail related to the digital assets as of March 31, 2025 and December 31, 2024:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2025
Digital intangible assets (includes $1,020.2 million measured at fair value)	$	1,054,836	$	—	$	4,957	$	1,059,793
Digital financial assets	—		126,950		—		126,950
Total self-custodied (1)	1,054,836		126,950		4,957		1,186,743

Digital intangible assets (includes $471.0 million measured at fair value)	589,898		—		10,073		599,971
Digital financial assets	—		350,949		—		350,949
Total held with third parties, including centralized trading platforms	589,898		350,949		10,073		950,920

Collateral posted with counterparties (2) (measured at fair value)	195,059		—		—		195,059

Receipt tokens from decentralized finance protocols (3)	112,155		20,095		—		132,250
Other digital assets associated with decentralized finance protocols (3) (4)	171,912		16,485		—		188,397
Total digital assets associated with decentralized finance protocols	284,067		36,580		—		320,647
Total digital assets	$	2,123,860	$	514,479	$	15,030	$	2,653,369


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million 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

_______________

(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 March 31, 2025 and December 31, 2024:


	March 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	12,830	$	1,089,965	$	1,058,936
USDC	426,423,591	426,867		426,338
Ether	155,026	301,742		282,468
SOL	995,072	124,293		123,918
XRP	16,931,695	38,010		35,380
USDG	30,558,143	30,566		30,558
SUI	12,037,421	30,124		27,283
Other	not meaningful	274,143		215,974
Digital assets measured at fair value		2,315,710		2,200,855
Digital assets not measured at fair value	not meaningful	511,991		452,514
Total digital assets		$	2,827,701	$	2,653,369


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying 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

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

_______________

(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.

(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 three months ended March 31, 2025 and the year ended December 31, 2024:


Assets (in thousands)	Carrying value as of December 31, 2024		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of March 31, 2025
Digital intangible assets	$	550,203	$	2,906,707	$	(3,122,560)	$	153,760	$	(112,429)	$	76,888	$	(55)	$	452,514
Digital intangible assets at fair value	2,018,357		11,118,886		(11,141,072)		265,154		—		347,812		(922,761)		1,686,376
Digital financial assets	359,665		4,092,639		(3,940,321)		4,707		—		973		(3,184)		514,479
Total digital assets	$	2,928,225	$	18,118,232	$	(18,203,953)	$	423,621	$	(112,429)	$	425,673	$	(926,000)	$	2,653,369


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

_______________

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

_______________

(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.

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense / (benefit)	$ 0	$ 0	$ 0	$ 0
Galaxy Digital Holdings, LP
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense / (benefit)	$ (6,112)	$ 9,327	$ (16,939)	$ 15,914	$ (28,291)
Effective tax rate	2.04%	2.35%	(5.14%)	6.51%	3.35%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

DIGITAL ASSETS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Crypto Asset, Activity [Line Items]
Blockchain rewards generated from proprietary staking activities	$ 6.2	$ 12.3	$ 30.0	$ 4.0	$ 7.5
Net realized gain / (loss)			0.0	0.0	$ (44.6)
Restricted By Lock-Up Schedules
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 41.4		59.9	68.0
Restricted By Lock-Up Schedules \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration	3 years
Crypto Assets Staked
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 266.8		$ 371.7	$ 163.3
Restriction duration			11 days	11 days
Crypto Assets Staked \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration			11 days
Crypto Asset, Decentralized Finance Protocols
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued			41.00%
Bitcoin
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	40.00%		18.00%
Aave
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	15.00%		10.00%

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - Galaxy Digital Holdings, LP	Dec. 31, 2024
Software technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	2 years
Software technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Customer relationships and other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	2 years
Customer relationships and other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years

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.

BUSINESS COMBINATIONS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Millions					12 Months Ended
	Feb. 28, 2025	Dec. 09, 2024	Jul. 18, 2024	Feb. 21, 2023	Dec. 31, 2024	Dec. 31, 2023
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			5 years	3 years
Trademarks and Trade Names
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				3 years
Technology Valued
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life				5 years
Fierce Company
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 12.5
Payments to acquire businesses, gross		3.0
Business combination, consideration transferred, equity interests issued and issuable		9.5
Business combination, contingent consideration, liability		1.2
Business combination recognized identifiable assets acquired and liabilities assumed, deferred tax assets		3.3
Business acquisition, transaction costs		0.2
Fierce Company \| Trade Names
Business Acquisition [Line Items]
Intangible assets		$ 0.4
CryptoManufaktur
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 12.4
Business combination, contingent consideration, liability			5.5
Business acquisition, transaction costs			0.5
Business combination, consideration transferred, equity interests issued and issuable (in shares)	76,573
Business acquisition, pro forma revenue					$ 22.0	$ 21.0
Business acquisition, pro forma net income (loss)					$ 2.0	$ 1.0
CryptoManufaktur \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets			$ 7.2
GK8
Business Acquisition [Line Items]
Business combination, consideration transferred				$ 44.0
Business combination, contingent consideration, liability				44.0
Business acquisition, goodwill, expected tax deductible amount				17.2
Business acquisition, transaction costs				2.3
GK8 \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets				2.9
GK8 \| Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets				3.2
GK8 \| Technology Valued
Business Acquisition [Line Items]
Intangible assets				$ 17.2

EQUITY BASED COMPENSATION - Narrative (Details)			3 Months Ended			12 Months Ended
EQUITY BASED COMPENSATION - Narrative (Details)	Mar. 29, 2023 $ / shares shares	Mar. 19, 2021 shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested in period, fair value						$ 300,000		$ 100,000		$ 1,800,000
General partners' capital account			$ 0	$ 0		$ 0	$ 0
Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options granted (in usd per share) \| $ / shares			$ 7.27			$ 6.99		$ 4.04		$ 10.86
Exercise of stock options (in shares) \| shares			652,549			3,546,327		5,847,020		2,627,053
Intrinsic value			$ 7,900,000			$ 39,900,000		$ 14,000,000		$ 19,000,000
Fair value of options vested			$ 12,100,000			$ 20,300,000		$ 17,200,000		$ 21,600,000
Options and exercise price (in shares) \| shares	1,875,000		23,375,401	23,375,401		19,865,008	19,865,008	22,263,973	22,263,973	27,652,543	27,652,543	30,413,345
Stock options modified awards (in shares) \| shares	1,500,000
Exercised (in cad per share) \| $ / shares	$ 6.75			$ 3.09			$ 3.16		$ 3.73		$ 2.68
Unamortized stock-based compensation expense			$ 58,200,000	$ 58,200,000		$ 34,200,000	$ 34,200,000
Galaxy Digital Holdings, LP \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares) \| shares			0			0		0		0
Galaxy Digital Holdings, LP \| Minimum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			2 years			2 years
Galaxy Digital Holdings, LP \| Maximum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years			4 years
Galaxy Digital Holdings, LP \| Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period			4 years 2 months 12 days			4 years 4 months 24 days
Galaxy Digital Holdings, LP \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Granted / transferred (in shares) \| shares		845,428
Unamortized stock-based compensation expense related to unvested restricted stock.			$ 0	0		$ 0	0
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period			2 years 3 months 14 days			2 years 4 months 24 days
Granted / transferred (in shares) \| shares			1,898,442		3,439,035	3,439,035		4,983,339		6,718,554
Unamortized stock-based compensation expense related to unvested restricted stock.			$ 54,400,000	$ 54,400,000		$ 48,400,000	$ 48,400,000
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years			3 years
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years			4 years
Equity Plans \| Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			5 years			5 years
Maximum number of shares reserved for issuance fixed (in shares) \| shares			45,565,739	45,565,739		45,565,739	45,565,739
Long Term Incentive Plan \| Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares reserved for issuance fixed (in shares) \| shares			48,290,478	48,290,478		48,290,478	48,290,478
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares) \| shares			125,691		124,835	240,164		375,783		830,305
Weighted average grant date fair value			$ 1,400,000		$ 1,200,000	$ 2,700,000		$ 1,200,000		$ 10,100,000
Outstanding liability related to cash settled units			$ 6,900,000	$ 6,900,000		10,200,000	$ 10,200,000	4,300,000	$ 4,300,000
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Non-Treasury Share Unit Plan \| Galaxy Digital Holdings, LP \| Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value			$ 700,000		$ 1,400,000	1,500,000		500,000
Outstanding liability related to cash settled units			$ 1,100,000	$ 1,100,000		$ 1,700,000	$ 1,700,000	$ 1,000,000	$ 1,000,000
Granted (SAARs) in shares) \| shares			92,089		215,498	242,498		299,151
Vested weighted average period			3 years

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2025

VARIABLE INTEREST ENTITIES

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.


	March 31, 2025						December 31, 2024
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	330,954	$	54,225	$	385,179	$	398,386	$	56,725	$	455,111
Other VIE’s	144,577		12,294		156,871		143,145		12,294		155,439
Total	$	475,531	$	66,519	$	542,050	$	541,531	$	69,019	$	610,550

VARIABLE INTEREST ENTITIES

Consolidated Sponsored Investment Funds


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net gain / (loss) on consolidated VIEs	$	—	$	—	$	(166,113)
Net income / (loss) attributable to NCI on consolidated VIEs	$	—	$	—	$	(97,219)

Non-consolidated Sponsored Investment Funds & Other VIEs

The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. This includes funds which were once controlled but were subsequently deconsolidated due to reduced ownership percentage or other changes. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through net income in Net gain / (loss) on investments in the Company’s consolidated statements of operations. NAV was utilized as the practical expedient to fair value. See Note 9 for further information.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of year-end.


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Non-Consolidated Sponsored Investment Funds	$	398,386	$	56,725	$	455,111	$	187,605	$	48,550	$	236,155
Other VIE’s	143,145		12,294		155,439		154,642		12,464		167,106
Total	$	541,531	$	69,019	$	610,550	$	342,247	$	61,014	$	403,261

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.

Financing Receivable, Allowance for Credit Loss [Line Items]

LOANS RECEIVABLE (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Schedule of Outstanding Loans Receivable to be Repaid

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	407,966
2026	51,286
2027	1,088
2028	2,938
2029	1,188
2030	300
Loans receivable, current and non-current	$	464,766

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	476,620



Loans receivable, current and non-current	$	476,620

Schedule of Collateral Payable Associated With Loans Receivable, Current

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	578,745	$	620,633
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current and non-current	$	578,745	$	620,633

Collateral payable associated with loans receivable, current


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	620,633	$	444,839
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current	$	620,633	$	444,839

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table reflects the changes in carrying amount of goodwill:


(in thousands)	March 31, 2025		December 31, 2024
Balance, beginning of period	$	58,037	$	44,257
Additions due to acquisitions (Note 3)	—		13,780
Balance, end of period	$	58,037	$	58,037

The Company recognized no impairment of Goodwill for the periods ended March 31, 2025 and March 31, 2024. All goodwill is allocated to the Digital Assets segment.

Other Intangible Assets

The following table represents intangible assets and accumulated amortization as March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Software technology (1)	$	40,508	$	40,508
Other purchased defined-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		55,970
Less: Accumulated amortization	(22,600)		(18,619)
Intangible assets, net	$	33,370	$	37,351

_______________

(1)Includes capitalized equity based compensation of $3.1 million as of March 31, 2025 and December 31, 2024.


(in thousands)	Amounts


2025	$	12,570
2026	8,602
2027	5,676
2028	4,358
2029 and beyond	403
Total future amortization expense	$	31,609

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table reflects the changes in carrying amount of goodwill:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of period	$	44,257	$	24,645
Additions due to acquisitions (Note 3)	13,780		19,612
Balance, end of period	$	58,037	$	44,257

The Company recognized no impairment of Goodwill for the years ended December 31, 2024, 2023 and 2022. All goodwill is allocated to the Digital Assets segment.

Other intangible assets

The following table represents intangible assets and accumulated amortization as of the years ended December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Software technology(1)	$	40,508	$	38,895
Other purchased defined-life intangible assets	13,701		6,062
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		46,718
Less: Accumulated amortization	(18,619)		(6,735)
Intangible assets, net	$	37,351	$	39,983

_______________

(1)Includes capitalized equity based compensation of $3.1 million and $2.1 million as of December 31, 2024 and 2023, respectively.


(in thousands)	Amounts


2025	$	16,708
2026	8,549
2027	5,624
2028	4,306
2029 and beyond	403
Total future amortization expense	$	35,590

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.

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Distributions	$ 9,436,000	$ 36,698,000	$ 55,258,000	$ 22,405,000	$ 184,275,000
General and administrative	86,575,000	19,685,000	279,297,000	58,351,000	148,770,000
Financial guarantee	0	0	0	0	$ 0
Interest	$ 27,169,000		$ 15,530,000	$ 4,595,000
Options, grants in period (in shares)	4,172,899		2,913,051	10,963,780	1,565,000
Stock-based compensation	$ 13,738,000	$ 18,520,000	$ 75,017,000	$ 83,790,000	$ 89,860,000
Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Related Party Transaction [Line Items]
Granted / transferred (in shares)	1,898,442	3,439,035	3,439,035	4,983,339	6,718,554
Galaxy Interactive Fund I, LP
Related Party Transaction [Line Items]
Fair value of investments	$ 1,000,000		$ 1,000,000	$ 2,400,000
Related Party \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Distributions	9,400,000	$ 36,700,000	55,300,000	22,400,000	$ 184,300,000
Fair value of investments	13,100,000		12,900,000	11,000,000.0
General and administrative	900,000	500,000	3,200,000	2,200,000	2,500,000
Accounts payable	107,800,000		95,800,000	66,000,000.0
Advisory fees	600,000	500,000	2,100,000	900,000	1,000,000
Use of aircraft, expense	100,000	100,000
GGI fees	400,000		400,000
Options, grants in period (in shares)						500,000
Stock-based compensation	0	3,000,000	5,000,000.0	11,900,000	$ 11,600,000
Tax payments	4,800,000	4,800,000	4,800,000	2,900,000
Related Party \| Galaxy Digital Holdings, LP \| Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)
Related Party Transaction [Line Items]
Granted / transferred (in shares)						1,500,000
Related Party \| Promissory Note \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Promissory note	109,000,000		96,900,000	67,200,000
Interest	2,200,000		0	0
Related Party \| Candy Digital Inc \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Fair value of investments	8,800,000		9,100,000	18,000,000.0
Related Party \| GDH Ltd \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Consulting agreement, expense	$ 0	$ 200,000	$ 1,000,000.0	$ 1,000,000.0

DIGITAL ASSETS - Holdings (Details) - Galaxy Digital Holdings, LP $ in Thousands	Mar. 31, 2025 USD ($) digital_asset	Dec. 31, 2024 USD ($) digital_asset	Dec. 31, 2023 USD ($) digital_asset
Crypto Asset, Holding [Line Items]
Historical cost	$ 2,827,701	$ 3,041,321	$ 1,044,186
Carrying value	2,653,369	2,928,225	1,088,171
Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	2,315,710	2,443,026	747,829
Carrying value	2,200,855	2,378,022	810,537
Portion at Other than Fair Value Measurement
Crypto Asset, Holding [Line Items]
Historical cost	511,991	598,295	296,357
Carrying value	$ 452,514	$ 550,203	$ 277,634
Bitcoin
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	12,830	13,704	9,725
Bitcoin \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 1,089,965	$ 1,335,194	$ 412,517
Carrying value	$ 1,058,936	$ 1,277,816	$ 411,093
Ether
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	155,026	112,248	70,774
Ether \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 301,742	$ 378,907	$ 164,210
Carrying value	$ 282,468	$ 373,871	$ 161,450
USDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	426,423,591	333,713,029	74,359,987
USDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 426,867	$ 334,224	$ 74,350
Carrying value	$ 426,338	$ 333,652	$ 74,338
SOL
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	995,072	498,767
SOL \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 124,293	$ 73,567
Carrying value	$ 123,918	$ 94,288
XRP
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	16,931,695
XRP \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 38,010
Carrying value	$ 35,380
USDG
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	30,558,143
USDG \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 30,566
Carrying value	$ 30,558
SUI
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	12,037,421
SUI \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 30,124
Carrying value	27,283
UNI
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset		5,216,565
UNI \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost		$ 71,911
Carrying value		$ 68,922
TIA
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset		9,626,784	12,000,000
TIA \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost		$ 17,995	$ 2,700
Carrying value		34,116	67,536
Other \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	274,143	231,228	94,052
Carrying value	$ 215,974	$ 195,357	$ 96,120

INVESTMENTS - Identical or Similar Investments (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Carrying Value	$ 66,412	$ 63,227	$ 83,702
Impairment, Period to date	1,282	6,990	37,868
Impairment, Cumulative	60,591	59,608	64,588
Upward Adjustments, Period to date	1,642	2,214	2,356
Upward Adjustments, Cumulative	$ 64,834	$ 63,652	$ 74,352

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.

RISKS AND UNCERTAINTIES	3 Months Ended
RISKS AND UNCERTAINTIES	Mar. 31, 2025
Galaxy Digital Holdings, LP
Concentration Risk [Line Items]
RISKS AND UNCERTAINTIES	RISKS AND UNCERTAINTIES The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others. The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful. The Company also participates in decentralized finance protocols, smart contracts that perform specific functions. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of March 31, 2025, five protocols, Coinbase wrapped bitcoin, Aave, Pendle, Kamino, and Lombard represented 70% of the Company’s digital assets associated with decentralized finance protocols. As of December 31, 2024, four protocols, Maker DAO / Sky DAO, Coinbase wrapped bitcoin, Aave, and Pendle, represented 77% of the Company’s digital assets associated with decentralized finance protocols balance. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company held $152.8 million and $19.7 million of cash at brokers and $16.8 million and $64.7 million of cash on trading platforms as of March 31, 2025 and December 31, 2024, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of March 31, 2025 and December 31, 2024 no individual customer accounted for 10% or more of net accounts receivable. During the three months ended March 31, 2025, two digital asset trading platforms accounted for 43% of revenue; and during the three months ended March 31, 2024 one digital asset trading platform accounted for 41% of revenue. As of March 31, 2025 and December 31, 2024, two counterparties and their related parties accounted for 38% and 27%, respectively, of the Company’s Loans receivable and Digital assets loan receivable balance. The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans are callable on demand by the counterparties and are collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of March 31, 2025, no individual counterparty accounted for greater than 5% of current liabilities. As of December 31, 2024, one individual counterparty accounted for greater than 5% of the Company’s total current liabilities at 8.5%. The proceeds from these loans are utilized for trading activities. The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform it transacts on, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of March 31, 2025 and December 31, 2024, approximately 43% and 22%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. Two centralized digital asset trading platforms held more than 10% of the Company’s digital assets as of March 31, 2025, holding approximately 28% including posted collateral over which the Company maintains control. No centralized digital asset trading platform held more than 10% of the Company’s digital assets as of December 31, 2024. The Company operates a bitcoin mining business. The Company operates its own mining facility and utilizes third party hosting providers. The facilities are subject to operational risks including managing power costs and maintaining uptime, some of which are outside of the Company’s control. The regulatory environment related to digital assets is complex, evolving, and uncertain, requiring the Company to allocate resources in legal, accounting, compliance, technology, and other functions which impact the Company’s consolidated financial statements. Future regulatory rules adopted domestically and internationally may impose obligations and restrictions on how the Company manages to conduct its business activities in the future. The Company seeks to minimize potential adverse effects of these risks on performance by employing experienced personnel; daily monitoring of the Company’s investments, digital assets and market events; and diversifying the Company’s business strategy as well as its investment portfolio within the constraints of the Company’s investment objectives. RISKS AND UNCERTAINTIES The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others. The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful. The Company also participates in decentralized finance protocols, smart contracts that perform specific functions, which are predominantly built on top of the Ethereum blockchain. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of December 31, 2024, four protocols, Maker DAO / Sky DAO, Coinbase wrapped bitcoin, Aave, and Pendle, represented 77% of the Company’s digital assets associated with decentralized finance protocols. As of December 31, 2023, two protocols, Compound, Maker DAO / Sky DAO, represented 92% of the Company’s digital assets associated with decentralized finance protocols balance. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines, relative to credit ratings and maturities, that seek to maintain safety and liquidity. The Company held $19.7 million and $199.6 million of cash at brokers and $64.7 million and $24.9 million of cash on trading platforms as of December 31, 2024 and 2023, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of December 31, 2024 and 2023, no individual customer accounted for 10% or more of net accounts receivable. During the year ended December 31, 2024, two digital asset trading platforms accounted for 40% of revenue; and during the years ended December 31, 2023 and 2022, three digital asset trading platforms accounted for 54% and 67% of revenue, respectively. As of December 31, 2024 and 2023, two counterparties and their related parties accounted for 27% and 65%, respectively, of the Company’s Loans receivable and Digital assets loan receivable balance. The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans are callable on demand by the counterparties and are collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of December 31, 2024 and 2023, one individual counterparty accounted for greater than 5% of the Company's total current liabilities, at 8.5% and 12.0%, respectively. The proceeds from these loans are utilized for trading activities. The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform it transacts on, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of December 31, 2024 and 2023, approximately 22% of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. No centralized digital asset trading platform held more than 10% of the Company’s digital assets, including posted collateral over which the Company maintains control, as of December 31, 2024 and 2023. The Company operates a bitcoin mining business. The Company operates its own mining facility and utilizes third party hosting providers. The facilities are subject to operational risks including managing power costs and maintaining uptime, some of which are outside of the Company’s control. As of December 31, 2024, the Company predominantly operates its mining equipment at its mining facility in Texas, which reduces reliance on third-party hosting service providers. The regulatory environment related to digital assets is complex, evolving, and uncertain, requiring the Company to allocate resources in legal, accounting, compliance, technology, and other functions which impact the Company’s consolidated financial statements. Future regulatory rules adopted domestically and internationally may impose obligations and restrictions on how the Company manages to conduct its business activities in the future. The Company seeks to minimize potential adverse effects of these risks on performance by employing experienced personnel; daily monitoring of the Company’s investments, digital assets and market events; and diversifying the Company’s business strategy, as well as its investment portfolio within the constraints of the Company’s investment objectives.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Borrowed (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed	$ 1,760,455	$ 1,497,609	$ 398,277
Digital assets borrowed, non-current	6,603	0
Digital assets borrowed	$ 1,767,058	$ 1,497,609	$ 398,277
Bitcoin and Tether
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage	78.00%	87.00%
Bitcoin, Ether, DAI, and SOL
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage		87.00%	84.00%

EQUITY (Details) - Galaxy Digital Holdings, LP $ / shares in Units, $ in Thousands, $ in Millions									3 Months Ended		12 Months Ended
	Feb. 28, 2025 shares	Dec. 09, 2024 USD ($) shares	Aug. 09, 2024 shares	Jul. 18, 2024 USD ($)	Apr. 12, 2024 CAD ($) $ / shares shares	May 19, 2023	May 10, 2022	Nov. 12, 2020 USD ($) shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	May 26, 2023 shares	May 16, 2022 shares	Dec. 31, 2021 shares	Nov. 12, 2020 $ / shares shares
Class of Stock [Line Items]
Gain / (loss) recognized in warrants \| $											$ 0	$ 0	$ 20,322
Units redeemed amount \| $													7,961
Distributions \| $									$ 9,436	$ 36,698	$ 55,258	$ 22,405	$ 184,275
Class A Unit Capital
Class of Stock [Line Items]
Issuance of class A units, net of issuance cost (in shares)									485,977	254,387	20,110,850	8,709,592	14,131,494
Equity consideration \| $		$ 8,300		$ 3,500
Number of shares issued in acquisitions (in shares)	76,573	427,723	359,919
Cancellation of class A units (in shares)									61,040	8,234
Units outstanding (in shares)									128,002,717		127,577,780	109,299,332	104,811,539	10,056,193	10,596,720
Percentage of public float						10.00%	10.00%
Number of shares repurchased (in shares)											0	1,248,900	10,596,720
Shares repurchased cost \| $												$ 4,300	$ 53,300
Class A Unit Capital \| Capital Units
Class of Stock [Line Items]
Issuance of class A units, net of issuance cost (in shares)									485,977	254,387	20,029,493	8,679,471	4,075,585
Cancellation of class A units (in shares)									61,040	8,234	1,832,402	4,221,799	10,870,449
Units outstanding (in shares)									128,002,717	109,545,485	127,577,780	109,299,332	104,811,539			101,550,494
Units exchanged (in shares)											81,357	30,121	10,055,909
Distributions \| $									$ 3,571	$ 12,696	$ 19,526	$ 7,301	$ 58,827
Class A Unit Capital \| Private Placement
Class of Stock [Line Items]
Gross proceeds \| $								$ 50,000
Number of shares issued in transaction (in shares)								19,070,000
Number of warrant issued in transaction (in shares)																	4,767,500
Exercise price (in dollars per share) \| $ / shares																	$ 8.25
Class A Unit Capital \| Underwriters
Class of Stock [Line Items]
Gross proceeds \| $					$ 169.4
Issuance of class A units, net of issuance cost (in shares)					12,100,000
Share price (in dollars per share) \| $ / shares					$ 14.00
Class B Unit Capital
Class of Stock [Line Items]
Units outstanding (in shares)									215,862,343		215,862,343	215,928,474	215,943,369
Units exchanged (in shares)									0	0	81,357	30,121	10,055,909
Units redeemed (in shares)									0	0	0	0	2,671,350
Units redeemed amount \| $													$ 8,000
Class B Unit Capital \| Capital Units
Class of Stock [Line Items]
Units outstanding (in shares)									215,862,343	215,928,474	215,862,343	215,928,474	215,943,369			228,110,373
Units exchanged (in shares)											81,357	30,121	10,055,909
Units redeemed (in shares)													2,671,350
Units redeemed amount \| $													$ 7,961
Distributions \| $									$ 5,865	$ 24,002	$ 35,732	$ 15,104	$ 125,448

VARIABLE INTEREST ENTITIES (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Unfunded Commitments	$ 66,500	$ 69,000	$ 61,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	475,531	541,531	342,247
Unfunded Commitments	66,519	69,019	61,014
Maximum Exposure	542,050	610,550	403,261
Sponsored Investment Funds \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	330,954	398,386
Unfunded Commitments	54,225	56,725
Maximum Exposure	385,179	455,111
Other VIE’s \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	144,577	143,145	154,642
Unfunded Commitments	12,294	12,294	12,464
Maximum Exposure	$ 156,871	$ 155,439	$ 167,106

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.

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2025

Financing Receivable, Allowance for Credit Loss [Line Items]

LOANS RECEIVABLE

In the general course of business, the Company offers fiat-denominated loans to counterparties in the digital asset industry against digital assets or other collateral. No loans receivable were on nonaccrual status as of March 31, 2025 or December 31, 2024.

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	407,966
2026	51,286
2027	1,088
2028	2,938
2029	1,188
2030	300
Loans receivable, current and non-current	$	464,766

Outstanding balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	578,745	$	620,633
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current and non-current	$	578,745	$	620,633

For the three months ended March 31, 2025 and 2024, interest income related to the Company’s Loans receivable was $12.6 million and $12.6 million, respectively.

12. LOANS RECEIVABLE

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	476,620



Loans receivable, current and non-current	$	476,620

Outstanding balances represent loan principal and exclude accrued interest receivable on loans. The allowance for credit losses for Loans receivable was not material to the Company’s consolidated financial statements as of December 31, 2024 and 2023 due to the collateralized nature of the loan receivables and / or their short-term maturity.

Collateral payable associated with loans receivable, current


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	620,633	$	444,839
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current	$	620,633	$	444,839

For the years ended December 31, 2024, 2023, and 2022, interest income related to the Company’s Loans receivable was $48.7 million, $36.5 million, and $17.6 million, respectively.

DIGITAL ASSETS - Activity (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset [Roll Forward]
Digital asset beginning balance	$ 2,928,225	$ 1,088,171	$ 562,015
Purchases and receipts	18,118,232	62,556,582	73,938,618
Sales or disbursements	(18,203,953)	(62,377,805)	(73,988,600)
Net transferred (borrow / loaned)	423,621	472,881	99,375
Impairment	(112,429)	(331,920)	(98,340)
Gains	425,673	3,297,421	1,341,925
Losses	(926,000)	(1,777,105)	(766,822)
Digital asset ending balance	2,653,369	2,928,225	1,088,171
Gains	365,200	3,200,000	1,200,000
Realized loss	820,700	1,600,000	753,400
Digital intangible assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	550,203	277,634	68,785
Purchases and receipts	2,906,707	13,951,687	14,479,087
Sales or disbursements	(3,122,560)	(13,788,542)	(14,370,033)
Net transferred (borrow / loaned)	153,760	(54,557)	123,493
Impairment	(112,429)	(331,920)	(98,340)
Gains	76,888	522,732	128,059
Losses	(55)	(26,831)	(53,417)
Digital asset ending balance	452,514	550,203	277,634
Digital intangible assets at fair value
Crypto Asset [Roll Forward]
Digital asset beginning balance	2,018,357	736,151	293,598
Purchases and receipts	11,118,886	36,373,625	43,422,739
Sales or disbursements	(11,141,072)	(36,833,231)	(43,308,884)
Net transferred (borrow / loaned)	265,154	717,704	(159,961)
Impairment	0	0	0
Gains	347,812	2,772,182	1,200,898
Losses	(922,761)	(1,748,074)	(712,239)
Digital asset ending balance	1,686,376	2,018,357	736,151
Digital financial assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	359,665	74,386	199,632
Purchases and receipts	4,092,639	12,231,270	16,036,792
Sales or disbursements	(3,940,321)	(11,756,032)	(16,309,683)
Net transferred (borrow / loaned)	4,707	(190,266)	135,843
Impairment	0	0	0
Gains	973	2,507	12,968
Losses	(3,184)	(2,200)	(1,166)
Digital asset ending balance	$ 514,479	$ 359,665	$ 74,386

LOANS AND NOTES PAYABLE (Tables) - Galaxy Digital Services, LP

3 Months Ended

Mar. 31, 2025

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Schedule of Contractual Obligation, Fiscal Year Maturity

As of March 31, 2025, the Partnership’s notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

As of December 31, 2024, the Partnership's notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

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.

REPORTABLE SEGMENTS - Narrative (Details)	3 Months Ended
REPORTABLE SEGMENTS - Narrative (Details)	Mar. 31, 2025 segment
Galaxy Digital Holdings, LP
Segment Reporting Information [Line Items]
Number of operating segments	2

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Galaxy Digital Inc. (“GDI” or the “Corporation”) is currently a wholly owned subsidiary of Galaxy Digital Holdings Ltd. (“GDHL” or “GDH Ltd.”). The Corporation was formed in Delaware on April 23, 2021, under the name Galaxy Digital Pubco Inc. The Corporation changed its name from Galaxy Digital Pubco Inc. to Galaxy Digital Inc. on September 24, 2021. The Corporation was formed primarily for the purposes of redomiciling GDHL and Galaxy Digital Holdings LP (“GDH LP”), collectively the “existing Galaxy businesses,” to Delaware. The Corporation’s costs and obligations, including those related to the Corporation’s formation and the redomiciling transactions, have been and will be paid by GDHL except certain banking fees. ORGANIZATION Galaxy Digital Inc. (the “Corporation”) is currently a wholly owned subsidiary of Galaxy Digital Holdings Ltd. (“GDHL” or “GDH Ltd.”). The Corporation was formed in Delaware on April 23, 2021, under the name Galaxy Digital Pubco Inc. The Corporation changed its name from Galaxy Digital Pubco Inc. to Galaxy Digital Inc. on September 24, 2021. The Corporation was formed primarily for the purposes of redomiciling GDHL and Galaxy Digital Holdings LP (“GDH LP”), collectively the “existing Galaxy businesses,” to Delaware. The Corporation’s costs and obligations, including those related to the Corporation’s formation and the redomiciling transactions, have been and will be paid by GDHL except certain banking fees.

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment, net (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 425,679	$ 345,961	$ 290,044
Less: Accumulated depreciation	(63,252)	(57,934)	(25,808)
Less: Impairment / Loss on disposal	(100,211)	(50,989)	(50,888)
Property and equipment, net	262,216	237,038	213,348
Corporate assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,150	11,093	9,625
Mining equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	165,942	172,572	78,737
WIP / construction in progress			85,000
Mining infrastructure
Property, Plant and Equipment [Line Items]
Property and equipment, gross		113,710	86,156
WIP / construction in progress			20,000
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,487	12,809	10,490
WIP / Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 125,776	$ 35,777	$ 105,036

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - Galaxy Digital Holdings, LP - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance, beginning of period	$ 58,037,000	$ 44,257,000	$ 44,257,000	$ 24,645,000
Additions due to acquisitions (Note 3)	0		13,780,000	19,612,000
Balance, end of period	58,037,000		58,037,000	44,257,000	$ 24,645,000
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0	$ 0

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

FAIR VALUE MEASUREMENTS - Financial Instruments not Measured at Fair Value (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities	$ 270,468	$ 281,531	$ 140,376
Payable to customers — Cash			3,442
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	0	0	0
Total Assets	538,302	517,382	379,630
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	0	0	0
Collateral payable — Cash	0	0	0
Payable to customers — Cash	0	0	0
Loans payable	0	0	0
Total Liabilities	270,468	281,531	140,376
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0	0
Assets posted as collateral - Cash	0	0	0
Accounts receivable	0	0	0
Loans receivable	464,766	476,620	387,364
Total Assets	464,766	476,620	387,364
Accounts payable and accrued liabilities	0	0	0
Notes payable	724,856	836,402	342,161
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	1,138,811	1,441,635	450,039
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0	0
Assets posted as collateral - Cash	0	0	0
Accounts receivable	0	0	0
Loans receivable	0	0	0
Total Assets	0	0	0
Accounts payable and accrued liabilities	0	0	0
Notes payable	0	0	0
Collateral payable — Cash	0	0	0
Payable to customers — Cash	0	0	0
Loans payable	0	0	0
Total Liabilities	0	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	464,766	476,620	387,364
Total Assets	1,003,068	994,002	766,994
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	763,798	845,186	408,053
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	1,448,221	1,731,950	656,307
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	464,766	476,620	387,364
Total Assets	1,003,068	994,002	766,994
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	724,856	836,402	342,161
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	$ 1,409,279	$ 1,723,166	$ 590,415

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 1.5	$ 1.5	$ 5.8	$ 7.8	$ 4.1

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Except for the items described below, the Company has applied its accounting policies consistently from the previously disclosed annual financial statements.

Recent Accounting Developments

2. SIGNIFICANT ACCOUNTING POLICIES

Consolidation

Voting Interest Entities

voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entities

Noncontrolling Interests

Segment reporting

Use of Estimates

Revenues and Gains / (Losses) from Operations

Digital Assets Sales

Fees

The Company earns fee revenues from the following sources.

Management and performance-based fees

Advisory fees

Licensing fees

Hosting fees

Proprietary mining

Blockchain rewards

Transaction Expenses

The Company’s transaction expenses include the following:

Digital asset sales cost and impairment

Blockchain reward distributions

Borrowing costs

Mining and hosting costs

Cash and Cash Equivalents

Statements of Cash Flows

Digital Assets

Accounting for digital assets depends on the nature of the asset and how the asset is held. The Company accounts for digital assets in the following ways:

Digital intangible assets and Digital financial assets are collectively referred to as Digital assets.

Digital assets associated with decentralized finance protocols

Digital Assets Loan Receivable

Digital Assets Borrowed

Digital Assets Receivable

Collateral Payable

Fair Value Measurements

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Inputs that are unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Equity-Method Investments

Leases

Lessee

Lessor

Property and Equipment




•Mining equipment			3 – 5 years
•Mining infrastructure			15 – 25 years
•Corporate assets other than leasehold improvements			3 – 10 years
•Leasehold improvements			The shorter of the lease term or useful life of the assets

Goodwill and Other Intangible Assets

Goodwill

Intangible Assets—Definite Lived


•Software technology			2 - 5 years
•Customer relationships and other intangibles			2 - 3 years

Intangible Assets—Indefinite Lived

Investments

Fair Value Option

The Company has elected the fair value option for certain eligible instruments including:

•Common stock investments

•Limited partnership / Limited liability company interest investments

•Trust units / Trust shares

•Preferred shares

•Stablecoins that are digital financial assets

Loans receivable

Derivative assets and liabilities

Equity-based compensation

Income Taxes

The Company recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Company’s consolidated statements of operations.

Recent Accounting Developments


(in thousands)	Balance at December 31, 2022	Cumulative adjustment	Balance at January 1, 2023
Digital intangible assets	362,383	4,742	367,125

Unit holder’s capital	1,416,194	4,742	1,420,936

of ASU 2022-03. Digital assets subject to contractual sale restrictions that were acquired prior to the adoption of ASU 2022-03 continue to include a discount for lack of marketability.

Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid in capital	Retained earnings / (deficit)
Beginning balance (in shares) at Dec. 31, 2022		1,000,000
Beginning balance at Dec. 31, 2022	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income / (loss)	$ (2)			(2)
Ending balance (in shares) at Dec. 31, 2023	100	1,000,000
Ending balance at Dec. 31, 2023	$ 3	$ 0	5	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income / (loss)	(1)			(1)
Ending balance (in shares) at Mar. 31, 2024		1,000,000
Ending balance at Mar. 31, 2024	$ 2	$ 0	5	(3)
Beginning balance (in shares) at Dec. 31, 2023	100	1,000,000
Beginning balance at Dec. 31, 2023	$ 3	$ 0	5	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income / (loss)	$ (2)			(2)
Ending balance (in shares) at Dec. 31, 2024	100	1,000,000
Ending balance at Dec. 31, 2024	$ 1	$ 0	5	(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income / (loss)	$ 0
Ending balance (in shares) at Mar. 31, 2025	100	1,000,000
Ending balance at Mar. 31, 2025	$ 1	$ 0	$ 5	$ (4)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Loan Receivable, Net of Allowance (Details) - Galaxy Digital Holdings, LP - Crypto Assets Loans Receivable - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital asset loans receivable	$ 280,245	$ 579,954	$ 104,504
Less: Allowance for credit losses	(150)	(424)	0
Loans receivable, current and non-current	$ 280,095	$ 579,530	$ 104,504

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

LOANS RECEIVABLE - Schedule of Loans Receivable, Current And Non-Current (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	$ 408,341	$ 476,620	$ 377,105
Loans receivable, non-current	56,800	0	10,259
Less: allowance for credit loss	(375)	0
Loans receivable, current and non-current	$ 464,766	$ 476,620	$ 387,364

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible asset	$ 1,761	$ 1,761	$ 1,761
Intangible assets, gross	55,970	55,970	46,718
Less: Accumulated amortization	(22,600)	(18,619)	(6,735)
Intangible assets, net	33,370	37,351	39,983
Capitalized equity based compensation	3,100	3,100	2,100
Software technology
Finite-Lived Intangible Assets [Line Items]
Software technology	40,508	40,508	38,895
Other purchased defined-life intangible assets
Finite-Lived Intangible Assets [Line Items]
Software technology	$ 13,701	$ 13,701	$ 6,062

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

PROPERTY AND EQUIPMENT

The following table represents property and equipment balances and accumulated depreciation as of the period ended March 31, 2025 and year ended December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Corporate assets (1)	$	12,150	$	11,093
Mining equipment	165,942		172,572
Data center infrastructure (2)	105,324		113,710
Land	16,487		12,809
WIP / Construction in progress (3)	125,776		35,777
Property and equipment, gross	425,679		345,961
Less: Accumulated depreciation	(63,252)		(57,934)
Less: Impairment / Loss on disposal (4)	(100,211)		(50,989)
Property and equipment, net	$	262,216	$	237,038

_______________

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)Data center infrastructure comprises land and improvements associated with our mining and AI/HPC leasing businesses.

(3)As of March 31, 2025 and December 31, 2024, WIP/Construction in progress related to data center infrastructure under construction.

(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Impairment of Mining 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.

(3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations.

Impairment of mining equipment

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, GDH LP accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, GDH LP accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.

EQUITY BASED COMPENSATION - Schedule of the Activity Related to Restricted Share Units (Details) - Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	10,009,573	11,203,624	11,203,624	11,462,917	7,833,659
Granted / transferred (in shares)	1,898,442	3,439,035	3,439,035	4,983,339	6,718,554
Exercised (in Shares)	(158,114)	(3,668,309)	(3,668,309)	(3,036,166)	(1,425,013)
Forfeited (in shares)	(165,986)	(964,777)	(964,777)	(2,206,466)	(1,664,283)
Ending balance (in shares)	11,583,915		10,009,573	11,203,624	11,462,917
Number of units, units vested (in shares)	4,541,399		4,066,372	3,281,195
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share)	$ 14,150	$ 14,360	$ 14,360	$ 20.50	$ 23,320
Granted / transferred (in cad per share)	15,170		14,850	4,920	18.13
Exercised (in cad per shares)	15,460		15,440	19,200	22.99
Forfeited (in cad per share)	17,350		14,170	18,310	22.04
Ending balance (in cad per shares)	14,250		14,150	14,360	$ 20.50
Weighted average grant price, unit vested (in cad per share)	$ 16,460		$ 15,070.00	$ 18,470

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2025

RELATED PARTY TRANSACTIONS

The Company’s related parties include entities over which it exercises significant influence and its key management personnel. Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly.

Distributions

During the three months ended March 31, 2025 and March 31, 2024, there were tax-related distributions paid of $9.4 million and $36.7 million, respectively. A majority of the recipients of the distributions were related parties.

Investments in Galaxy Funds

Our directors and executive officers are generally permitted to invest their own capital (or capital of estate planning vehicles controlled by them or their immediate family members) directly in our funds and affiliated entities. In general, such investments are not subject to management fees, and in certain instances may not be subject to performance fees. The fair value of such investments aggregated to $13.1 million and $12.9 million as of March 31, 2025 and December 31, 2024, respectively.

Transactions with GDH Ltd.

In accordance with the LPA, the Company will reimburse or pay for all reimbursable expenses of GDH Ltd. For the three months ended March 31, 2025 and March 31, 2024, the Company paid or accrued $0.9 million and $0.5 million, respectively, on behalf of GDH Ltd., which has been included in General and administrative expenses on the Company’s condensed consolidated statements of operations. The Company has also provided a financial guarantee to a subsidiary of GDH Ltd. sufficient to cover its costs and obligations as they come due through December 31, 2025. The Company has not paid or accrued any amount under this financial guarantee for the periods ended March 31, 2025 or March 31, 2024.

On April 14, 2022 the Company entered into a Promissory Note (amended and restated in November 2023 and December 2024, the “Promissory Note”) with GDH Intermediate LLC (“GDHI LLC”), a subsidiary of GDH Ltd. Under the terms of the Promissory Note, the Company can request that GDHI LLC make advances to the Company from time to time, fulfillment of which is in GDHI LLC’s sole and absolute discretion. As of March 31, 2025 and December 31, 2024, GDHI LLC had advanced $109.0 million and $96.9 million, to the Company, respectively.

Under the terms of the Promissory Note, interest accrues on any outstanding advances at a market rate. Interest is payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2022, subject to the right of GDHI LLC to elect that the amount of any such interest payment be capitalized and increase the principal amount of the Promissory Note in lieu of being paid in cash. As of March 31, 2025 and December 31, 2024, the interest payable on the Promissory Note was $2.2 million and $0, respectively. The Promissory Note may be recalled in whole or in part by GDHI LLC at any time during the term of the note. Otherwise it will mature, and the principal amount of all outstanding advances, plus any accrued and unpaid interest, will be due and payable on December 31, 2025, unless extended by GDHI LLC.

As at March 31, 2025 and December 31, 2024, the Company had $107.8 million and $95.8 million, respectively, in net payables to GDH Ltd. primarily for the aforementioned Promissory Note partially offset by receivables for stock option exercises and withholding tax associated with restricted share units vesting.

The Company’s CEO served as co-chairman of the board for Candy Digital Inc. in which the Company made an investment during 2021 resulting in the two entities becoming related parties. Candy Digital Inc. was acquired by Futureverse in April 2025. The Company’s CEO no longer holds a seat on the board following the acquisition. A family member of the CEO also holds a position with this company. As at March 31, 2025 and December 31, 2024 the Company’s investment in Candy Digital Inc. was valued at $8.8 million and $9.1 million, respectively. Galaxy Interactive Fund I, LP, a non-consolidated sponsored investment fund, also held an investment in the company valued at $1.0 million as at March 31, 2025 and December 31, 2024.

The Company has sub-advisory arrangements with a beneficial owner of GDH Ltd.. Such sub-advisory arrangements have been entered into with, or advised by, Galaxy Digital Capital Management LP, a consolidated subsidiary of the Company, in its capacity as an investment advisor registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For the three months ended March 31, 2025 and March 31, 2024, the associated advisory fees were $0.6 million and $0.5 million, respectively.

The CEO of the Company, through an entity which he controls, owns a private aircraft that the Company uses for business purposes in the ordinary course of operations, on terms that are advantageous to the Company. The CEO paid for the purchase of this aircraft with his personal funds and has borne all operating, personnel and maintenance costs associated with its operation and use. During the three months ended March 31, 2025 and March 31, 2024, the Company incurred $0.1 million and $0.1 million, respectively, for such use negotiated on an arms-length basis in compliance with our aviation matters policy adopted in August 2022.

In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to us. The CEO paid for the purchase of this boat with his personal funds and has borne most of the operating, personnel and maintenance costs associated with its operation and use; while the Company paid for the cost of any food and beverage consumption and a portion of operating fees. The expense incurred in relation to this boat was immaterial during the three months ended March 31, 2025 and March 31, 2024.

In connection with the receipt of surety bonds for the purpose of a state money transmission licenses on behalf of a subsidiary of the Company, GGI agreed to act as indemnitor, along with the Company, at the request of the insurers. The Company was liable to GGI for fees of $0.4 million for the indemnity through March 31, 2025, which was calculated as 1% of the aggregate notional amount of the surety bonds held on behalf of the subsidiary. The Company will continue to incur fees due to GGI of 1% for the duration of these outstanding surety bonds which are renewed annually.

Prior to joining GDH Ltd.’s board in September 2021, the chairman of GDH Ltd.’s board entered into a consulting agreement with the Company in April 2021. Under the terms of the consulting agreement, the chairman was engaged to provide professional services to the Company for a period of three years beginning on September 1, 2021. In 2021, the chairman received 1,500,000 RSUs and 500,000 options under the LTIP in connection with the consulting agreement. The equity based compensation expense related to this grant for the three months ended March 31, 2025 and March 31, 2024 was $0 and $3.0 million, respectively. This consulting agreement has expired as of September 1, 2024.

In February 2023, the Company entered into a consulting agreement with a board member of GDH Ltd. The Company paid $0 and $0.2 million under this agreement during the three months ended March 31, 2025 and March 31, 2024, respectively. This consulting agreement expired as of December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company had recorded $4.8 million of tax payments made on behalf of certain related parties.

RELATED PARTY TRANSACTIONS

Compensation of directors and officers

Director and officer compensation as of December 31, 2024, 2023 and 2022 includes nine, nine and ten individuals, respectively, consisting of officers, former officers and certain employees, who are considered to have decision making authority. Compensation provided to key management personnel for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Base compensation and accrued bonuses(1)	$	16,780	$	12,957	$	6,733
Benefits	340		359		400
Equity based compensation	24,566		32,524		24,052
Total	$	41,686	$	45,840	$	31,185

_______________

(1)As of December 31, 2024 and 2023, $13.4 million and $10.1 million, respectively, of accrued bonuses were included within Accounts payable and accrued liabilities.

GDH LP, an operating partnership, is managed by the Board of Managers of the General Partner. Director fees, including equity based compensation provided to the directors was $0.7 million, $0.8 million, and $0.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Distributions

During the years ended December 31, 2024, 2023 and 2022, there were tax-related distributions paid of $55.3 million, $22.4 million and $184.3 million, respectively. A majority of the recipients of the distributions were related parties.

Sublease

Galaxy Investment Partners LLC, which has leased the office space located on the 8th floor of 107 Grand Street, New York, New York 10013, subleased to Galaxy Digital Services to occupy the 8th floor on the same terms as the master lease. During the year ended December 31, 2021, the Company exited the premises prior to the conclusion of the sublease term. The Company made payments on the sublease through June 2023, the expiration of the sublease, and had no associated lease liability as of December 31, 2024 and 2023.

Investments in Galaxy Funds

Our directors and executive officers are generally permitted to invest their own capital (or capital of estate planning vehicles controlled by them or their immediate family members) directly in our funds and affiliated entities. In general, such investments are not subject to management fees, and in certain instances may not be subject to performance fees. The fair value of such investments aggregated to $12.9 million and $11.0 million as of December 31, 2024 and 2023, respectively.

Transactions with GDH Ltd.

In accordance with the LPA, the Company will reimburse or pay for all reimbursable expenses of GDH Ltd. For the years ended December 31, 2024, 2023 and 2022, the Company paid or accrued $3.2 million, $2.2 million, and $2.5 million, respectively, on behalf of GDH Ltd., which has been included in General and administrative expenses on the Company’s consolidated statements of operations. The Company has also provided a financial guarantee to a subsidiary of GDH Ltd. sufficient to cover its costs and obligations as they come due through December 31, 2025. The Company has not paid or accrued any amount under this financial guarantee for the years ended December 31, 2024, 2023 or 2022.

On April 14, 2022 the Company entered into a Promissory Note (amended and restated in November 2023 and December 2024, the "Promissory Note") with GDH Intermediate LLC ("GDHI LLC"), a subsidiary of GDH Ltd. Under the terms of the Promissory Note, the Company can request that GDHI LLC make advances to the Company from time to time, fulfillment of which is in GDHI LLC’s sole and absolute discretion. As of December 31, 2024 and 2023, GDHI LLC had advanced $96.9 million and $67.2 million to the Company, respectively.

Under the terms of the Promissory Note, interest accrues on any outstanding advances at a rate per annum equal to 7.0% effective December 30, 2024 (7.0% through September 30, 2023 and 9% through December 29, 2024). Interest is payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2022, subject to the right of GDHI LLC to elect that the amount of any such interest payment be capitalized and increase the principal amount of the Promissory Note in lieu of being paid in cash. As of December 31, 2024 and 2023, the interest payable on the Promissory Note was $0. The Promissory Note may be recalled in whole or in part by GDHI LLC at any time during the term of the note. Otherwise it will mature, and the principal amount of all outstanding advances, plus any accrued and unpaid interest, will be due and payable on December 31, 2025, unless extended by GDHI LLC.

As at December 31, 2024 and 2023, the Company had $95.8 million and $66.0 million, respectively, in net payables to GDH Ltd. primarily for the aforementioned Promissory Note partially offset by receivables for stock option exercises and withholding tax associated with restricted share units vesting.

The Company’s CEO serves as co-chairman of the board for Candy Digital Inc. in which the Company made an investment during 2021 resulting in the two entities becoming related parties. A family member of the CEO also holds a position with this company. As at December 31, 2024 and 2023, the Company’s investment in Candy Digital Inc. was valued at $9.1 million and $18.0 million, respectively. As at December 31, 2024 and 2023, Galaxy Interactive Fund I, LP, a non-consolidated sponsored investment fund, also held an investment in the company valued at $1.0 million and $2.4 million, respectively.

ended December 31, 2024, 2023 and 2022, the associated advisory fees were $2.1 million, $0.9 million, and $1.0 million, respectively. The CEO of the Company, through an entity which he controls, owns a private aircraft that the Company uses for business purposes in the ordinary course of operations, on terms that are advantageous to the Company. The CEO paid for the purchase of this aircraft with his personal funds and has borne all operating, personnel and maintenance costs associated with its operation and use. During the years ended December 31, 2024, 2023 and 2022, the Company incurred $0.5 million, $0.3 million, and $1.2 million, respectively, for such use negotiated on an arms-length basis in compliance with our aviation matters policy adopted in August 2022.

In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to us. The CEO paid for the purchase of this boat with his personal funds and has borne most of the operating, personnel and maintenance costs associated with its operation and use; while the Company paid for the cost of any food and beverage consumption and a portion of operating fees. During the years ended December 31, 2024 and 2023, the Company incurred $0.02 million and $0.1 million, respectively, in relation to this boat. The value of this service was not material to the Company for the year ended December 31, 2022.

In connection with the receipt of surety bonds for the purpose of state money transmission licenses on behalf of a subsidiary of the Company, GGI agreed to act as indemnitor, along with the Company, at the request of the insurers. The Company was liable to GGI for fees of $0.4 million for the indemnity through December 31, 2024, which was calculated as 1% of the aggregate notional amount of the surety bonds held on behalf of the subsidiary. The Company will continue to incur fees due to GGI of 1% for the duration of these outstanding surety bonds which are renewed annually.

Prior to joining the GDH Ltd.’s board in September 2021, the current chairman of the GDH Ltd.’s board entered into a consulting agreement with the Company in April 2021. Under the terms of the consulting agreement, the chairman was engaged to provide professional services to the Company for a period of three years beginning on September 1, 2021. In 2021, the chairman received 1,500,000 RSUs and 500,000 options under the LTIP in connection with the consulting agreement. The equity based compensation expense related to this grant for the years ended December 31, 2024, 2023 and 2022 was $5.0 million, $11.9 million and $11.6 million, respectively. This consulting agreement has expired as of September 1, 2024.

In February 2023, the Company entered into a consulting agreement with a board member of GDH Ltd. The Company paid $1.0 million under this agreement during each of the years ended December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the Company had recorded $4.8 million and $2.9 million, respectively, of tax payments made on behalf of certain related parties. During the year ended December 31, 2023, the Company made tax indemnification payments of $4.9 million to certain related parties.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Galaxy Digital Inc. (“GDI” or the “Corporation”) is currently a wholly owned subsidiary of Galaxy Digital Holdings Ltd. (“GDHL” or “GDH Ltd.”). The Corporation was formed in Delaware on April 23, 2021, under the name Galaxy Digital Pubco Inc. The Corporation changed its name from Galaxy Digital Pubco Inc. to Galaxy Digital Inc. on September 24, 2021. The Corporation was formed primarily for the purposes of redomiciling GDHL and Galaxy Digital Holdings LP (“GDH LP”), collectively the “existing Galaxy businesses,” to Delaware. The Corporation’s costs and obligations, including those related to the Corporation’s formation and the redomiciling transactions, have been and will be paid by GDHL except certain banking fees. ORGANIZATION Galaxy Digital Inc. (the “Corporation”) is currently a wholly owned subsidiary of Galaxy Digital Holdings Ltd. (“GDHL” or “GDH Ltd.”). The Corporation was formed in Delaware on April 23, 2021, under the name Galaxy Digital Pubco Inc. The Corporation changed its name from Galaxy Digital Pubco Inc. to Galaxy Digital Inc. on September 24, 2021. The Corporation was formed primarily for the purposes of redomiciling GDHL and Galaxy Digital Holdings LP (“GDH LP”), collectively the “existing Galaxy businesses,” to Delaware. The Corporation’s costs and obligations, including those related to the Corporation’s formation and the redomiciling transactions, have been and will be paid by GDHL except certain banking fees.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	March 31, 2025		December 31, 2024
Digital asset loans receivable	$	280,245	$	579,954
Less: Allowance for credit losses	(150)		(424)

Digital asset loans receivable, net	$	280,095	$	579,530

Digital Assets Loan Receivable, Net of Allowance


(in thousands)	December 31, 2024		December 31, 2023
Digital asset loans receivable	$	579,954	$	104,504
Less: Allowance for credit losses	(424)		—
Digital asset loans receivable, net	$	579,530	$	104,504

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	286,781	$	673,427
Collateral payable - Cash	41,966		44,535
Collateral payable associated with digital assets loan receivable	$	328,747	$	717,962

Collateral Payable Associated with Digital Assets Loan Receivable


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	673,427	$	115,635
Collateral payable — Cash	44,535		—
Collateral payable associated with digital assets loan receivable	$	717,962	$	115,635

Schedule of Digital Assets Borrowed

Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Digital assets borrowed - current	$	1,760,455	$	1,497,609
Digital assets borrowed - non-current	6,603		$	—
Digital assets borrowed	$	1,767,058	$	1,497,609

Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Digital assets borrowed	$	1,497,609	$	398,277

Schedule of Assets Posted as Collateral Associated with Digital Assets Borrowed

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	309,065	$	84,221
Assets posted as collateral - Digital financial assets	—		—
Less: Allowance for credit loss	(2,477)		(826)
Assets posted as collateral associated with digital assets borrowed	$	306,588	$	83,395

Assets Posted as Collateral Associated with Digital Assets Borrowed


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral — Digital intangible assets	$	84,221	$	233,053
Assets posted as collateral — Digital financial assets	—		—
Less: Allowance for credit loss	(826)
Assets posted as collateral associated with digital assets borrowed	$	83,395	$	233,053

VARIABLE INTEREST ENTITIES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Net Gain / (Loss) Related to consolidated VIEs

Net gain / (loss) related to consolidated VIEs is presented in the following table:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net gain / (loss) on consolidated VIEs	$	—	$	—	$	(166,113)
Net income / (loss) attributable to NCI on consolidated VIEs	$	—	$	—	$	(97,219)

Schedule of Variable Interest Entities

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.


	March 31, 2025						December 31, 2024
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	330,954	$	54,225	$	385,179	$	398,386	$	56,725	$	455,111
Other VIE’s	144,577		12,294		156,871		143,145		12,294		155,439
Total	$	475,531	$	66,519	$	542,050	$	541,531	$	69,019	$	610,550

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of year-end.


	December 31, 2024						December 31, 2023
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Non-Consolidated Sponsored Investment Funds	$	398,386	$	56,725	$	455,111	$	187,605	$	48,550	$	236,155
Other VIE’s	143,145		12,294		155,439		154,642		12,464		167,106
Total	$	541,531	$	69,019	$	610,550	$	342,247	$	61,014	$	403,261

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.

FAIR VALUE MEASUREMENTS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 2,653,369	$ 2,928,225	$ 1,088,171
Transfers in of Level 3	1,000	21,200	67,300
Transfers out of Level 3	12,900	48,700	31,600
Digital intangible assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 452,500	$ 550,200	$ 277,600

FAIR VALUE MEASUREMENTS - Changes in Assets and Liabilities Measured and Reported at Fair Value Using Level 3 Inputs (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	$ (12,900)	$ (48,700)	$ (31,600)
Transfers in of Level 3	1,000	21,200	67,300
Level 3 \| Embedded derivative – Notes payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	136,192	10,472	0
Purchases	0	93,993	0
Sales/ Distributions	0	0	0
Net Realized Gain / (Loss)	0	0	0
Net Unrealized Gain / (Loss)	(89,606)	31,727	9,604
Transfers in /(out) of Level 3	0	0	868
Fair value, Ending Balance	46,586	136,192	10,472
Digital intangible assets \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	20,457	68,004	0
Purchases	0	0	0
Sales/ Distributions	0	0	0
Net Realized Gain / (Loss)	0	0	0
Net Unrealized Gain / (Loss)	(3,438)	(17,043)	65,073
Transfers out of Level 3	(6,056)	(30,504)	2,931
Fair value, Ending Balance	10,963	20,457	68,004
Digital assets receivable \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	60,492	20,569	16,054
Purchases	500	0	200
Sales/ Distributions	0	(4,727)	0
Net Realized Gain / (Loss)	0	4,724	0
Net Unrealized Gain / (Loss)	(34,646)	52,477	17,101
Transfers out of Level 3	(6,884)	(12,551)	(12,786)
Fair value, Ending Balance	19,462	60,492	20,569
Investments \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	524,573	364,576	170,526
Purchases	3,852	129,188	30,077
Sales/ Distributions	(104,257)	(221,564)	(2,890)
Net Realized Gain / (Loss)	69,624	117,036	949
Net Unrealized Gain / (Loss)	(103,351)	119,803	121,242
Transfers in of Level 3	1,000	15,534	44,672
Fair value, Ending Balance	$ 391,441	$ 524,573	$ 364,576

Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	Galaxy Digital Holdings, LP	Galaxy Digital Holdings, LP Class A Unit Capital	Galaxy Digital Holdings, LP Class A Unit Capital Capital Units	Galaxy Digital Holdings, LP Class B Unit Capital	Galaxy Digital Holdings, LP Class B Unit Capital Capital Units
Beginning balance (in shares) at Dec. 31, 2021				101,550,494		228,110,373
Beginning balance at Dec. 31, 2021		$ 2,287,692		$ 856,371		$ 1,431,321
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation		89,860		28,994		60,866
Distributions		(184,275)		$ (58,827)		(125,448)
Cancellation of Class A Units (in shares)				(10,870,449)
Cancellation of Class A Units		(55,181)		$ (55,181)
Issuance of class A units, net of issuance cost (in shares)			14,131,494	4,075,585
Issuance of Class A Units, net of issuance cost		6,227		$ 6,227
Other		(1,258)		(832)		(426)
Income (loss) for the period		(816,129)
Ending balance at Dec. 31, 2022		1,416,194		$ 610,374		$ 805,820
Ending balance (in shares) at Dec. 31, 2022			104,811,539	104,811,539	215,943,369	215,943,369
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation		83,790		$ 27,558		$ 56,232
Distributions		(22,405)		$ (7,301)		(15,104)
Cancellation of Class A Units (in shares)				(4,221,799)
Cancellation of Class A Units		(10,668)		$ (10,668)
Issuance of class A units, net of issuance cost (in shares)			8,709,592	8,679,471
Issuance of Class A Units, net of issuance cost		11,107		$ 11,107
Other		(103)		(121)		18
Income (loss) for the period	$ (2)	228,514		75,858		152,656
Ending balance at Dec. 31, 2023		1,711,171		$ 708,481		$ 1,002,690
Ending balance (in shares) at Dec. 31, 2023			109,299,332	109,299,332	215,928,474	215,928,474
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation		18,682		$ 6,271		$ 12,411
Distributions		(36,698)		$ (12,696)		(24,002)
Cancellation of Class A Units (in shares)			(8,234)	(8,234)
Cancellation of Class A Units		(774)		$ (774)
Issuance of class A units, net of issuance cost (in shares)			254,387	254,387
Issuance of Class A Units, net of issuance cost		153		$ 153
Other		(612)		(206)		(406)
Income (loss) for the period	(1)	388,127		130,339		257,788
Ending balance at Mar. 31, 2024		2,080,049		$ 831,568		$ 1,248,481
Ending balance (in shares) at Mar. 31, 2024				109,545,485		215,928,474
Beginning balance (in shares) at Dec. 31, 2023			109,299,332	109,299,332	215,928,474	215,928,474
Beginning balance at Dec. 31, 2023		1,711,171		$ 708,481		$ 1,002,690
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation		75,017		26,897		48,120
Distributions		(55,258)		$ (19,526)		(35,732)
Cancellation of Class A Units (in shares)				(1,832,402)
Cancellation of Class A Units		(20,516)		$ (20,516)
Issuance of class A units, net of issuance cost (in shares)			20,110,850	20,029,493
Issuance of Class A Units, net of issuance cost		137,184		$ 137,184
Other		32		404		(372)
Income (loss) for the period	(2)	346,722		116,265		230,457
Ending balance at Dec. 31, 2024		2,194,352		$ 949,730		$ 1,244,622
Ending balance (in shares) at Dec. 31, 2024			127,577,780	127,577,780	215,862,343	215,862,343
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation		13,738		$ 5,110		$ 8,628
Distributions		(9,436)		$ (3,571)		(5,865)
Cancellation of Class A Units (in shares)			(61,040)	(61,040)
Cancellation of Class A Units		(3,288)		$ (3,288)
Issuance of class A units, net of issuance cost (in shares)			485,977	485,977
Issuance of Class A Units, net of issuance cost		2,247		$ 2,247
Other		(537)		(259)		(278)
Income (loss) for the period	$ 0	(295,432)		(109,942)		(185,490)
Ending balance at Mar. 31, 2025		$ 1,901,644		$ 840,027		$ 1,061,617
Ending balance (in shares) at Mar. 31, 2025			128,002,717	128,002,717	215,862,343	215,862,343

REVENUES

3 Months Ended

Mar. 31, 2025

REVENUES

The following tables provide additional details related to the Company’s Revenues for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales	$	12,849,568	$	—	$	—	$	12,849,568
Fees	14,580		—		(3,063)		11,517
Blockchain rewards	80,700		—		(9,588)		71,112
Proprietary mining	—		—		11,236		11,236
Revenues from contracts with customers	12,944,848		—		(1,415)		12,943,433

Blockchain rewards from non-customers	1,055		—		4,309		5,364
Lending	25,626		—		1,783		27,409
Total revenues	$	12,971,529	$	—	$	4,677	$	12,976,206


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales	$	9,257,178	$	—	$	—	$	9,257,178
Fees	18,854		—		9,274		28,128
Blockchain rewards	8,251		—		2,023		10,274
Proprietary mining	—		—		20,128		20,128
Revenues from contracts with customers	9,284,283		—		31,425		9,315,708

Blockchain rewards from non-customers	2,910		—		—		2,910
Lending	15,376		—		1,378		16,754
Total revenues	$	9,302,569	$	—	$	32,803	$	9,335,372

REVENUES

The following table provides additional details related to the Company’s Revenues for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales	$	42,155,920	$	—	$	—	$	42,155,920
Fees	74,962		—		28,232		103,194
Blockchain rewards	179,924		—		890		180,814
Proprietary mining	—		—		63,305		63,305
Revenues from contracts with customers	42,410,806		—		92,427		42,503,233

Blockchain rewards from non-customers	5,852		—		2,099		7,951
Lending	80,405		—		5,084		85,489
Total revenues	$	42,497,063	$	—	$	99,610	$	42,596,673


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales	$	51,488,120	$	—	$	—	$	51,488,120
Fees	29,240		—		21,571		50,811
Blockchain rewards	3,230		—		2,455		5,685
Proprietary mining	—		—		33,121		33,121
Revenues from contracts with customers	51,520,590		—		57,147		51,577,737

Blockchain rewards from non-customers	982		—		—		982
Lending	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales	$	119,724,879	$	—	$	—	$	119,724,879
Fees	31,104		—		3,167		34,271
Blockchain rewards	—		—		7,510		7,510
Proprietary mining	—		—		29,911		29,911
Revenues from contracts with customers	119,755,983		—		40,588		119,796,571

Blockchain rewards from non-customers	—		—		—		—
Lending	29,276		—		—		29,276
Total revenues	$	119,785,259	$	—	$	40,588	$	119,825,847

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.

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	$	110
Total liabilities	$	110

The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	110
Total liabilities	$	110

The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

on February 21, 2023 in exchange for the net identifiable assets of GK8 and goodwill identified below:


(in thousands)
Receivables	$	814
Prepaid expenses and other assets	190
Property and equipment	128
Intangibles	23,258
Goodwill(1)	19,612
Total assets	$	44,002

Accounts payable and accrued liabilities	109
Total liabilities	$	109

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Equity-Method Investments

Investments

The condensed consolidated interim statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of March 31, 2025 and December 31, 2024, the Corporation did not have any subsidiaries and as such the numbers presented as of the three months ended March 31, 2025 and the year ended December 31, 2024 are on a stand-alone basis.

Basis of Presentation

The consolidated statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of December 31, 2024 and 2023, the Corporation did not have any subsidiaries and as such the numbers presented as of the years ended December 31, 2024 and 2023 are on a stand-alone basis. As of December 31, 2022, the Corporation had one subsidiary and as such the numbers presented as of the year ended December 31, 2022 are on a consolidated basis. Statements of operations, changes in stockholder’s equity, and cash flows have not been presented for the year ended December 31, 2022 because the Corporation had not engaged in any business or other activities except in connection with its formation.

Revenues and Gains / (Losses) from Operations

Consolidation

Voting Interest Entities

voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entity

Variable Interest Entities

Noncontrolling Interest

Noncontrolling Interests

Segment reporting

Use of Estimates

Digital Assets Sales

Fees

The Company earns fee revenues from the following sources.

Management and performance-based fees

Advisory fees

Licensing fees

Hosting fees

Proprietary mining

Blockchain rewards

Transaction Expenses

The Company’s transaction expenses include the following:

Digital asset sales cost and impairment

Blockchain reward distributions

Borrowing costs

Mining and hosting costs

Cash and Cash Equivalents

Statements of Cash Flows

Digital Assets

Accounting for digital assets depends on the nature of the asset and how the asset is held. The Company accounts for digital assets in the following ways:

Digital intangible assets and Digital financial assets are collectively referred to as Digital assets.

Digital assets associated with decentralized finance protocols

Digital Assets Loan Receivable

Digital Assets Borrowed

Digital Assets Receivable

Fair Value Measurements

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3: Inputs that are unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Fair Value Option

The Company has elected the fair value option for certain eligible instruments including:

•Common stock investments

•Limited partnership / Limited liability company interest investments

•Trust units / Trust shares

•Preferred shares

•Stablecoins that are digital financial assets

Equity-Method Investments

Equity-based compensation

Lessee

Lessor

Property and Equipment




•Mining equipment			3 – 5 years
•Mining infrastructure			15 – 25 years
•Corporate assets other than leasehold improvements			3 – 10 years
•Leasehold improvements			The shorter of the lease term or useful life of the assets

Goodwill and Other Intangible Assets

Goodwill

Intangible Assets—Definite Lived


•Software technology			2 - 5 years
•Customer relationships and other intangibles			2 - 3 years

Intangible Assets—Indefinite Lived

Loans receivable

Derivative assets and liabilities

Income Taxes

The Company recognizes the income tax accounting effects of changes in tax law or rates (including retroactive changes) in the period of enactment.

Due to the complexity of tax laws and the required interpretations by both the taxpayer and respective taxing authorities, significant judgment is required in determining tax expense / (benefit) and in evaluating tax positions and related uncertainties under U.S. GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances, as necessary, when new legislation is passed or new information becomes available. Interest and penalties, when applicable, related to income taxes are recorded within Income taxes expense / (benefit) in the Company’s consolidated statements of operations.

Recent Accounting Developments


(in thousands)	Balance at December 31, 2022	Cumulative adjustment	Balance at January 1, 2023
Digital intangible assets	362,383	4,742	367,125

Unit holder’s capital	1,416,194	4,742	1,420,936

of ASU 2022-03. Digital assets subject to contractual sale restrictions that were acquired prior to the adoption of ASU 2022-03 continue to include a discount for lack of marketability.

The accompanying condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated interim financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated.

We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 and the interim reporting requirements of Regulation S-X for the three months ended March 31, 2025. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024. The Company’s interim results are not necessarily indicative of its results for a full year.

Basis of Presentation

The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Effective May 13, 2025, GDI, GDHL and GDH LP consummated a series of transactions resulting in the reorganization of Galaxy’s corporate structure (the “Reorganization Transactions”). Under the terms of the Reorganization Transactions, GDHL and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware, and GDI became the successor public company of GDHL, with all outstanding GDHL ordinary shares becoming Class A common stock of GDI.

STOCKHOLDER’S EQUITY	3 Months Ended
STOCKHOLDER’S EQUITY	Mar. 31, 2025
Equity [Abstract]
STOCKHOLDER’S EQUITY	STOCKHOLDER’S EQUITY The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees. STOCKHOLDER’S EQUITYThe Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees.

The entire disclosure for equity.

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Property and Equipment

The following table represents property and equipment balances and accumulated depreciation as of the period ended March 31, 2025 and year ended December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Corporate assets (1)	$	12,150	$	11,093
Mining equipment	165,942		172,572
Data center infrastructure (2)	105,324		113,710
Land	16,487		12,809
WIP / Construction in progress (3)	125,776		35,777
Property and equipment, gross	425,679		345,961
Less: Accumulated depreciation	(63,252)		(57,934)
Less: Impairment / Loss on disposal (4)	(100,211)		(50,989)
Property and equipment, net	$	262,216	$	237,038

_______________

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)Data center infrastructure comprises land and improvements associated with our mining and AI/HPC leasing businesses.

(3)As of March 31, 2025 and December 31, 2024, WIP/Construction in progress related to data center infrastructure under construction.

(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

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.

(3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations.

LOANS AND NOTES PAYABLE (Tables) - Galaxy Digital Services, LP

3 Months Ended

Mar. 31, 2025

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Schedule of Contractual Obligation, Fiscal Year Maturity

As of March 31, 2025, the Partnership’s notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

As of December 31, 2024, the Partnership's notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

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.

DERIVATIVES - Schedule of Company’s Derivatives Portfolio (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amounts	$ 4,678,561	$ 5,769,802	$ 4,359,072
Gross Fair Value-Derivative Assets	128,353	207,653	173,209
Gross Fair Value-Derivative Liabilities	(89,702)	(165,858)	(160,642)
Digital Assets
Derivative [Line Items]
Notional Amounts	3,041,477	4,685,112	2,831,616
Gross Fair Value-Derivative Assets	95,127	185,208	122,911
Gross Fair Value-Derivative Liabilities	(67,313)	(145,493)	(120,795)
Foreign currencies
Derivative [Line Items]
Notional Amounts	730,533	19,259	3,397
Gross Fair Value-Derivative Assets	19,349	12,064	11,279
Gross Fair Value-Derivative Liabilities	(14,026)	(10,483)	(11,027)
Equity securities
Derivative [Line Items]
Notional Amounts	597,258	1,049,846	54,417
Gross Fair Value-Derivative Assets	13,720	10,343	30,541
Gross Fair Value-Derivative Liabilities	(6,993)	(9,683)	(23,876)
Interest rates
Derivative [Line Items]
Notional Amounts	297,729	5,002	1,408,406
Gross Fair Value-Derivative Assets	157	19	7,698
Gross Fair Value-Derivative Liabilities	(708)	(13)	(4,639)
Commodities
Derivative [Line Items]
Notional Amounts	11,563	10,583	61,236
Gross Fair Value-Derivative Assets	0	19	780
Gross Fair Value-Derivative Liabilities	(662)	(186)	(305)
Digital assets receivable
Derivative [Line Items]
Notional Amounts	4,036	3,911	15,971
Gross Fair Value-Derivative Assets	19,670	60,720	20,860
Gross Fair Value-Derivative Liabilities	0	0	0
Embedded derivatives — Digital assets borrowed
Derivative [Line Items]
Notional Amounts	1,949,500	1,269,013	369,280
Gross Fair Value-Derivative Assets	223,469	24,039	877
Gross Fair Value-Derivative Liabilities	(41,027)	(252,635)	(29,874)
Embedded derivatives — Collateral payable
Derivative [Line Items]
Notional Amounts	978,134	1,219,247	439,544
Gross Fair Value-Derivative Assets	143,027	55,848	4,244
Gross Fair Value-Derivative Liabilities	(58,988)	(161,261)	(134,695)
Embedded derivatives — Notes payable
Derivative [Line Items]
Notional Amounts	847,500	847,500	445,000
Gross Fair Value-Derivative Assets	0	0	0
Gross Fair Value-Derivative Liabilities	$ (46,586)	$ (136,192)	$ (10,472)

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

Equity Securities without Readily Determinable Fair Value


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
March 31, 2025	$	66,412	$	(1,282)	$	(60,591)	$	1,642	$	64,834
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652
December 31, 2023	$	83,702	$	(37,868)	$	(64,588)	$	2,356	$	74,352

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.

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accounts payable		$ 13,400
Galaxy Digital Holdings, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Compensation and compensation related	$ 20,490	71,553	$ 50,556
Professional fees	7,871	5,684	7,755
Promissory note	109,004	96,933	67,246
Legal settlement	78,165	40,000	0
Mining payables and accrued liabilities	1,269	9,385	1,447
Payable for digital asset trades	15,028	20,970	4,176
Interest	27,169	15,530	4,595
Payable for investments and acquisitions	4,447	11,054	0
Accounts payable	3,713	6,910	2,569
Other	3,312	3,512	2,032
Accounts payable and accrued liabilities	$ 270,468	$ 281,531	$ 140,376

DIGITAL ASSETS

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

DIGITAL ASSETS

The following tables provide additional detail related to the digital assets as of March 31, 2025 and December 31, 2024:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2025
Digital intangible assets (includes $1,020.2 million measured at fair value)	$	1,054,836	$	—	$	4,957	$	1,059,793
Digital financial assets	—		126,950		—		126,950
Total self-custodied (1)	1,054,836		126,950		4,957		1,186,743

Digital intangible assets (includes $471.0 million measured at fair value)	589,898		—		10,073		599,971
Digital financial assets	—		350,949		—		350,949
Total held with third parties, including centralized trading platforms	589,898		350,949		10,073		950,920

Collateral posted with counterparties (2) (measured at fair value)	195,059		—		—		195,059

Receipt tokens from decentralized finance protocols (3)	112,155		20,095		—		132,250
Other digital assets associated with decentralized finance protocols (3) (4)	171,912		16,485		—		188,397
Total digital assets associated with decentralized finance protocols	284,067		36,580		—		320,647
Total digital assets	$	2,123,860	$	514,479	$	15,030	$	2,653,369


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million 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

_______________

(4)Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

Digital Assets Associated with Decentralized Finance Protocols

Receipt Tokens from Decentralized Finance Protocols

Other Digital Assets Associated with Decentralized Finance Protocols

Digital Assets Subject to Lock-up Schedules

Staked Digital Assets

Digital Assets Rollforward

The following tables summarize the activity within our significant digital asset classes for the three months ended March 31, 2025 and the year ended December 31, 2024:


Assets (in thousands)	Carrying value as of December 31, 2024		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of March 31, 2025
Digital intangible assets	$	550,203	$	2,906,707	$	(3,122,560)	$	153,760	$	(112,429)	$	76,888	$	(55)	$	452,514
Digital intangible assets at fair value	2,018,357		11,118,886		(11,141,072)		265,154		—		347,812		(922,761)		1,686,376
Digital financial assets	359,665		4,092,639		(3,940,321)		4,707		—		973		(3,184)		514,479
Total digital assets	$	2,928,225	$	18,118,232	$	(18,203,953)	$	423,621	$	(112,429)	$	425,673	$	(926,000)	$	2,653,369


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

_______________

Significant Digital Asset Holdings

collateral and retains control. The following tables show our most significant gross digital asset holdings as of March 31, 2025 and December 31, 2024:


	March 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	12,830	$	1,089,965	$	1,058,936
USDC	426,423,591	426,867		426,338
Ether	155,026	301,742		282,468
SOL	995,072	124,293		123,918
XRP	16,931,695	38,010		35,380
USDG	30,558,143	30,566		30,558
SUI	12,037,421	30,124		27,283
Other	not meaningful	274,143		215,974
Digital assets measured at fair value		2,315,710		2,200,855
Digital assets not measured at fair value	not meaningful	511,991		452,514
Total digital assets		$	2,827,701	$	2,653,369


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying 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

DIGITAL ASSETS

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

_______________

(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.

(4)Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

Digital Assets Associated with Decentralized Finance Protocols

Receipt tokens from decentralized finance protocols

Receipt tokens from decentralized finance protocols are digital assets issued by decentralized protocols which derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company's self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

Other digital assets associated with decentralized finance protocols

Digital Assets Subject to Lock-up Schedules

Staked Digital Assets

Digital Assets Held in Investment Companies

Digital Assets Rollforward

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

_______________

(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.

Significant Digital Asset Holdings

collateral and 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

FAIR VALUE MEASUREMENTS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Recurring Basis at Fair Value

Items measured on a recurring basis at fair value:


	As of March 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	477,899	$	36,580	$	—	$	514,479
Digital intangible assets at fair value	1,611,833		63,581		10,963		1,686,377

Digital assets loan receivable, net of allowance - Financial assets	—		173,452		—		173,452
Digital assets receivable	18		10		19,642		19,670
Assets posted as collateral — Digital assets			506,634		—		506,634
Derivative assets	120,130		8,223		—		128,353
Embedded derivative – Collateral payable	—		143,027		—		143,027
Embedded derivative – Digital assets borrowed	—		223,469		—		223,469
Investments(1)	503,356		5,568		391,441		900,365
	$	2,713,236	$	1,160,544	$	422,046	$	4,295,826
Liabilities
Investments sold short(2)	69,358		—		—		69,358

Derivative liabilities	81,237		8,465		—		89,702

Embedded derivative – Digital assets borrowed	—		41,027		—		41,027
Embedded derivative –Collateral payable	—		58,988		—		58,988
Embedded derivative – Notes payable	—		—		46,586		46,586
	$	150,595	$	108,480	$	46,586	$	305,661

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	$	4,814	$	—	$	359,665


Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357
Digital assets loan receivable, net of allowance Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720

Assets posted as collateral – Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative – Collateral payable	—		55,848		—		55,848
Embedded derivative – Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative – Digital assets borrowed			252,635				252,635
Embedded derivative – Collateral payable			161,261				161,261
Embedded derivative – Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

Items measured on a recurring basis at fair value:


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	4,814		$	—	359,665
Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357

Digital assets loan receivable, net of allowance — Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720
Assets posted as collateral — Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative — Collateral payable	—		55,848		—		55,848
Embedded derivative — Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short (2)	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative — Digital assets borrowed			252,635				252,635
Embedded derivative — Collateral payable			161,261				161,261
Embedded derivative — Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	74,386	$	—	$	—	74,386
Digital intangible assets at fair value	655,473		12,674		68,004		736,151

Digital assets loan receivable, net of allowance — Financial assets	—		12,000		—		12,000
Digital assets receivable	196		95		20,569		20,860
Assets posted as collateral — Digital assets	—		316,104		—		316,104

Derivative assets	59,724		113,485		—		173,209

Embedded derivative — Collateral payable	—		4,244		—		4,244
Embedded derivative — Digital assets borrowed	—		877		—		877
Investments(1)	43,568		—		364,576		408,144
	$	833,347	$	459,479	$	453,149	$	1,745,975
Liabilities
Investments sold short	25,295		—		—		25,295

Derivative liabilities	55,567		105,075		—		160,642

Embedded derivative — Digital assets borrowed	—		29,874		—		29,874
Embedded derivative — Collateral payable	—		134,695		—		134,695
Embedded derivative — Notes payable	—		—		10,472		10,472

	$	80,862	$	269,644	$	10,472	$	360,978

_______________

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472

Schedule of Significant Unobservable Inputs Used for Assets and Liabilities


Financial Instrument	Fair Value at March 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	10,963	Marketability discount	15.7% - 39.1%	28.4%
Digital assets receivable	$	19,642	Marketability discount	2.8% - 61.8%	21.1%
Investments	$	391,441	Time to liquidity event (years)	0.8 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	3.9%
			Market adjustment discount	30.0% - 90.0%	39.7%
			Market adjustment premium	25.0% - 150.0%	100.5%
			Marketability discount	25.0% - 40.0%	27.6%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	9.5x
			Enterprise value to projected revenue	2.0x - 10.5x	6.2x
			Enterprise value to annualized revenue	2.5x - 9.0x	5.8x
			Enterprise value to LTM volume	2.8x	2.8x
			Enterprise value to ARR	8.0x	8.0x
			Price to tangible book value	1.3x	1.3x
			Enterprise value to gross profit	6.0x	6.0x
			Scenario probability	35.0%	35.0%
			Recovery percentage	44.0%	44.0%
Embedded derivative - Notes payable	$	46,586	Volatility	47.0% - 77.0%	56.2%
			Risk free rate	3.8% - 4.0%	3.9%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70% - 90%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30% - 90%	41.0%
			Market adjustment premium	25% - 130%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative - Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30.0% - 90.0%	41.0%
			Market adjustment premium	25.0% - 130.0%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative — Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2023 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	68,004	Marketability discount	3.3% - 59.4%	15.4%
Digital assets receivable	$	20,569	Marketability discount	6.1% - 74.4%	28.5%
Investments	$	364,576	Time to liquidity event (years)	3.0 - 5.0	4.6
			Annualized equity volatility	90.0%	90.0%
			Risk free rate	3.5% - 4.2%	3.9%
			Control discount	7.5% - 20.0%	11.1%
			Market adjustment discount	25.0% - 65.0%	37.4%
			Marketability discount	5.7% - 40.0%	15.4%
			Enterprise value to revenue multiple	2.0x- 12.0x	9.4x
			Enterprise value to projected revenue multiple	2.0x - 8.0x	4.4x
			Enterprise value to volume multiple	5.5x	5.5x

			Recovery percentage	120.1%	120.1%
			Claims percentage	68.0%	68.0%
Embedded derivative — Notes payable	$	10,472	Volatility	67.0%	67.0%
			Risk free rate	4.0%	4.0%
			Time-step (years)	0.004	0.004

Schedule of Financial Instruments not Measured at Fair Value


	As of March 31, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	509,438	$	509,438	$	509,438	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	28,864		28,864		28,864		—		—
Loans receivable	464,766		464,766		—		464,766		—
Total Assets	$	1,003,068	$	1,003,068	$	538,302	$	464,766	$	—
Accounts payable and accrued liabilities	270,468		270,468		270,468		—		—
Notes payable	763,798		724,856		—		724,856		—
Collateral payable — Cash	49,418		49,418		—		49,418		—
Payable to customers — Cash	19,288		19,288		—		19,288		—
Loans payable	345,249		345,249		—		345,249		—
Total Liabilities	$	1,448,221	$	1,409,279	$	270,468	$	1,138,811	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral — Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2023
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	316,610	$	316,610	$	316,610	$	—	$	—
Assets posted as collateral — Cash	2,091		2,091		2,091		—		—
Accounts receivable	60,929		60,929		60,929		—		—
Loans receivable	387,364		387,364		—		387,364		—
Total Assets	$	766,994	$	766,994	$	379,630	$	387,364	$	—
Accounts payable and accrued liabilities	140,376		140,376		140,376		—		—
Notes payable	408,053		342,161		—		342,161		—
Collateral payable — Cash	11,367		11,367		—		11,367		—
Payable to customers — Cash	3,442		3,442		—		3,442		—
Loans payable	93,069		93,069		—		93,069		—
Total Liabilities	$	656,307	$	590,415	$	140,376	$	450,039	$	—

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

Equity Securities without Readily Determinable Fair Value


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
March 31, 2025	$	66,412	$	(1,282)	$	(60,591)	$	1,642	$	64,834
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652
December 31, 2023	$	83,702	$	(37,868)	$	(64,588)	$	2,356	$	74,352

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.

DIGITAL ASSETS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Crypto Asset, Activity [Line Items]
Blockchain rewards generated from proprietary staking activities	$ 6.2	$ 12.3	$ 30.0	$ 4.0	$ 7.5
Restricted By Lock-Up Schedules
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 41.4		59.9	68.0
Restricted By Lock-Up Schedules \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration	3 years
Restricted By Lock-Up Schedules \| Minimum
Crypto Asset, Activity [Line Items]
Restriction duration	7 days
Crypto Assets Staked
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 266.8		$ 371.7	$ 163.3
Restriction duration			11 days	11 days
Crypto Assets Staked \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration			11 days
Crypto Assets Staked \| Minimum
Crypto Asset, Activity [Line Items]
Restriction duration	7 days
Bitcoin
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	40.00%		18.00%
Aave
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	15.00%		10.00%

RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1		$ 1	$ 3
Galaxy Digital Holdings, LP
Concentration Risk [Line Items]
Cash and cash equivalents	509,438		462,103	316,610
Galaxy Digital Holdings, LP \| Brokers
Concentration Risk [Line Items]
Cash and cash equivalents	152,800		19,700	199,600
Galaxy Digital Holdings, LP \| Trading Platforms
Concentration Risk [Line Items]
Cash and cash equivalents	$ 16,800		$ 64,700	$ 24,900
Galaxy Digital Holdings, LP \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk \| Five Protocols
Concentration Risk [Line Items]
Concentration risk percentage	70.00%
Galaxy Digital Holdings, LP \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk \| Four Protocols
Concentration Risk [Line Items]
Concentration risk percentage	77.00%		77.00%
Galaxy Digital Holdings, LP \| Revenue Benchmark \| Customer Concentration Risk \| Two Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage	43.00%		40.00%
Galaxy Digital Holdings, LP \| Revenue Benchmark \| Customer Concentration Risk \| One Digital Asset Trading Platform
Concentration Risk [Line Items]
Concentration risk percentage		41.00%
Galaxy Digital Holdings, LP \| Loans Receivable \| Credit Concentration Risk \| Two Counterparties
Concentration Risk [Line Items]
Concentration risk percentage	38.00%	27.00%	27.00%	65.00%
Galaxy Digital Holdings, LP \| Current Liabilities \| Liquidity Concentration Risk \| One Counterparty
Concentration Risk [Line Items]
Concentration risk percentage			8.50%	12.00%
Galaxy Digital Holdings, LP \| Crypto Assets \| Credit Concentration Risk \| Third Parties
Concentration Risk [Line Items]
Concentration risk percentage	43.00%		22.00%	22.00%
Galaxy Digital Holdings, LP \| Crypto Assets \| Credit Concentration Risk \| Two Centralized Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage	28.00%

TRANSACTION EXPENSES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Transaction Expenses

The Company incurred the following Transaction expenses for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Impairment of digital assets	78,308		—		34,121		112,429
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,999,168	$	—	$	60,271	$	13,059,439


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales costs	$	9,247,968	$	—	$	—	$	9,247,968
Impairment of digital assets	8,934		—		16,591		25,525
Blockchain reward distributions	5,594		—		(5,215)		379
Borrowing costs	4,009		—		13,874		17,883
Mining and hosting costs	—		—		15,255		15,255
Other transaction expenses (1)	5,620		—		986		6,606
Transaction expenses	$	9,272,125	$	—	$	41,491	$	9,313,616

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

The Company incurred the following Transaction expenses for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,443	$	—	$	—	$	42,102,443
Impairment of digital assets	139,246		—		192,674		331,920
Blockchain reward distributions	146,731		—		(16,433)		130,298
Borrowing costs	25,652		—		75,108		100,760
Mining and hosting costs	—		—		47,643		47,643
Other transaction expenses (1)	23,226		—		5,486		28,712
Transaction expenses	$	42,437,298	$	—	$	304,478	$	42,741,776


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
Impairment of digital assets	47,791		—		50,549		98,340
Blockchain reward distributions	3,069		—		(504)		2,565
Borrowing costs	8,825		—		9,346		18,171
Mining and hosting costs	—		—		20,772		20,772
Other transaction expenses (1)	8,473		—		2,879		11,352
Transaction expenses	$	51,509,381	$	—	$	83,042	$	51,592,423


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales costs	$	114,812,910	$	—	$	—	$	114,812,910
Impairment of digital assets	4,588,978		—		1,535,870		6,124,848
Blockchain reward distributions	—		—		—		—
Borrowing costs	29,027		—		6,430		35,457
Mining and hosting costs	—		—		15,372		15,372
Other transaction expenses (1)	6,583		—		761		7,344
Transaction expenses	$	119,437,498	$	—	$	1,558,433	$	120,995,931

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

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.

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1	$ 1		$ 3
Total current assets	1	1		3
Total assets	1	1		3
Stockholder’s equity
Common stock, par value $0.01 per share, 1,000 shares authorized, 100 shares issued and outstanding	0	0		0
Additional paid in capital	5	5		5
Retained deficit	(4)	(4)		(2)
Total stockholder’s equity	1	1	$ 2	3	$ 0
Total liabilities and stockholder’s equity	$ 1	$ 1		$ 3

STOCKHOLDER’S EQUITY (Details) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2021
Equity [Abstract]
Common stock, authorized (in shares)	1,000	1,000	1,000
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)	100	100	100	100

INCOME TAXES - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Entity Not Subject to Income Taxes, Difference in Bases, Amount	$ 1,500,000,000	$ 995,000,000
Unrecognized tax benefits, interest on income taxes expense	1,500,000	1,100,000
Income tax examination, interest accrued			$ 0
Income tax examination, penalties accrued	0	0	$ 0
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 68,400,000	$ 48,100,000

LEASES

3 Months Ended

Mar. 31, 2025

LEASES

Lessee

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:


(in thousands)	March 31, 2025		March 31, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,483	$	1,466

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	March 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	7,283		$	8,223
Operating lease liabilities	9,221			10,229
Weighted average remaining lease term	3.5 years			3.6 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2025:


(in thousands)	Lease liability
Year ending December 31,

2025	$	3,530
2026	2,818
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	11,921
Less: Interest	2,700
Total lease liability	$	9,221

LEASES

Lessee

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Supplemental disclosures for the Company’s consolidated statements of cash flows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,973	$	7,838	$	4,216

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	8,223		$	12,055
Operating lease liabilities	$	10,229		$	14,096
Weighted average remaining lease term	3.6 years			4.2 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:


(in thousands)	Lease liability
Year ending December 31,


2025	$	4,151
2026	2,557
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	$	12,281
Less: Interest	2,052
Total lease liability	$	10,229

Lessor


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023		Year ended December 31, 2022
Revenues
Lease	$	—	$	456	$	1,202
Financed sales of mining equipment	—		—		2,965
Loss on disposal	—				(2,046)
Cost of sales
Associated mining equipment sales costs	$	—	—		2,453

REPORTABLE SEGMENTS - Schedule of Assets and Liabilities by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1	$ 1	$ 3
Galaxy Digital Holdings, LP
Segment Reporting Information [Line Items]
Total assets	6,336,192	7,119,855	3,594,280
Total liabilities	4,434,548	4,925,503	1,883,109
Galaxy Digital Holdings, LP \| Digital Assets
Segment Reporting Information [Line Items]
Total assets	3,169,254	3,723,814	1,978,031
Total liabilities	2,691,823	3,163,499	1,679,765
Galaxy Digital Holdings, LP \| Data Centers
Segment Reporting Information [Line Items]
Total assets	264,600	199,694	114,529
Total liabilities	0	0	0
Galaxy Digital Holdings, LP \| Treasury and Corporate
Segment Reporting Information [Line Items]
Total assets	2,902,338	3,196,347	1,501,720
Total liabilities	$ 1,742,725	$ 1,762,004	$ 203,344

Amount of asset recognized for present right to economic benefit.

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

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RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Related Party Transactions

Compensation provided to key management personnel for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Base compensation and accrued bonuses(1)	$	16,780	$	12,957	$	6,733
Benefits	340		359		400
Equity based compensation	24,566		32,524		24,052
Total	$	41,686	$	45,840	$	31,185

_______________

(1)As of December 31, 2024 and 2023, $13.4 million and $10.1 million, respectively, of accrued bonuses were included within Accounts payable and accrued liabilities.

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2025

Financing Receivable, Allowance for Credit Loss [Line Items]

LOANS RECEIVABLE

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Loans receivable	$	408,341	$	476,620
Loans receivable, non-current	56,800		—
Less: allowance for credit loss	(375)		—
Loans receivable, current and non-current	$	464,766	$	476,620

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	407,966
2026	51,286
2027	1,088
2028	2,938
2029	1,188
2030	300
Loans receivable, current and non-current	$	464,766

Outstanding balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current


(in thousands)	March 31, 2025		December 31, 2024
Collateral payable - Digital assets	$	578,745	$	620,633
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current and non-current	$	578,745	$	620,633

For the three months ended March 31, 2025 and 2024, interest income related to the Company’s Loans receivable was $12.6 million and $12.6 million, respectively.

12. LOANS RECEIVABLE

Loans receivable, current and non-current


(in thousands)	December 31, 2024		December 31, 2023
Loans receivable	$	476,620	$	377,105
Loans receivable, non-current	—		10,259
Loans receivable, current and non-current	$	476,620	$	387,364

The outstanding loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts
2025	$	476,620



Loans receivable, current and non-current	$	476,620

Collateral payable associated with loans receivable, current


(in thousands)	December 31, 2024		December 31, 2023
Collateral payable — Digital assets	$	620,633	$	444,839
Collateral payable — Cash	—		—
Collateral payable associated with loans receivable, current	$	620,633	$	444,839

For the years ended December 31, 2024, 2023, and 2022, interest income related to the Company’s Loans receivable was $48.7 million, $36.5 million, and $17.6 million, respectively.

DIGITAL ASSETS - Additional Detail Related to the Digital Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	$ 1,671,300	$ 1,997,400	$ 694,900
Digital intangible assets, current	2,123,860	2,547,581	972,429
Digital financial assets	514,479	359,665	74,386
Digital intangible assets, non-current	15,030	20,979	41,356
Total digital assets	2,653,369	2,928,225	1,088,171	$ 562,015
Collateral posted with counterparties, digital asset and fiat borrowings	117,600	53,700	50,800
Digital assets associated with decentralized finance protocols, support borrowings	23,200	124,900	123,000
Crypto Asset, Self-Custodied
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	1,020,200	1,480,900	528,300
Digital intangible assets, current	1,054,836	1,544,377	530,579
Digital financial assets	126,950	353,459	73,302
Digital intangible assets, non-current	4,957	75	41,356
Digital intangible assets	1,059,793	1,544,452	571,935
Digital financial assets	126,950	353,459	73,302
Total digital assets	1,186,743	1,897,911	645,237
Crypto Asset, Held With Third Parties
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	471,000	451,400	112,600
Digital intangible assets, current	589,898	523,002	178,577
Digital financial assets	350,949	1,392	1,084
Digital intangible assets, non-current	10,073	20,904	0
Digital intangible assets	599,971	543,906	178,577
Digital financial assets	350,949	1,392	1,084
Total digital assets	950,920	545,298	179,661
Crypto Asset, Collateral Posted With Counterparties
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	195,059	85,874	56,674
Digital financial assets	0	0	0
Digital intangible assets, non-current	0	0	0
Total digital assets	195,059	85,874	56,674
Crypto Asset, Decentralized Finance Protocols
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	284,067	394,328	206,599
Digital financial assets	36,580	4,814	0
Digital intangible assets, non-current	0	0	0
Total digital assets	320,647	399,142	206,599
Crypto Asset, Receipt Tokens
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	112,155	298,263	166,788
Digital financial assets	20,095	0	0
Digital intangible assets, non-current	0	0	0
Total digital assets	132,250	298,263	166,788
Crypto Asset, Other Digital Assets
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	171,912	96,065	39,811
Digital financial assets	16,485	4,814	0
Digital intangible assets, non-current	0	0	0
Total digital assets	$ 188,397	$ 100,879	$ 39,811

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2025

REPORTABLE SEGMENTS

The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in these two operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment operating income and net income after taxes to evaluate the performance of each reportable segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure.

Digital Assets

The Digital Assets segment is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.

Data Centers

The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.

Treasury and Corporate

The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to any of the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.

The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.

Assets and liabilities by each of the reportable segments as of March 31, 2025 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,169,254	$	264,600	$	2,902,338	$	6,336,192
Total liabilities	$	2,691,823	$	—	$	1,742,725	$	4,434,548

Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Income and expenses by each of the reportable segments for the three months ended March 31, 2025 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206
Net gain / (loss) on digital assets	52,204		—		(70,427)		(18,223)
Net gain / (loss) on investments	(20,349)		—		(112,818)		(133,167)
Net gain / (loss) on derivatives trading	60,515		—		(29,456)		31,059
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,999,168		—		60,271		13,059,439
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		8,785		13,591
Other expenses	18,821		385		84,437		103,643
Operating expenses	13,060,370		2,899		184,428		13,247,697

Operating income	3,529		(2,899)		(392,452)		(391,822)


Unrealized gain / (loss) on notes payable – derivative	—		—		89,606		89,606
Other income / (expense), net	—		—		672		672
Total other income / (expense)	—		—		90,278		90,278

Net income / (loss) for the period, before taxes	$	3,529	$	(2,899)	$	(302,174)	$	(301,544)
Income tax benefit	—		—		(6,112)		(6,112)
Net income / (loss) for the period	$	3,529	$	(2,899)	$	(296,062)	$	(295,432)

Income and expenses by each of the reportable segments for the three months ended March 31, 2024 is as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	9,302,569	$	—	$	32,803	$	9,335,372
Net gain/ (loss) on digital assets	82,590		—		263,803		346,393
Net gain / (loss) on investments	—		—		63,018		63,018
Net gain / (loss) on derivatives trading	(15,632)		—		99,272		83,640
Revenues and gains / (losses) from operations	9,369,527		—		458,896		9,828,423

Transaction expenses	9,272,125		—		41,491		9,313,616
Compensation and benefits	42,275		—		18,796		61,071
Notes interest expense	—		—		6,976		6,976
Depreciation and amortization	1,307		1,674		6,519		9,500
Other expenses	14,050		—		16,256		30,306
Operating expenses	9,329,757		1,674		90,038		9,421,469

Operating income	39,770		(1,674)		368,858		406,954

Unrealized loss on notes payable - derivative	—		—		(9,713)		(9,713)
Other income / (expense), net	—		—		213		213
Total other income / (expense)	—		—		(9,500)		(9,500)

Net income / (loss) for the year, before taxes	$	39,770	$	(1,674)	$	359,358	$	397,454
Income tax expense (benefit)	—		—		9,327		9,327
Net income / (loss) for the period	$	39,770	$	(1,674)	$	350,031	$	388,127

REPORTABLE SEGMENTS

Digital Assets

income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.

Data Centers

The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI / HPC industry.

Treasury and Corporate

Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	1,978,031	$	114,529	$	1,501,720	$	3,594,280
Total liabilities	$	1,679,765	$	—	$	203,344	$	1,883,109

Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	42,497,063	$	—	$	99,610	$	42,596,673
Net gain / (loss) on digital assets	57,560		—		576,997		634,557
Net gain / (loss) on investments	17,425		—		241,366		258,791
Net gain / (loss) on derivatives trading	168,355		—		99,414		267,769
Revenues and gains / (losses) from operations	42,740,403		—		1,017,387		43,757,790

Transaction expenses	42,437,298		—		304,478		42,741,776
Compensation and benefits	175,925		—		89,666		265,591
Notes interest expense	—		—		30,804		30,804
Depreciation and amortization	11,446		7,497		27,949		46,892
Other expenses	68,725		—		245,266		313,991
Operating expenses	42,693,394		7,497		698,163		43,399,054

Operating income	47,009		(7,497)		319,224		358,736


Unrealized gain / (loss) on notes payable – derivative	—		—		(31,727)		(31,727)
Other income / (expense), net	—		—		2,774		2,774
Total other income / (expense)	—		—		(28,953)		(28,953)

Net income / (loss) for the period, before taxes	$	47,009	$	(7,497)	$	290,271	$	329,783
Income tax benefit	—		—		(16,939)		(16,939)
Net income / (loss) for the period	$	47,009	$	(7,497)	$	307,210	$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	51,565,491	$	—	$	61,288	$	51,626,779
Net gain / (loss) on digital assets	22,527		—		310,923		333,450
Net gain / (loss) on investments	—		—		97,827		97,827
Net gain / (loss) on derivatives trading	65,380		—		86,203		151,583
Revenues and gains / (losses) from operations	51,653,398		—		556,241		52,209,639

Transaction expenses	51,509,381		—		83,042		51,592,423
Compensation and benefits	148,909		—		70,347		219,256
Notes interest expense	—		—		27,285		27,285
Depreciation and amortization	4,344		5,548		13,053		22,945
Other expenses	44,854		—		48,710		93,564
Operating expenses	51,707,488		5,548		242,437		51,955,473

Operating income	(54,090)		(5,548)		313,804		254,166


Unrealized gain / (loss) on notes payable – derivative	—		—		(9,603)		(9,603)
Other income / (expense), net	—		—		(135)		(135)
Total other income / (expense)	—		—		(9,738)		(9,738)

Net income / (loss) for the period, before taxes	$	(54,090)	$	(5,548)	$	304,066	$	244,428
Income tax expense	—		—		15,914		15,914
Net income / (loss) for the period	$	(54,090)	$	(5,548)	$	288,152	$	228,514

Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	119,785,259	$	—	$	40,588	$	119,825,847
Net gain / (loss) on digital assets	(289,497)		—		1,227,862		938,365
Net gain / (loss) on investments	—		—		(464,918)		(464,918)
Net gain / (loss) on derivatives trading	100,341		—		92,217		192,558
Revenues and gains / (losses) from operations	119,596,103		—		895,749		120,491,852

Transaction expenses	119,437,498		—		1,558,433		120,995,931
Compensation and benefits	134,550		—		81,651		216,201
Notes interest expense	—		—		37,029		37,029
Depreciation and amortization	—		—		12,852		12,852
Other expenses	95,578		—		83,481		179,059
Operating expenses	119,667,626		—		1,773,446		121,441,072

Operating income	(71,523)		—		(877,697)		(949,220)

Change in fair value of warrant liability	—		—		20,322		20,322
Unrealized gain / (loss) on notes payable – derivative	—		—		57,998		57,998
Other income / (expense), net	—		—		26,480		26,480
Total other income / (expense)	—		—		104,800		104,800

Net income / (loss) for the period, before taxes	$	(71,523)	$	—	$	(772,897)	$	(844,420)
Income tax benefit	—		—		(28,291)		(28,291)
Net income / (loss) for the period	$	(71,523)	$	—	$	(744,606)	$	(816,129)
Net income / (loss) attributed to:
Redeemable noncontrolling interests	—		—		(97,219)		(97,219)
Unit holders of the Company	$	(71,523)	$	—	$	(647,387)	$	(718,910)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

DIGITAL ASSETS - Holdings (Details) - Galaxy Digital Holdings, LP $ in Thousands	Mar. 31, 2025 USD ($) digital_asset	Dec. 31, 2024 USD ($) digital_asset	Dec. 31, 2023 USD ($) digital_asset
Crypto Asset, Holding [Line Items]
Historical cost	$ 2,827,701	$ 3,041,321	$ 1,044,186
Carrying value	2,653,369	2,928,225	1,088,171
Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	2,315,710	2,443,026	747,829
Carrying value	2,200,855	2,378,022	810,537
Portion at Other than Fair Value Measurement
Crypto Asset, Holding [Line Items]
Historical cost	511,991	598,295	296,357
Carrying value	$ 452,514	$ 550,203	$ 277,634
Bitcoin
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	12,830	13,704	9,725
Bitcoin \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 1,089,965	$ 1,335,194	$ 412,517
Carrying value	$ 1,058,936	$ 1,277,816	$ 411,093
USDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	426,423,591	333,713,029	74,359,987
USDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 426,867	$ 334,224	$ 74,350
Carrying value	$ 426,338	$ 333,652	$ 74,338
Ether
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	155,026	112,248	70,774
Ether \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 301,742	$ 378,907	$ 164,210
Carrying value	$ 282,468	$ 373,871	$ 161,450
SOL
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	995,072	498,767
SOL \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 124,293	$ 73,567
Carrying value	$ 123,918	$ 94,288
XRP
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	16,931,695
XRP \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 38,010
Carrying value	$ 35,380
USDG
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	30,558,143
USDG \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 30,566
Carrying value	$ 30,558
SUI
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	12,037,421
SUI \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 30,124
Carrying value	27,283
UNI
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset		5,216,565
UNI \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost		$ 71,911
Carrying value		$ 68,922
TIA
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset		9,626,784	12,000,000
TIA \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost		$ 17,995	$ 2,700
Carrying value		34,116	67,536
Other \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	274,143	231,228	94,052
Carrying value	$ 215,974	$ 195,357	$ 96,120

FAIR VALUE MEASUREMENTS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Recurring Basis at Fair Value

Items measured on a recurring basis at fair value:


	As of March 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	477,899	$	36,580	$	—	$	514,479
Digital intangible assets at fair value	1,611,833		63,581		10,963		1,686,377

Digital assets loan receivable, net of allowance - Financial assets	—		173,452		—		173,452
Digital assets receivable	18		10		19,642		19,670
Assets posted as collateral — Digital assets			506,634		—		506,634
Derivative assets	120,130		8,223		—		128,353
Embedded derivative – Collateral payable	—		143,027		—		143,027
Embedded derivative – Digital assets borrowed	—		223,469		—		223,469
Investments(1)	503,356		5,568		391,441		900,365
	$	2,713,236	$	1,160,544	$	422,046	$	4,295,826
Liabilities
Investments sold short(2)	69,358		—		—		69,358

Derivative liabilities	81,237		8,465		—		89,702

Embedded derivative – Digital assets borrowed	—		41,027		—		41,027
Embedded derivative –Collateral payable	—		58,988		—		58,988
Embedded derivative – Notes payable	—		—		46,586		46,586
	$	150,595	$	108,480	$	46,586	$	305,661

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	$	4,814	$	—	$	359,665


Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357
Digital assets loan receivable, net of allowance Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720

Assets posted as collateral – Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative – Collateral payable	—		55,848		—		55,848
Embedded derivative – Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative – Digital assets borrowed			252,635				252,635
Embedded derivative – Collateral payable			161,261				161,261
Embedded derivative – Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

Items measured on a recurring basis at fair value:


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	354,851	4,814		$	—	359,665
Digital intangible assets at fair value	1,929,661		68,239		20,457		2,018,357

Digital assets loan receivable, net of allowance — Financial assets	—		393,734		—		393,734
Digital assets receivable	204		24		60,492		60,720
Assets posted as collateral — Digital assets	—		278,527		—		278,527

Derivative assets	188,836		18,817				207,653

Embedded derivative — Collateral payable	—		55,848		—		55,848
Embedded derivative — Digital assets borrowed	—		24,039		—		24,039
Investments(1)	751,220		—		524,573		1,275,793
	$	3,224,772	$	844,042	$	605,522	$	4,674,336
Liabilities
Investments sold short (2)	6,524		—		—		6,524

Derivative liabilities	58,155		107,703				165,858

Embedded derivative — Digital assets borrowed			252,635				252,635
Embedded derivative — Collateral payable			161,261				161,261
Embedded derivative — Notes payable	—		—		136,192		136,192

	$	64,679	$	521,599	$	136,192	$	722,470

_______________

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.


	As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	74,386	$	—	$	—	74,386
Digital intangible assets at fair value	655,473		12,674		68,004		736,151

Digital assets loan receivable, net of allowance — Financial assets	—		12,000		—		12,000
Digital assets receivable	196		95		20,569		20,860
Assets posted as collateral — Digital assets	—		316,104		—		316,104

Derivative assets	59,724		113,485		—		173,209

Embedded derivative — Collateral payable	—		4,244		—		4,244
Embedded derivative — Digital assets borrowed	—		877		—		877
Investments(1)	43,568		—		364,576		408,144
	$	833,347	$	459,479	$	453,149	$	1,745,975
Liabilities
Investments sold short	25,295		—		—		25,295

Derivative liabilities	55,567		105,075		—		160,642

Embedded derivative — Digital assets borrowed	—		29,874		—		29,874
Embedded derivative — Collateral payable	—		134,695		—		134,695
Embedded derivative — Notes payable	—		—		10,472		10,472

	$	80,862	$	269,644	$	10,472	$	360,978

_______________

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


(in thousands)	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in /(out) of Level 3		Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025	$	20,457	$	—	$	—	$	—	$	(3,438)	$	(6,056)	$	10,963
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
March 31, 2025	$	60,492	$	500	$	—	$	—	$	(34,646)	$	(6,884)	$	19,462
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724.00	$	52,477	$	(12,551)	$	60,492
Investments
March 31, 2025	$	524,573	$	3,852	$	(104,257)	$	69,624	$	(103,351)	$	1,000	$	391,441
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative - Notes payable
March 31, 2025	$	136,192	$	—	$	—	$	—	$	(89,606)	$	—	$	46,586
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192


(in thousands) Assets	Fair value, Beginning Balance		Purchases		Sales/Distributions		Net Realized Gain / (Loss)		Net Unrealized Gain / (Loss)		Transfers in/(out) of Level 3		Fair value, Ending Balance
Digital intangible assets
2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
2023	$	—	$	—	$	—	$	—	$	65,073	$	2,931	$	68,004

Digital assets receivable
2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
2023	$	16,054	$	200	$	—	$	—	$	17,101	$	(12,786)	$	20,569



Investments
2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
2023	$	170,526	$	30,077	$	(2,890)	$	949	$	121,242	$	44,672	$	364,576

Embedded derivative - Notes payable
2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192
2023	$	—	$	—	$	—	$	—	$	9,604	$	868	$	10,472

Schedule of Significant Unobservable Inputs Used for Assets and Liabilities


Financial Instrument	Fair Value at March 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	10,963	Marketability discount	15.7% - 39.1%	28.4%
Digital assets receivable	$	19,642	Marketability discount	2.8% - 61.8%	21.1%
Investments	$	391,441	Time to liquidity event (years)	0.8 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	3.9%
			Market adjustment discount	30.0% - 90.0%	39.7%
			Market adjustment premium	25.0% - 150.0%	100.5%
			Marketability discount	25.0% - 40.0%	27.6%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	9.5x
			Enterprise value to projected revenue	2.0x - 10.5x	6.2x
			Enterprise value to annualized revenue	2.5x - 9.0x	5.8x
			Enterprise value to LTM volume	2.8x	2.8x
			Enterprise value to ARR	8.0x	8.0x
			Price to tangible book value	1.3x	1.3x
			Enterprise value to gross profit	6.0x	6.0x
			Scenario probability	35.0%	35.0%
			Recovery percentage	44.0%	44.0%
Embedded derivative - Notes payable	$	46,586	Volatility	47.0% - 77.0%	56.2%
			Risk free rate	3.8% - 4.0%	3.9%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70% - 90%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30% - 90%	41.0%
			Market adjustment premium	25% - 130%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative - Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2024 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	20,457	Marketability discount	15.9% - 45.2%	32.1%
Digital assets receivable	$	60,492	Marketability discount	5.5% - 72.8%	35.8%
Investments	$	524,573	Time to liquidity event (years)	1.0 - 5.0	4.1
			Annualized equity volatility	70.0% - 90.0%	88.8%
			Risk free rate	3.4% - 4.4%	4.2%
			Market adjustment discount	30.0% - 90.0%	41.0%
			Market adjustment premium	25.0% - 130.0%	79.6%
			Marketability discount	3.5% - 51.8%	26.0%
			Expected dividend payout ratio	0% - 0%	0%
			Enterprise value to LTM revenue multiple	2.5x - 16.8x	10.8x
			Enterprise value to projected revenue multiple	2.0x - 10.5x	7.0x
			Enterprise value to annualized revenue	3.5x - 9.0x	6.7x
			Enterprise value to LTM volume	3.0x	3.0x
			Enterprise Value to ARR	8.5x - 15.8x	10.9x
			Price to tangible book value	1.5x	1.5x
			Enterprise value to projected EBITDA	9.0x - 14.0x	11.5x
			Scenario probability	35.0%	35.0%
			Recovery percentage	35.0% - 61.6%	51.5%
Embedded derivative — Notes payable	$	136,192	Volatility	45.6% - 75.0%	55.4%
			Risk free rate	4.2% - 4.4%	4.3%
			Time-step (years)	0.004	0.004


Financial Instrument	Fair Value at December 31, 2023 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average
Digital intangible assets	$	68,004	Marketability discount	3.3% - 59.4%	15.4%
Digital assets receivable	$	20,569	Marketability discount	6.1% - 74.4%	28.5%
Investments	$	364,576	Time to liquidity event (years)	3.0 - 5.0	4.6
			Annualized equity volatility	90.0%	90.0%
			Risk free rate	3.5% - 4.2%	3.9%
			Control discount	7.5% - 20.0%	11.1%
			Market adjustment discount	25.0% - 65.0%	37.4%
			Marketability discount	5.7% - 40.0%	15.4%
			Enterprise value to revenue multiple	2.0x- 12.0x	9.4x
			Enterprise value to projected revenue multiple	2.0x - 8.0x	4.4x
			Enterprise value to volume multiple	5.5x	5.5x

			Recovery percentage	120.1%	120.1%
			Claims percentage	68.0%	68.0%
Embedded derivative — Notes payable	$	10,472	Volatility	67.0%	67.0%
			Risk free rate	4.0%	4.0%
			Time-step (years)	0.004	0.004

Schedule of Financial Instruments not Measured at Fair Value


	As of March 31, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	509,438	$	509,438	$	509,438	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	28,864		28,864		28,864		—		—
Loans receivable	464,766		464,766		—		464,766		—
Total Assets	$	1,003,068	$	1,003,068	$	538,302	$	464,766	$	—
Accounts payable and accrued liabilities	270,468		270,468		270,468		—		—
Notes payable	763,798		724,856		—		724,856		—
Collateral payable — Cash	49,418		49,418		—		49,418		—
Payable to customers — Cash	19,288		19,288		—		19,288		—
Loans payable	345,249		345,249		—		345,249		—
Total Liabilities	$	1,448,221	$	1,409,279	$	270,468	$	1,138,811	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral - Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2024
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	462,103	$	462,103	$	462,103	$	—	$	—
Assets posted as collateral — Cash	—		—		—		—		—
Accounts receivable	55,279		55,279		55,279		—		—
Loans receivable	476,620		476,620		—		476,620		—
Total Assets	$	994,002	$	994,002	$	517,382	$	476,620	$	—
Accounts payable and accrued liabilities	281,531		281,531		281,531		—		—
Notes payable	845,186		836,402		—		836,402		—
Collateral payable — Cash	74,995		74,995		—		74,995		—
Payable to customers — Cash	19,520		19,520		—		19,520		—
Loans payable	510,718		510,718		—		510,718		—
Total Liabilities	$	1,731,950	$	1,723,166	$	281,531	$	1,441,635	$	—


	As of December 31, 2023
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	316,610	$	316,610	$	316,610	$	—	$	—
Assets posted as collateral — Cash	2,091		2,091		2,091		—		—
Accounts receivable	60,929		60,929		60,929		—		—
Loans receivable	387,364		387,364		—		387,364		—
Total Assets	$	766,994	$	766,994	$	379,630	$	387,364	$	—
Accounts payable and accrued liabilities	140,376		140,376		140,376		—		—
Notes payable	408,053		342,161		—		342,161		—
Collateral payable — Cash	11,367		11,367		—		11,367		—
Payable to customers — Cash	3,442		3,442		—		3,442		—
Loans payable	93,069		93,069		—		93,069		—
Total Liabilities	$	656,307	$	590,415	$	140,376	$	450,039	$	—

Schedule of Realized and Net Change in Unrealized Gains Losses

FAIR VALUE OPTION (Tables)

3 Months Ended

Mar. 31, 2025

The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	Three months ended March 31, 2025				Three months ended March 31, 2024
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	36,913	$	(94,894)	$	1,075	$	160,098

The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	December 31, 2024				December 31, 2023				December 31, 2022
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	83,441	$	130,980	$	(833)	$	88,757	$	48,501	$	(320,050)

Schedule of Fair Value Option

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	March 31, 2025		December 31, 2024
Assets
Digital financial assets	$	514,479	$	359,664
Investments	527,398		558,093
Total	$	1,041,877	$	917,757

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	December 31, 2024		December 31, 2023
Assets
Digital financial assets	$	359,664	$	74,386
Investments	558,093		398,529
Total	$	917,757	$	472,915

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2025
Text Block [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated interim statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of March 31, 2025 and December 31, 2024, the Corporation did not have any subsidiaries and as such the numbers presented as of the three months ended March 31, 2025 and the year ended December 31, 2024 are on a stand-alone basis. Basis of Presentation The consolidated statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of December 31, 2024 and 2023, the Corporation did not have any subsidiaries and as such the numbers presented as of the years ended December 31, 2024 and 2023 are on a stand-alone basis. As of December 31, 2022, the Corporation had one subsidiary and as such the numbers presented as of the year ended December 31, 2022 are on a consolidated basis. Statements of operations, changes in stockholder’s equity, and cash flows have not been presented for the year ended December 31, 2022 because the Corporation had not engaged in any business or other activities except in connection with its formation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions.

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Other Noncurrent Liabilities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax liabilities	$ 47,463	$ 42,994	$ 42,856
Legal settlement	108,151	142,462	0
Lease liability	6,500	6,936	14,096
Other non-current liabilities	$ 162,114	$ 192,392	$ 56,952

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Prepaid Expenses and Other Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Prepaid expenses	$ 13,600	$ 11,112	$ 1,930
Mining deposits	4,845	4,845	8,825
Current tax asset and tax receivable	5,228	5,364	15,124
Other	6,211	5,571	11,045
Prepaid expenses and other assets	$ 29,884	$ 26,892	$ 36,924

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 three months ended March 31, 2025 and March 31, 2024, the total compensation and benefits include cash based payments and equity based payments as follows:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Compensation and benefits excluding equity based compensation	$	43,434	$	42,551
Equity based compensation (1)	13,519		18,520
Total compensation and benefits (2)	$	56,953	$	61,071

_______________

(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.

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, 2024		December 31, 2023		December 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


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Stock options	$	4,575	$	3,597
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)	9,163		14,909
Compensatory Class B Unit Awards

Profit Interest Units	—		14
	$	13,738	$	18,520

_______________

(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 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 Units	53		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:


Description	Number of Options	Weighted Average Exercise Price (C$)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Granted	2,913,051	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
Granted	4,172,899	17.30
Exercised	(652,549)	3.09
Forfeited	—	—
Canceled	(9,957)	6.75
Balance, March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Vested and expected to vest as of March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Options exercisable as of March 31, 2025	12,729,406	$	7.81	1.82	$	72,307
Vested and expected to vest as of December 31, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653

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:


Description	Number of Options	Weighted 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
Granted	1,565,000	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
Granted	2,913,051	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, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	$	5.80	1.82	$	40,427
Vested and expected to vest as of December 31, 2022	27,652,543	$	8.56	2.62	$	9,594
Options exercisable as of December 31, 2022	14,180,883	$	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

March 31, 2025

December 31, 2024

Share price

C$15.17

C$12.41 - C$27.45

Exercise price

C$16.45 - C$22.45

C$10.00 - C$37.38

Expected term (in years)

Expected volatility

90%

85% - 90%

Risk-free interest rate

2.60%

2.8% - 3.8%

Dividend yield

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)	5	5	5
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 yield	0%	0%	0%

Schedule of Nonvested Share Activity

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-Average Grant Date Fair Value (C$)




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
Granted / Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, December 31, 2024	10,711,587	$	1.49

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-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:


Description	Number of Units(1)	Weighted Average Grant Price (C$)




Balance, December 31, 2023	281,808	$	19.11
Vested	(281,808)	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, March 31, 2025	—	—

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units	Weighted 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, 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
Granted	1,898,442	15.17
Exercised	(158,114)	15.46
Forfeited / Cancelled	(165,986)	17.35
Balance, March 31, 2025	11,583,915	$	14.25
Units vested as of March 31, 2025	4,541,399	$	16.46
Units vested as of December 31, 2024	4,066,372	$	15.07

_______________

(1)Includes deferred share units granted to the directors as part of annual compensation.

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.

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.

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income / (loss)	$ 0	$ (1)	$ (2)	$ (2)
Net cash provided by / (used in) operating activities	0	(1)	(2)	(2)
Net increase / (decrease) in cash and cash equivalents	0	(1)	(2)	(2)
Cash and cash equivalents, beginning of period	1	3	3	5
Cash and cash equivalents, end of period	$ 1	$ 2	$ 1	$ 3

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 1	$ 1	$ 3
Total current assets	1	1	3
Non-current assets
Total assets	1	1	3
Stockholder’s equity
Total liabilities and stockholder’s equity	1	1	3
Galaxy Digital Holdings, LP
Current assets
Cash and cash equivalents	509,438	462,103	316,610
Digital intangible assets (includes $1,671.3 and $1,997.4 million measured at fair value)	2,123,860	2,547,581	972,429
Digital financial assets	514,479	359,665	74,386
Digital assets loan receivable, net of allowance	280,095	579,530	104,504
Investments	545,754	834,812	0
Assets posted as collateral	506,634	277,147	318,195
Derivative assets	128,353	207,653	173,209
Accounts receivable (includes $4.5 and $4.2 million due from related parties)	28,864	55,279	60,929
Digital assets receivable	17,674	53,608	14,686
Loans receivable	407,966	476,620	377,105
Prepaid expenses and other assets	29,884	26,892	36,924
Total current assets	5,093,001	5,880,890	2,448,977
Non-current assets
Digital assets receivable	1,996	7,112	6,174
Investments (includes $669.6 and $745.5 million measured at fair value)	736,060	808,694	735,103
Digital intangible assets	15,030	20,979	41,356
Loans receivable, non-current	56,800	0	10,259
Property and equipment, net	262,216	237,038	213,348
Other non-current assets	113,052	107,105	94,806
Goodwill	58,037	58,037	44,257
Total non-current assets	1,243,191	1,238,965	1,145,303
Total assets	6,336,192	7,119,855	3,594,280
Current liabilities:
Derivative liabilities	89,702	165,858	160,642
Accounts payable and accrued liabilities (includes $111.0 and $96.9 million due to related parties)	270,468	281,531	140,376
Digital assets borrowed	1,760,455	1,497,609	398,277
Payable to customers — Cash			3,442
Loans payable	345,249	510,718	93,069
Collateral payable	943,513	1,399,655	581,362
Other current liabilities	73,358	13,034	40,936
Total current liabilities	3,502,033	3,887,925	1,418,104
Non-current liabilities
Notes payable	763,798	845,186	408,053
Other non-current liabilities	162,114	192,392	56,952
Total non-current liabilities	932,515	1,037,578	465,005
Total liabilities	4,434,548	4,925,503	1,883,109
Commitments and contingencies (Note 17)
Stockholder’s equity
Unit holder’s capital	1,901,644	2,194,352	1,711,171
Total stockholder’s equity	1,901,644	2,194,352	1,711,171
Total liabilities and stockholder’s equity	6,336,192	7,119,855	3,594,280
Galaxy Digital Holdings, LP \| Carrying Value
Current liabilities:
Accounts payable and accrued liabilities (includes $111.0 and $96.9 million due to related parties)	270,468	281,531	140,376
Payable to customers — Cash	19,288	19,520	3,442
Galaxy Digital Holdings, LP \| Related Party
Current assets
Accounts receivable (includes $4.5 and $4.2 million due from related parties)	4,500	4,200	1,600
Current liabilities:
Accounts payable and accrued liabilities (includes $111.0 and $96.9 million due to related parties)	$ 111,000	$ 96,900	$ 66,900

Condensed Consolidated Interim Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Revenue
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Bank charges	0	1	2	2
Total operating expenses	0	1	2	2
Net income / (loss) for the period, before taxes	0	(1)	(2)	(2)
Income tax expense / (benefit)	0	0	0	0
Net income / (loss)	$ 0	$ (1)	$ (2)	$ (2)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

TRANSACTION EXPENSES

3 Months Ended

Mar. 31, 2025

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Impairment of digital assets	78,308		—		34,121		112,429
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,999,168	$	—	$	60,271	$	13,059,439


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales costs	$	9,247,968	$	—	$	—	$	9,247,968
Impairment of digital assets	8,934		—		16,591		25,525
Blockchain reward distributions	5,594		—		(5,215)		379
Borrowing costs	4,009		—		13,874		17,883
Mining and hosting costs	—		—		15,255		15,255
Other transaction expenses (1)	5,620		—		986		6,606
Transaction expenses	$	9,272,125	$	—	$	41,491	$	9,313,616

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,443	$	—	$	—	$	42,102,443
Impairment of digital assets	139,246		—		192,674		331,920
Blockchain reward distributions	146,731		—		(16,433)		130,298
Borrowing costs	25,652		—		75,108		100,760
Mining and hosting costs	—		—		47,643		47,643
Other transaction expenses (1)	23,226		—		5,486		28,712
Transaction expenses	$	42,437,298	$	—	$	304,478	$	42,741,776


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
Impairment of digital assets	47,791		—		50,549		98,340
Blockchain reward distributions	3,069		—		(504)		2,565
Borrowing costs	8,825		—		9,346		18,171
Mining and hosting costs	—		—		20,772		20,772
Other transaction expenses (1)	8,473		—		2,879		11,352
Transaction expenses	$	51,509,381	$	—	$	83,042	$	51,592,423


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales costs	$	114,812,910	$	—	$	—	$	114,812,910
Impairment of digital assets	4,588,978		—		1,535,870		6,124,848
Blockchain reward distributions	—		—		—		—
Borrowing costs	29,027		—		6,430		35,457
Mining and hosting costs	—		—		15,372		15,372
Other transaction expenses (1)	6,583		—		761		7,344
Transaction expenses	$	119,437,498	$	—	$	1,558,433	$	120,995,931

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

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.

INVESTMENTS

3 Months Ended

Mar. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

INVESTMENTS

Net gain / (loss) on investments in the Company’s condensed consolidated interim statements of operations consists of the following:

•Net realized gains / (losses) related to sales of investments were $153.0 million and $(172.8) million for the three months ended March 31, 2025 and March 31, 2024, respectively.

•Net change in unrealized gains / (losses) related to investments were $(286.1) million and $235.9 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Investments at Measurement Alternative


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
March 31, 2025	$	66,412	$	(1,282)	$	(60,591)	$	1,642	$	64,834
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652

INVESTMENTS

Net gain / (loss) on investments in the Company’s consolidated statements of operations consists of the following:

•Net realized gains / (losses) related to sales of investments were $(171.1) million, $13.4 million, and $42.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

•Net change in unrealized gains / (losses) related to investments were $429.9 million, $84.4 million, and $(507.5) million for the years ended December 31, 2024, 2023 and 2022, respectively.

Investments at Measurement Alternative


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652
December 31, 2023	$	83,702	$	(37,868)	$	(64,588)	$	2,356	$	74,352

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.

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Prepaid expenses	$	13,600	$	11,112
Asset purchase deposits	4,845		4,845
Current tax asset and tax receivable	5,228		5,364

Other (1)	6,211		5,571
	$	29,884	$	26,892

_______________

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Prepaid expenses	$	11,112	$	1,930
Mining deposits	4,845		8,825
Current tax asset and tax receivable	5,364		15,124

Other(1)	5,571		11,045
	$	26,892	$	36,924

_______________

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Compensation and compensation related	$	20,490	$	71,553
Professional fees	7,871		5,684
Promissory note(1)	109,004		96,933
Legal settlement	78,165		40,000
Mining payables and accrued liabilities	1,269		9,385
Payable for digital asset trades	15,028		20,970
Interest	27,169		15,530
Payable for investments and acquisitions	4,447		11,054
Accounts payable	3,713		6,910


Other	3,312		3,512
	$	270,468	$	281,531

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions.

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Compensation and compensation related	$	71,553	$	50,556
Professional fees	5,684		7,755
Promissory note(1)	96,933		67,246
Legal settlement	40,000		—
Mining payables and accrued liabilities	9,385		1,447
Payable for digital asset trades	20,970		4,176
Interest	15,530		4,595


Payable for investments and acquisitions	11,054		—
Accounts payable	6,910		2,569


Other	3,512		2,032
	$	281,531	$	140,376

_______________

(1)Promissory note with GDHI LLC. Refer to Note 22 for further information on related party transactions

Schedule of Other Noncurrent Liabilities

Other non-current liabilities consist of the following:


(in thousands)	March 31, 2025		December 31, 2024
Tax liabilities	$	47,463	$	42,994
Legal settlement	108,151		142,462
Lease liability	6,500		6,936
	$	162,114	$	192,392

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2024		December 31, 2023
Tax liabilities	$	42,994	$	42,856
Legal settlement	142,462		—
Lease liability	6,936		14,096
	$	192,392	$	56,952

DIGITAL ASSETS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Activity Within Our Significant Digital Asset Classes

The following tables summarize the activity within our significant digital asset classes for the three months ended March 31, 2025 and the year ended December 31, 2024:


Assets (in thousands)	Carrying value as of December 31, 2024		Purchases and receipts (1)		Sales or disbursements (2)		Net transferred (borrow / loaned) (3)		Impairment		Gains (4)		Losses (4)		Carrying value as of March 31, 2025
Digital intangible assets	$	550,203	$	2,906,707	$	(3,122,560)	$	153,760	$	(112,429)	$	76,888	$	(55)	$	452,514
Digital intangible assets at fair value	2,018,357		11,118,886		(11,141,072)		265,154		—		347,812		(922,761)		1,686,376
Digital financial assets	359,665		4,092,639		(3,940,321)		4,707		—		973		(3,184)		514,479
Total digital assets	$	2,928,225	$	18,118,232	$	(18,203,953)	$	423,621	$	(112,429)	$	425,673	$	(926,000)	$	2,653,369


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

_______________

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

_______________

(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.

Schedule of Digital Asset Holdings

The following tables provide additional detail related to the digital assets as of March 31, 2025 and December 31, 2024:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2025
Digital intangible assets (includes $1,020.2 million measured at fair value)	$	1,054,836	$	—	$	4,957	$	1,059,793
Digital financial assets	—		126,950		—		126,950
Total self-custodied (1)	1,054,836		126,950		4,957		1,186,743

Digital intangible assets (includes $471.0 million measured at fair value)	589,898		—		10,073		599,971
Digital financial assets	—		350,949		—		350,949
Total held with third parties, including centralized trading platforms	589,898		350,949		10,073		950,920

Collateral posted with counterparties (2) (measured at fair value)	195,059		—		—		195,059

Receipt tokens from decentralized finance protocols (3)	112,155		20,095		—		132,250
Other digital assets associated with decentralized finance protocols (3) (4)	171,912		16,485		—		188,397
Total digital assets associated with decentralized finance protocols	284,067		36,580		—		320,647
Total digital assets	$	2,123,860	$	514,479	$	15,030	$	2,653,369


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2024
Digital intangible assets (includes $1,480.9 million 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

_______________

(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 March 31, 2025 and December 31, 2024:


	March 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	12,830	$	1,089,965	$	1,058,936
USDC	426,423,591	426,867		426,338
Ether	155,026	301,742		282,468
SOL	995,072	124,293		123,918
XRP	16,931,695	38,010		35,380
USDG	30,558,143	30,566		30,558
SUI	12,037,421	30,124		27,283
Other	not meaningful	274,143		215,974
Digital assets measured at fair value		2,315,710		2,200,855
Digital assets not measured at fair value	not meaningful	511,991		452,514
Total digital assets		$	2,827,701	$	2,653,369


	December 31, 2024
(in thousands except for quantity)	Quantity	Historical cost		Carrying 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

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

_______________

(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.

(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

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accounts payable		$ 13,400
Galaxy Digital Holdings, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Compensation and compensation related	$ 20,490	71,553	$ 50,556
Professional fees	7,871	5,684	7,755
Promissory note	109,004	96,933	67,246
Legal settlement	78,165	40,000	0
Mining payables and accrued liabilities	1,269	9,385	1,447
Payable for digital asset trades	15,028	20,970	4,176
Interest	27,169	15,530	4,595
Payable for investments and acquisitions	4,447	11,054	0
Accounts payable	3,713	6,910	2,569
Other	3,312	3,512	2,032
Accounts payable and accrued liabilities	$ 270,468	$ 281,531	$ 140,376

REPORTABLE SEGMENTS - Schedule of Assets and Liabilities by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1	$ 1	$ 3
Galaxy Digital Holdings, LP
Segment Reporting Information [Line Items]
Total assets	6,336,192	7,119,855	3,594,280
Total liabilities	4,434,548	4,925,503	1,883,109
Galaxy Digital Holdings, LP \| Digital Assets
Segment Reporting Information [Line Items]
Total assets	3,169,254	3,723,814	1,978,031
Total liabilities	2,691,823	3,163,499	1,679,765
Galaxy Digital Holdings, LP \| Data Centers
Segment Reporting Information [Line Items]
Total assets	264,600	199,694	114,529
Total liabilities	0	0	0
Galaxy Digital Holdings, LP \| Treasury and Corporate
Segment Reporting Information [Line Items]
Total assets	2,902,338	3,196,347	1,501,720
Total liabilities	$ 1,742,725	$ 1,762,004	$ 203,344

Amount of asset recognized for present right to economic benefit.

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Digital assets obligations amount	$ 20.6

LOANS AND NOTES PAYABLE - Repayment Obligation (Details) - Galaxy Digital Holdings, LP - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
2025	$ 0
2026	445,000	$ 0
2027	0	445,000
2028	0	0
2029	402,500	0
Total	$ 847,500	$ 847,500

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.

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Collateral Payable (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital assets loan receivable	$ 328,747	$ 717,962	$ 115,635
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital assets loan receivable	41,966	44,535	0
Digital Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital assets loan receivable	$ 286,781	$ 673,427	$ 115,635

RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1		$ 1	$ 3
Galaxy Digital Holdings, LP
Concentration Risk [Line Items]
Cash and cash equivalents	509,438		462,103	316,610
Galaxy Digital Holdings, LP \| Brokers
Concentration Risk [Line Items]
Cash and cash equivalents	152,800		19,700	199,600
Galaxy Digital Holdings, LP \| Trading Platforms
Concentration Risk [Line Items]
Cash and cash equivalents	$ 16,800		$ 64,700	$ 24,900
Galaxy Digital Holdings, LP \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk \| Four Protocols
Concentration Risk [Line Items]
Concentration risk percentage	77.00%		77.00%
Galaxy Digital Holdings, LP \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk \| Two Protocols
Concentration Risk [Line Items]
Concentration risk percentage			92.00%
Galaxy Digital Holdings, LP \| Revenue Benchmark \| Customer Concentration Risk \| Two Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage	43.00%		40.00%
Galaxy Digital Holdings, LP \| Revenue Benchmark \| Customer Concentration Risk \| Three Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage				54.00%	67.00%
Galaxy Digital Holdings, LP \| Loans Receivable \| Credit Concentration Risk \| Two Counterparties
Concentration Risk [Line Items]
Concentration risk percentage	38.00%	27.00%	27.00%	65.00%
Galaxy Digital Holdings, LP \| Current Liabilities \| Liquidity Concentration Risk \| One Counterparty
Concentration Risk [Line Items]
Concentration risk percentage			8.50%	12.00%
Galaxy Digital Holdings, LP \| Crypto Assets \| Credit Concentration Risk \| Third Parties
Concentration Risk [Line Items]
Concentration risk percentage	43.00%		22.00%	22.00%

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2025
Class of Stock [Line Items]
EQUITY	STOCKHOLDER’S EQUITY The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees. STOCKHOLDER’S EQUITYThe Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees.
Galaxy Digital Services, LP
Class of Stock [Line Items]
EQUITY	EQUITY Issued Unit Holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Issued Capital Class A Units During the three months ended March 31, 2025 and March 31, 2024, the Company issued 485,977 and 254,387 Class A Units, respectively, to GDH Ltd. on exercise of stock options and restricted share units vesting. Ordinary Share Repurchase and Cancellations The Company cancelled 61,040 and 8,234 Class A units during the three months ended March 31, 2025 and March 31, 2024, respectively, primarily in association with withholding obligations on exercised stock options and vested restricted share units. Class B Units For the three months ended March 31, 2025 and March 31, 2024, there were no Class B Units exchanged for ordinary shares of GDH Ltd, respectively. No Class B units were redeemed during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025 and December 31, 2024, there were 128,002,717 and 127,577,780 Class A Units outstanding, respectively, and 215,862,343 Class B Units outstanding. Distributions During the three months ended March 31, 2025 and March 31, 2024 there were tax-related distributions of $9.4 million and $36.7 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2025 and 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions. EQUITY Issued Unit holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Private Investment in Public Equity (“PIPE”) On November 12, 2020, GDH Ltd. closed a PIPE of $50 million of aggregate gross proceeds. As part of the PIPE, GDH Ltd. issued 19,070,000 shares and 4,767,500 warrants. Each warrant was exercisable into an ordinary share of GDH Ltd. for a term of two years from the date of issuance at an exercise price of C$8.25. Under the terms of the LPA, the Company will issue a Class A Unit for each GDH Ltd. common share issued and any liability associated with the warrant will be pushed down to the Company. The gain / (loss) recognized in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 was $0, $0 and $20.3 million, respectively. All the warrants expired in November 2022. Issued Capital Class A Units During the years ended December 31, 2024, 2023, and 2022, the Company issued 20,110,850; 8,709,592; and 14,131,494 Class A Units, respectively, to GDH Ltd. on exchange of Class B Units, exercise of stock options, restricted share units vesting, warrant exercise, as a result of a capital raise, and as consideration for business combinations. On April 12, 2024, the GDH Ltd. issued 12,100,000 ordinary shares to a syndicate of underwriters including Jefferies Securities Inc. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”). The Underwriters purchased the shares at a price of C$14.00 per ordinary share for gross proceeds of C$169.4 million in an underwritten block trade. An equivalent number of Class A Units of GDH LP were issued to GDH Ltd. On July 18, 2024, the Company acquired the assets of CMF. Initial consideration included $3.5 million of equity. On August 9, 2024, GDH LP issued 359,919 Class A Units in connection with this acquisition. On February 28, 2025, an additional 76,573 Class A Units were issued as milestone consideration. On December 9, 2024, the Company acquired the shares of Fierce. Initial consideration included $8.3 million of equity. GDH LP issued 427,723 Class A Units in connection with the acquisition this acquisition. Refer to Note 3 for additional information regarding acquisitions. Ordinary share repurchase and cancellations The Company cancelled 1,832,402; 4,221,799; and 10,870,449 Class A units during the years ended December 31, 2024, 2023 and 2022, respectively primarily in association with withholding obligations on exercised stock options and vested restricted share units, as well as the normal course issuer bid in 2023 and 2022. On May 26, 2023, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,056,193 ordinary shares (10% of the Company's public float as of May 19, 2023). GDH Ltd. repurchased a total of 1,248,900 ordinary shares for a total cost of $4.3 million under the plan during the year ended December 31, 2023. No shares were repurchased during the year ended December 31, 2024. All the repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. The Company completed its normal course issuer bid program on May 30, 2024. On May 16, 2022, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,596,720 ordinary shares (10% of the Company's public float as of May 10, 2022). GDH Ltd. began repurchasing shares on May 18, 2022. The Company completed its normal course issuer bid program on October 24, 2022. As of December 31, 2022, GDH Ltd. repurchased a total of 10,596,720 shares for a total cost of $53.3 million. All repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. Class B Units During the years ended December 31, 2024, 2023, and 2022, there were 81,357; 30,121; and 10,055,909 of Class B Units exchanged for ordinary shares of GDH Ltd, respectively. During the year ended December 31, 2022, there were 2,671,350 Class B units redeemed for $8.0 million. No Class B units were redeemed during the years ended December 31, 2024 and 2023. As of December 31, 2024, 2023, and 2022, there were 127,577,780; 109,299,332; and 104,811,539 Class A Units outstanding, respectively, and 215,862,343; 215,928,474; and 215,943,369 Class B Units outstanding, respectively. The change in Class A units during the year ended December 31, 2024, 2023 and 2022 was due to exchanges of Class B Units for ordinary shares of GDH Ltd. (and into Class A Units of GDH LP), issuance of Class A Units on exercise of options, issuance of Class A Units as a result of a capital raise, issuance of Class A Units as a result of warrant exercises, and issuance of Class A Units as consideration for business combinations. Distributions During the years ended December 31, 2024, 2023 and 2022 there were tax related distributions of $55.3 million, $22.4 million, and $184.3 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2024, 2023 and 2022 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions.

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.

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The entire disclosure for equity.

Condensed Consolidated Interim Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Total operating expenses	0	1	2	2
Other income / (expense):
Net income / (loss) for the period, before taxes	0	(1)	(2)	(2)
Income tax expense / (benefit)	0	0	0	0
Net income / (loss)	0	(1)	(2)	(2)
Galaxy Digital Holdings, LP
Revenue	12,976,206	9,335,372	42,596,673	51,626,779	$ 119,825,847
Net gain / (loss) on digital assets	(18,223)	346,393	634,557	333,450	938,365
Net gain / (loss) on investments	(133,167)	63,018	258,791	97,827	(464,918)
Net gain / (loss) on derivatives trading	31,059	83,640	267,769	151,583	192,558
Revenues and gains / (losses) from operations	12,855,875	9,828,423	43,757,790	52,209,639	120,491,852
Operating expenses:
Transaction expenses	13,059,439	9,313,616	42,741,776	51,592,423	120,995,931
Compensation and benefits	56,953	61,071	265,591	219,256	216,201
General and administrative	86,575	19,685	279,297	58,351	148,770
Technology	9,887	6,492	30,510	20,107	14,918
Professional fees	20,772	13,629	51,076	38,051	28,223
Notes interest expense	14,071	6,976	30,804	27,285	37,029
Total operating expenses	13,247,697	9,421,469	43,399,054	51,955,473	121,441,072
Other income / (expense):
Unrealized gain / (loss) on notes payable – derivative	89,606	(9,713)	(31,727)	(9,603)	57,998
Other income / (expense), net	672	213	2,774	(135)	26,480
Total other income / (expense)	90,278	(9,500)	(28,953)	(9,738)	104,800
Net income / (loss) for the period, before taxes	(301,544)	397,454	329,783	244,428	(844,420)
Income tax expense / (benefit)	(6,112)	9,327	(16,939)	15,914	(28,291)
Net income / (loss)	$ (295,432)	$ 388,127	$ 346,722	$ 228,514	$ (816,129)

BUSINESS COMBINATIONS - Assets and Liabilities Acquired (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 09, 2024	Jul. 18, 2024	Dec. 31, 2023	Feb. 21, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 58,037	$ 58,037			$ 44,257		$ 24,645
Fierce Company
Business Acquisition [Line Items]
Cash	315		$ 315
Other non-current assets	3,296		3,296
Intangible assets	411		411
Goodwill	8,588		8,588
Total assets	12,610		12,610
Deferred tax liability	110		110
Total liabilities	$ 110		$ 110
CryptoManufaktur
Business Acquisition [Line Items]
Counterparty digital assets				$ 943,445
Intangible assets				7,213
Goodwill				5,193
Total assets				955,851
Counterparty digital asset obligations				943,445
Accounts payable and accrued liabilities				21
Total liabilities				$ 943,466
GK8
Business Acquisition [Line Items]
Receivables						$ 814
Prepaid expenses and other assets						190
Property and equipment						128
Intangible assets						23,258
Goodwill						19,612
Total assets						44,002
Accounts payable and accrued liabilities						109
Total liabilities						$ 109

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2025
Related Party Transaction [Line Items]
Accounts payable	$ 13,400
Accrued liabilities		$ 10,100
Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
Accounts payable	6,910	2,569		$ 3,713
Galaxy Digital Holdings, LP \| Related Party
Related Party Transaction [Line Items]
Total	41,686	45,840	$ 31,185
Galaxy Digital Holdings, LP \| Related Party \| Base compensation and accrued bonuses
Related Party Transaction [Line Items]
Total	16,780	12,957	6,733
Galaxy Digital Holdings, LP \| Related Party \| Benefits
Related Party Transaction [Line Items]
Total	340	359	400
Galaxy Digital Holdings, LP \| Related Party \| Equity based compensation
Related Party Transaction [Line Items]
Total	$ 24,566	$ 32,524	$ 24,052

LEASES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Supplemental Cash Flow Information

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:


(in thousands)	March 31, 2025		March 31, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,483	$	1,466

Supplemental disclosures for the Company’s consolidated statements of cash flows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,973	$	7,838	$	4,216

Schedule of Lease Assets And Liabilities

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	March 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	7,283		$	8,223
Operating lease liabilities	9,221			10,229
Weighted average remaining lease term	3.5 years			3.6 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	8,223		$	12,055
Operating lease liabilities	$	10,229		$	14,096
Weighted average remaining lease term	3.6 years			4.2 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate

Schedule of Future Minimum Lease Payments

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2025:


(in thousands)	Lease liability
Year ending December 31,

2025	$	3,530
2026	2,818
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	11,921
Less: Interest	2,700
Total lease liability	$	9,221

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:


(in thousands)	Lease liability
Year ending December 31,


2025	$	4,151
2026	2,557
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	$	12,281
Less: Interest	2,052
Total lease liability	$	10,229

Schedule of Operating Lease Transaction Expenses

Expenses associated with mining leases were recognized within Transaction expenses in the Company’s consolidated statements of operations.


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023		Year ended December 31, 2022
Revenues
Lease	$	—	$	456	$	1,202
Financed sales of mining equipment	—		—		2,965
Loss on disposal	—				(2,046)
Cost of sales
Associated mining equipment sales costs	$	—	—		2,453

EQUITY BASED COMPENSATION - Schedule of Company’s Stock Option Activity Under The Plans, Including Stock Options With Performance Based Conditions (Details) - Galaxy Digital Holdings, LP $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 29, 2023 $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Number of Options
Beginning balance (in shares) \| shares		19,865,008	22,263,973	27,652,543	30,413,345
Granted (in shares) \| shares		4,172,899	2,913,051	10,963,780	1,565,000
Exercised (in shares) \| shares		(652,549)	(3,546,327)	(5,847,020)	(2,627,053)
Forfeited (in shares) \| shares		0	(1,521,299)	(5,485,996)	(1,698,749)
Canceled (in shares) \| shares		(9,957)	(244,390)	(3,144,334)
Ending balance (in shares) \| shares	(1,875,000)	(23,375,401)	(19,865,008)	(22,263,973)	(27,652,543)	(30,413,345)
Vested and expected (in shares) \| shares		23,375,401	19,865,008	22,263,973	27,652,543
Options exercisable (in shares) \| shares		12,729,406	10,691,460	9,712,157	14,180,883
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share) \| $ / shares		$ 8.58	$ 6.56	$ 8.56	$ 7,640
Granted (in cad per share) \| $ / shares		17.30	16.66	6.30	19.63
Exercised (in cad per share) \| $ / shares	$ 6.75	3.09	3.16	3.73	2.68
Forfeited (in cad per share) \| $ / shares		0	6.63	9.23	11.26
Canceled (in cad per share) \| $ / shares		6.75	11.55	14.04
Ending balance (in cad per share) \| $ / shares		$ 10.28	$ 8.58	$ 6.56	$ 8.56	$ 7,640
Vested and expected to vest (in cad per share) \| $ / shares							$ 10.28	$ 8.58	$ 6.56	$ 8.56
Options exercisable (in cad per share) \| $ / shares							$ 7.81	$ 7.37	$ 5.80	$ 4.66
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures
Weighted-Average Remaining Terms (Years)		3 years 6 months 29 days	3 years 5 months 8 days	2 years 11 months 23 days	2 years 7 months 13 days	3 years 5 months 4 days
Aggregate Intrinsic Value (in thousands) \| $		$ 233,384	$ 230,641	$ 76,893	$ 9,594	$ 366,012
Vested and expected to vest		3 years 6 months 29 days	3 years 5 months 8 days	2 years 11 months 23 days	2 years 7 months 13 days
Aggregate Intrinsic Value \| $		$ 233,384	$ 230,641	$ 76,893	$ 9,594
Options exercisable		1 year 9 months 25 days	1 year 7 months 28 days	1 year 9 months 25 days	2 years 21 days
Aggregate Intrinsic Value \| $		$ 72,307	$ 132,653	$ 40,427	$ 8,135

EQUITY BASED COMPENSATION - Schedule of Company’s Stock Option Activity Under The Plans, Including Stock Options With Performance Based Conditions (Details) - Galaxy Digital Holdings, LP $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 29, 2023 $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Number of Options
Beginning balance (in shares) \| shares		19,865,008	22,263,973	27,652,543	30,413,345
Granted (in shares) \| shares		4,172,899	2,913,051	10,963,780	1,565,000
Stock options replaced by replacement awards (in shares) \| shares				(1,875,000)
Exercised (in shares) \| shares		(652,549)	(3,546,327)	(5,847,020)	(2,627,053)
Forfeited (in shares) \| shares		0	(1,521,299)	(5,485,996)	(1,698,749)
Canceled (in shares) \| shares		(9,957)	(244,390)	(3,144,334)
Ending balance (in shares) \| shares	(1,875,000)	(23,375,401)	(19,865,008)	(22,263,973)	(27,652,543)	(30,413,345)
Vested and expected (in shares) \| shares		23,375,401	19,865,008	22,263,973	27,652,543
Options exercisable (in shares) \| shares		12,729,406	10,691,460	9,712,157	14,180,883
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share) \| $ / shares		$ 8.58	$ 6.56	$ 8.56	$ 7,640
Granted (in cad per share) \| $ / shares		17.30	16.66	6.30	19.63
Stock options replaced by replacement awards (in cad per share) \| $ / shares				23.08
Exercised (in cad per share) \| $ / shares	$ 6.75	3.09	3.16	3.73	2.68
Forfeited (in cad per share) \| $ / shares		0	6.63	9.23	11.26
Canceled (in cad per share) \| $ / shares		6.75	11.55	14.04
Ending balance (in cad per share) \| $ / shares		$ 10.28	$ 8.58	$ 6.56	$ 8.56	$ 7,640
Vested and expected to vest (in cad per share) \| $ / shares							$ 10.28	$ 8.58	$ 6.56	$ 8.56
Options exercisable (in cad per share) \| $ / shares							$ 7.81	$ 7.37	$ 5.80	$ 4.66
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures
Weighted-Average Remaining Terms (Years)		3 years 6 months 29 days	3 years 5 months 8 days	2 years 11 months 23 days	2 years 7 months 13 days	3 years 5 months 4 days
Aggregate Intrinsic Value (in thousands) \| $		$ 233,384	$ 230,641	$ 76,893	$ 9,594	$ 366,012
Vested and expected to vest		3 years 6 months 29 days	3 years 5 months 8 days	2 years 11 months 23 days	2 years 7 months 13 days
Aggregate Intrinsic Value \| $		$ 233,384	$ 230,641	$ 76,893	$ 9,594
Options exercisable		1 year 9 months 25 days	1 year 7 months 28 days	1 year 9 months 25 days	2 years 21 days
Aggregate Intrinsic Value \| $		$ 72,307	$ 132,653	$ 40,427	$ 8,135

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2025

RELATED PARTY TRANSACTIONS

Distributions

Investments in Galaxy Funds

Transactions with GDH Ltd.

As of March 31, 2025 and December 31, 2024, the Company had recorded $4.8 million of tax payments made on behalf of certain related parties.

RELATED PARTY TRANSACTIONS

Compensation of directors and officers


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Base compensation and accrued bonuses(1)	$	16,780	$	12,957	$	6,733
Benefits	340		359		400
Equity based compensation	24,566		32,524		24,052
Total	$	41,686	$	45,840	$	31,185

_______________

(1)As of December 31, 2024 and 2023, $13.4 million and $10.1 million, respectively, of accrued bonuses were included within Accounts payable and accrued liabilities.

Distributions

Sublease

Investments in Galaxy Funds

Our directors and executive officers are generally permitted to invest their own capital (or capital of estate planning vehicles controlled by them or their immediate family members) directly in our funds and affiliated entities. In general, such investments are not subject to management fees, and in certain instances may not be subject to performance fees. The fair value of such investments aggregated to $12.9 million and $11.0 million as of December 31, 2024 and 2023, respectively.

Transactions with GDH Ltd.

In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to us. The CEO paid for the purchase of this boat with his personal funds and has borne most of the operating, personnel and maintenance costs associated with its operation and use; while the Company paid for the cost of any food and beverage consumption and a portion of operating fees. During the years ended December 31, 2024 and 2023, the Company incurred $0.02 million and $0.1 million, respectively, in relation to this boat. The value of this service was not material to the Company for the year ended December 31, 2022.

DERIVATIVES - Collateral Payable Associated With Derivative Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Assets posted as collateral associated with derivatives		$ 0	$ 17,375
Galaxy Digital Holdings, LP
Derivative [Line Items]
Collateral payable associated with derivatives	$ 36,021	61,060	20,888
Collateral payable — Digital assets
Derivative [Line Items]
Assets posted as collateral associated with derivatives		0	15,284
Collateral payable — Digital assets \| Galaxy Digital Holdings, LP
Derivative [Line Items]
Collateral payable associated with derivatives	28,569	30,600	9,521
Collateral payable — Cash
Derivative [Line Items]
Assets posted as collateral associated with derivatives		0	2,091
Collateral payable — Cash \| Galaxy Digital Holdings, LP
Derivative [Line Items]
Collateral payable associated with derivatives	$ 7,452	$ 30,460	$ 11,367

TRANSACTION EXPENSES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Transaction Expenses

The Company incurred the following Transaction expenses for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Impairment of digital assets	78,308		—		34,121		112,429
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,999,168	$	—	$	60,271	$	13,059,439


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales costs	$	9,247,968	$	—	$	—	$	9,247,968
Impairment of digital assets	8,934		—		16,591		25,525
Blockchain reward distributions	5,594		—		(5,215)		379
Borrowing costs	4,009		—		13,874		17,883
Mining and hosting costs	—		—		15,255		15,255
Other transaction expenses (1)	5,620		—		986		6,606
Transaction expenses	$	9,272,125	$	—	$	41,491	$	9,313,616

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

The Company incurred the following Transaction expenses for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,443	$	—	$	—	$	42,102,443
Impairment of digital assets	139,246		—		192,674		331,920
Blockchain reward distributions	146,731		—		(16,433)		130,298
Borrowing costs	25,652		—		75,108		100,760
Mining and hosting costs	—		—		47,643		47,643
Other transaction expenses (1)	23,226		—		5,486		28,712
Transaction expenses	$	42,437,298	$	—	$	304,478	$	42,741,776


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
Impairment of digital assets	47,791		—		50,549		98,340
Blockchain reward distributions	3,069		—		(504)		2,565
Borrowing costs	8,825		—		9,346		18,171
Mining and hosting costs	—		—		20,772		20,772
Other transaction expenses (1)	8,473		—		2,879		11,352
Transaction expenses	$	51,509,381	$	—	$	83,042	$	51,592,423


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales costs	$	114,812,910	$	—	$	—	$	114,812,910
Impairment of digital assets	4,588,978		—		1,535,870		6,124,848
Blockchain reward distributions	—		—		—		—
Borrowing costs	29,027		—		6,430		35,457
Mining and hosting costs	—		—		15,372		15,372
Other transaction expenses (1)	6,583		—		761		7,344
Transaction expenses	$	119,437,498	$	—	$	1,558,433	$	120,995,931

_______________

(1)Other transaction expenses include trading commissions, custody, and exchange fees.

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.

EQUITY BASED COMPENSATION - Schedule of the Activity Related to Restricted Stock During the Respective Periods (Details) - Restricted Stock - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	0	281,808	281,808	1,643,590	1,925,399
Vested (in shares)	0	(281,808)	(281,808)	(736,782)	(281,809)
Forfeited (in shares)	0	0	0	(625,000)
Ending balance (in shares)	0		0	281,808	1,643,590
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share)	$ 0	$ 19.11	$ 19.11	$ 10.07	$ 11,390
Vested (in cad per share)	0	19.11	19.11	10.61	19.11
Forfeited (in cad per share)	0	$ 0	0	5.35
Ending balance (in cad per shares)	$ 0		$ 0	$ 19.11	$ 10.07

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended				3 Months Ended		9 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jan. 01, 2025 USD ($)	May 13, 2025 USD ($)	Mar. 31, 2025 USD ($) company	Jul. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2025 USD ($) contract company	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2024 USD ($) contract company	Dec. 31, 2023 USD ($) contract company
Other Commitments [Line Items]
Legal provision accrued												$ 182,000,000
LPA maximum tax distribution percentage						25.00%						25.00%
Galaxy Digital Holdings, LP
Other Commitments [Line Items]
Number of sublease contracts \| contract						3						3	3
Number of VIE portfolio companies \| company			7			7						7	7
Unfunded commitments to VIEs			$ 66,500,000			$ 66,500,000						$ 69,000,000	$ 61,000,000
Legal provision accrued			$ 186,000,000			$ 186,000,000						$ 182,000,000
Discount rate for legal provision			4.30%			4.30%						4.30%
Undiscounted amount of the settlement			$ 200,000,000			$ 200,000,000						$ 200,000,000
Distributions						$ 9,400,000	$ 36,700,000					$ 55,300,000	22,400,000
Contributions to subsidiaries related to crypto asset activities			75,000,000	$ 20,000,000	$ 523,000,000
Percentage of capital gains to be recognized						90.00%						90.00%
Galaxy Digital Holdings, LP \| Forecast
Other Commitments [Line Items]
Payments for legal settlement								$ 40,000,000	$ 60,000,000	$ 60,000,000	$ 40,000,000
Galaxy Digital Holdings, LP \| Indemnifications
Other Commitments [Line Items]
Loss contingency accrual			0			$ 0						$ 0	0
Galaxy Digital Holdings, LP \| Credit Facility Funding and Delayed Trading Settlements
Other Commitments [Line Items]
Other commitments			80,000,000			80,000,000						60,000,000	20,000,000
Amounts funded for other commitments			60,000,000			60,000,000						39,900,000	$ 0
Galaxy Digital Holdings, LP \| Facility Construction Improvements
Other Commitments [Line Items]
Other commitments			$ 713,100,000			$ 713,100,000						$ 9,100,000
Galaxy Digital Holdings, LP \| Subsequent Event
Other Commitments [Line Items]
Amount funded to VIEs	$ 2,500,000	$ 1,100,000
Contributions to subsidiaries related to crypto asset activities		$ 90,000,000

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Prepaid Expenses and Other Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Prepaid expenses	$ 13,600	$ 11,112	$ 1,930
Mining deposits	4,845	4,845	8,825
Current tax asset and tax receivable	5,228	5,364	15,124
Other	6,211	5,571	11,045
Prepaid expenses and other assets	$ 29,884	$ 26,892	$ 36,924

FAIR VALUE OPTION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Galaxy Digital Holdings, LP
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and unrealized losses for digital assets	$ 2.2	$ 0.3	$ 11.8

FAIR VALUE OPTION

3 Months Ended

Mar. 31, 2025

FAIR VALUE OPTION

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	March 31, 2025		December 31, 2024
Assets
Digital financial assets	$	514,479	$	359,664
Investments	527,398		558,093
Total	$	1,041,877	$	917,757

Realized and unrealized gains / (losses) on financial instruments for which the fair value option has been elected are recorded as Net gain / (loss) on investments and Net gain / (loss) on digital assets in the Company’s condensed consolidated interim statements of operations. The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	Three months ended March 31, 2025				Three months ended March 31, 2024
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	36,913	$	(94,894)	$	1,075	$	160,098

Realized and unrealized losses for digital assets classified as financial assets were $2.2 million for the three months ended March 31, 2025 and not significant for the three months ended March 31, 2024.

The entire disclosure for a company's election to apply the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items; (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected: (i) information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures and (ii) the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (d) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (e) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (f) for investments that would have been accounted for under the equity method if the entity had not chosen to apply the fair value option, the information required for such investments, if material either individually or in the aggregate; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) a description of how interest and dividends are measured and where they are reported in the income statement; (c) for loans and other receivables held as assets: (i) the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk and (ii) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (d) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk, (ii) qualitative information about the reasons for those changes, and (iii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

EQUITY BASED COMPENSATION - Schedule of the Activity Related to Restricted Share Units (Details) - Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	10,009,573	11,203,624	11,203,624	11,462,917	7,833,659
Granted / transferred (in shares)	1,898,442	3,439,035	3,439,035	4,983,339	6,718,554
Exercised (in Shares)	(158,114)	(3,668,309)	(3,668,309)	(3,036,166)	(1,425,013)
Forfeited (in shares)	(165,986)	(964,777)	(964,777)	(2,206,466)	(1,664,283)
Ending balance (in shares)	11,583,915		10,009,573	11,203,624	11,462,917
Number of units, units vested (in shares)	4,541,399		4,066,372	3,281,195
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share)	$ 14,150	$ 14,360	$ 14,360	$ 20.50	$ 23,320
Granted / transferred (in cad per share)	15,170		14,850	4,920	18.13
Exercised (in cad per shares)	15,460		15,440	19,200	22.99
Forfeited (in cad per share)	17,350		14,170	18,310	22.04
Ending balance (in cad per shares)	14,250		14,150	14,360	$ 20.50
Weighted average grant price, unit vested (in cad per share)	$ 16,460		$ 15,070.00	$ 18,470

DIGITAL ASSETS - Activity (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset [Roll Forward]
Digital asset beginning balance	$ 2,928,225	$ 1,088,171	$ 562,015
Purchases and receipts	18,118,232	62,556,582	73,938,618
Sales or disbursements	(18,203,953)	(62,377,805)	(73,988,600)
Net transferred (borrow / loaned)	423,621	472,881	99,375
Impairment	(112,429)	(331,920)	(98,340)
Gains	425,673	3,297,421	1,341,925
Losses	(926,000)	(1,777,105)	(766,822)
Digital asset ending balance	2,653,369	2,928,225	1,088,171
Gains	365,200	3,200,000	1,200,000
Realized loss	820,700	1,600,000	753,400
Digital intangible assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	550,203	277,634	68,785
Purchases and receipts	2,906,707	13,951,687	14,479,087
Sales or disbursements	(3,122,560)	(13,788,542)	(14,370,033)
Net transferred (borrow / loaned)	153,760	(54,557)	123,493
Impairment	(112,429)	(331,920)	(98,340)
Gains	76,888	522,732	128,059
Losses	(55)	(26,831)	(53,417)
Digital asset ending balance	452,514	550,203	277,634
Digital intangible assets at fair value
Crypto Asset [Roll Forward]
Digital asset beginning balance	2,018,357	736,151	293,598
Purchases and receipts	11,118,886	36,373,625	43,422,739
Sales or disbursements	(11,141,072)	(36,833,231)	(43,308,884)
Net transferred (borrow / loaned)	265,154	717,704	(159,961)
Impairment	0	0	0
Gains	347,812	2,772,182	1,200,898
Losses	(922,761)	(1,748,074)	(712,239)
Digital asset ending balance	1,686,376	2,018,357	736,151
Digital financial assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	359,665	74,386	199,632
Purchases and receipts	4,092,639	12,231,270	16,036,792
Sales or disbursements	(3,940,321)	(11,756,032)	(16,309,683)
Net transferred (borrow / loaned)	4,707	(190,266)	135,843
Impairment	0	0	0
Gains	973	2,507	12,968
Losses	(3,184)	(2,200)	(1,166)
Digital asset ending balance	$ 514,479	$ 359,665	$ 74,386

INVESTMENTS - Narrative (Details) - Galaxy Digital Holdings, LP $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) investment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Net realized gains / (losses) related to sales of investments	$ 153.0	$ (172.8)	$ (171.1)	$ 13.4	$ 42.5
Net change in unrealized gains / (losses) related to investments	(286.1)	$ 235.9	429.9	84.4	(507.5)
Debt securities, available-for-sale, accumulated gross unrealized gain (loss), before tax	$ 337.1		$ 627.1	$ 202.2	$ 111.2
Number of investments \| investment	1		8	7
Fair value	$ 1.0		$ 21.2	$ 67.9

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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.

INCOME TAXES - Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income tax expense
Total	$ 0	$ 0	$ 0	$ 0
Galaxy Digital Holdings, LP
Income before taxes:
Cayman Islands			589,189	167,356	$ 578,155
Foreign			(259,406)	77,072	(1,422,575)
Total			329,783	244,428	(844,420)
Income tax expense
Partnership level tax			(6,270)	1,920	(8,736)
Current tax expense / (benefit)			(8,553)	9,377	(5,668)
Net deferred tax expense / (benefit)			(8,386)	6,537	(22,623)
Total	$ (6,112)	$ 9,327	(16,939)	15,914	(28,291)
Galaxy Digital Holdings, LP \| Cayman Islands
Income tax expense
Current tax expense / (benefit)			0	0	0
Galaxy Digital Holdings, LP \| Foreign
Income tax expense
Current tax expense / (benefit)			$ (2,283)	$ 7,457	$ 3,068

DERIVATIVES - Schedule of Company’s Derivatives Portfolio (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amounts	$ 4,678,561	$ 5,769,802	$ 4,359,072
Gross Fair Value-Derivative Assets	128,353	207,653	173,209
Gross Fair Value-Derivative Liabilities	(89,702)	(165,858)	(160,642)
Digital Assets
Derivative [Line Items]
Notional Amounts	3,041,477	4,685,112	2,831,616
Gross Fair Value-Derivative Assets	95,127	185,208	122,911
Gross Fair Value-Derivative Liabilities	(67,313)	(145,493)	(120,795)
Foreign currencies
Derivative [Line Items]
Notional Amounts	730,533	19,259	3,397
Gross Fair Value-Derivative Assets	19,349	12,064	11,279
Gross Fair Value-Derivative Liabilities	(14,026)	(10,483)	(11,027)
Equity securities
Derivative [Line Items]
Notional Amounts	597,258	1,049,846	54,417
Gross Fair Value-Derivative Assets	13,720	10,343	30,541
Gross Fair Value-Derivative Liabilities	(6,993)	(9,683)	(23,876)
Interest rates
Derivative [Line Items]
Notional Amounts	297,729	5,002	1,408,406
Gross Fair Value-Derivative Assets	157	19	7,698
Gross Fair Value-Derivative Liabilities	(708)	(13)	(4,639)
Commodities
Derivative [Line Items]
Notional Amounts	11,563	10,583	61,236
Gross Fair Value-Derivative Assets	0	19	780
Gross Fair Value-Derivative Liabilities	(662)	(186)	(305)
Digital assets receivable
Derivative [Line Items]
Notional Amounts	4,036	3,911	15,971
Gross Fair Value-Derivative Assets	19,670	60,720	20,860
Gross Fair Value-Derivative Liabilities	0	0	0
Embedded derivatives — Digital assets borrowed
Derivative [Line Items]
Notional Amounts	1,949,500	1,269,013	369,280
Gross Fair Value-Derivative Assets	223,469	24,039	877
Gross Fair Value-Derivative Liabilities	(41,027)	(252,635)	(29,874)
Embedded derivatives — Collateral payable
Derivative [Line Items]
Notional Amounts	978,134	1,219,247	439,544
Gross Fair Value-Derivative Assets	143,027	55,848	4,244
Gross Fair Value-Derivative Liabilities	(58,988)	(161,261)	(134,695)
Embedded derivatives — Notes payable
Derivative [Line Items]
Notional Amounts	847,500	847,500	445,000
Gross Fair Value-Derivative Assets	0	0	0
Gross Fair Value-Derivative Liabilities	$ (46,586)	$ (136,192)	$ (10,472)

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Galaxy Digital Holdings, LP
Derivative [Line Items]
Gain on derivative	$ 31.1	$ 83.6

LOANS RECEIVABLE - Schedule of Collateral Payable Associated With Loans Receivable, Current (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 578,745	$ 620,633	$ 444,839
Digital Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	578,745	620,633	444,839
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 0	$ 0	$ 0

BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2025

Recent Accounting Developments


(in thousands)	Balance at December 31, 2022	Cumulative adjustment	Balance at January 1, 2023
Digital intangible assets	362,383	4,742	367,125

Unit holder’s capital	1,416,194	4,742	1,420,936

of ASU 2022-03. Digital assets subject to contractual sale restrictions that were acquired prior to the adoption of ASU 2022-03 continue to include a discount for lack of marketability.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule Of Cumulative-effect Adjustment


(in thousands)	Balance at December 31, 2022	Cumulative adjustment	Balance at January 1, 2023
Digital intangible assets	362,383	4,742	367,125

Unit holder’s capital	1,416,194	4,742	1,420,936

INCOME TAXES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Income Tax Contingency [Line Items]

Schedule of Income Before Taxes

Income before taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following:


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income before taxes:
Cayman Islands	$	589,189	$	167,356	$	578,155
Foreign	(259,406)		77,072		(1,422,575)
Total	$	329,783	$	244,428	$	(844,420)


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Income tax expense
Partnership level tax	$	(6,270)	$	1,920	$	(8,736)
Corporate subsidiaries
Cayman Islands	—		—		—
Foreign	(2,283)		7,457		3,068
Current tax expense / (benefit)	(8,553)		9,377		(5,668)
Deferred tax expense / (benefit)	(8,386)		6,537		(22,623)
Total	$	(16,939)	$	15,914	$	(28,291)

Schedule of Effective Income Tax Rate

The effective income tax rate reported in the Company’s consolidated statements of operations varies from the Cayman income tax rate of 0.0% for the following items:


(in thousands)	2024				2023				2022
Earnings before income taxes	$	329,783			$	244,428			$	(844,420)
Income tax at Cayman statutory tax rate	—		—	%	—		—	%	—		—	%
Increase (decrease) in the income tax rate resulting from:
Foreign rate differential on entity level partnership tax	(1,381)		(0.42)	%	5,050		2.07	%	(19,099)		2.26	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%	(9,192)		1.09	%
Total income tax expense / (benefit) and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%	$	(28,291)	3.35	%

Schedule of Significant Change to the Uncertain Tax Positions

As of December 31, 2024, the Company does not believe that there will be a significant change to the uncertain tax positions during the next 12 months.


(in thousands)	Year ended December 31, 2024		Year ended December 31, 2023		Year ended December 31, 2022
Unrecognized tax benefits, beginning of period	$	8,132	$	6,291	$	5,137
Increases in tax positions in prior periods	—		2,437		9,199
Decreases in tax positions in prior periods	(307)		—		—
Increases in tax positions in current periods	—		163		6,219
Decreases in tax positions in current periods	—		—		(14,264)
Lapse of statute of limitations	(6,120)		(759)		—
Unrecognized tax benefits, end of period	$	1,705	$	8,132	$	6,291

Schedule of Deferred Tax Assets and Liabilities

Deferred tax liabilities are recognized within Other non-current liabilities in the Company’s statements of financial position.


(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets:
Differences between book and tax basis:
Partnership investments	$	—	$	—
Other	6,244		4,587
Net operating loss carryforward	68,432		48,098
Total deferred income tax assets	$	74,676	$	52,685
Deferred income tax liabilities:
Differences between book and tax basis:
Partnership investments	$	(21,406)	$	(13,158)
Digital assets	(26,749)		(24,439)
Investment basis differences	(4,402)		(2,765)
Other	(2,096)		(2,989)
Total deferred income tax liability	(54,653)		(43,351)
Net deferred tax asset/(liability)	$	20,023	$	9,334

FAIR VALUE MEASUREMENTS - Financial Instruments not Measured at Fair Value (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities	$ 270,468	$ 281,531	$ 140,376
Payable to customers — Cash			3,442
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	0	0	0
Total Assets	538,302	517,382	379,630
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	0	0	0
Collateral payable — Cash	0	0	0
Payable to customers — Cash	0	0	0
Loans payable	0	0	0
Total Liabilities	270,468	281,531	140,376
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0	0
Assets posted as collateral - Cash	0	0	0
Accounts receivable	0	0	0
Loans receivable	464,766	476,620	387,364
Total Assets	464,766	476,620	387,364
Accounts payable and accrued liabilities	0	0	0
Notes payable	724,856	836,402	342,161
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	1,138,811	1,441,635	450,039
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0	0
Assets posted as collateral - Cash	0	0	0
Accounts receivable	0	0	0
Loans receivable	0	0	0
Total Assets	0	0	0
Accounts payable and accrued liabilities	0	0	0
Notes payable	0	0	0
Collateral payable — Cash	0	0	0
Payable to customers — Cash	0	0	0
Loans payable	0	0	0
Total Liabilities	0	0	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	464,766	476,620	387,364
Total Assets	1,003,068	994,002	766,994
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	763,798	845,186	408,053
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	1,448,221	1,731,950	656,307
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	509,438	462,103	316,610
Assets posted as collateral - Cash	0	0	2,091
Accounts receivable	28,864	55,279	60,929
Loans receivable	464,766	476,620	387,364
Total Assets	1,003,068	994,002	766,994
Accounts payable and accrued liabilities	270,468	281,531	140,376
Notes payable	724,856	836,402	342,161
Collateral payable — Cash	49,418	74,995	11,367
Payable to customers — Cash	19,288	19,520	3,442
Loans payable	345,249	510,718	93,069
Total Liabilities	$ 1,409,279	$ 1,723,166	$ 590,415

FAIR VALUE OPTION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Galaxy Digital Holdings, LP
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and unrealized losses for digital assets	$ 2.2	$ 0.3	$ 11.8

INCOME TAXES - Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Earnings before income taxes	$ 0	$ (1)	$ (2)	$ (2)
Effective Income Tax Rate Reconciliation, Deduction, Amount
Total	0	0	0	0
Galaxy Digital Holdings, LP
Effective Income Tax Rate Reconciliation [Line Items]
Earnings before income taxes	(301,544)	397,454	329,783	244,428	$ (844,420)
Income tax at Cayman statutory tax rate, amount			$ 0	$ 0	$ 0
Income tax at Cayman statutory tax rate, percent			0.00%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Rate Difference On Entity Level Partnership Tax			(4.72%)	4.44%	1.09%
Effective Income Tax Rate Reconciliation, Rate Difference On Entity Level Partnership Tax, Amount			$ (15,558)	$ 10,864	$ (9,192)
Effective Income Tax Rate Reconciliation, Deduction, Amount
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount			(1,381)	5,050	(19,099)
Total	$ (6,112)	$ 9,327	$ (16,939)	$ 15,914	$ (28,291)
Effective Income Tax Rate Reconciliation, Percent
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent			(0.42%)	2.07%	2.26%
Total income tax expense / (benefit) and effective income tax rate	2.04%	2.35%	(5.14%)	6.51%	3.35%

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2025
Galaxy Digital Holdings, LP
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company Galaxy Digital Holdings LP (“GDH LP” and, together with its consolidated subsidiaries, the “Company,” “Galaxy,” “we,” “us,” or “our”) is a Cayman Islands exempted limited partnership formed on May 11, 2018. The Company’s principal address is 300 Vesey Street, New York, New York 10282. GDH LP, an operating partnership, is managed by the board of managers and officers of its general partner, Galaxy Digital Holdings GP LLC (“GDH GP” or the “General Partner”). Galaxy is a Cayman exempted limited partnership which is treated as a partnership for U.S. federal tax purposes. Galaxy Digital Holdings Ltd. (“GDH Ltd.”) holds a minority investment in the Company and has an active public listing on the Toronto Stock Exchange (“TSX”) under the ticker “GLXY.” Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. Galaxy’s mission is engineering a new economic paradigm. Today, the Company is primarily focused on digital assets and blockchain technology, and how these technological innovations will alter the way we store and transfer value. The Company manages and reports its activities in the following three operating segments: Digital Assets, Data Centers, and Treasury and Corporate. General Partner GDH GP is a limited liability company incorporated under the laws of the Cayman Islands on July 26, 2018 and serves as the general partner of GDH LP. The sole member of the General Partner is Galaxy Group Investments LLC (“GGI”). The General Partner has a board of managers and officers (the “Board of Managers”). On November 24, 2022, GDH LP, GDH GP, GDH Ltd. and GDH Intermediate LLC (a wholly-owned subsidiary of GDH Ltd.) entered into a fifth amended and restated limited partnership agreement (as amended from time to time, the “LPA”). Basis of Presentation The accompanying condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated interim financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated. We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 and the interim reporting requirements of Regulation S-X for the three months ended March 31, 2025. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024. The Company’s interim results are not necessarily indicative of its results for a full year. BASIS OF PRESENTATION The Company Galaxy Digital Holdings LP (“GDH LP” and, together with its consolidated subsidiaries, the “Company,” “Galaxy,” “we,” “us,” or “our”) is a Cayman Islands exempted limited partnership formed on May 11, 2018. The Company’s principal address is 300 Vesey Street, New York, New York 10282. GDH LP, an operating partnership, is managed by the board of managers and officers of its general partner, Galaxy Digital Holdings GP LLC (“GDH GP” or the “General Partner”). Galaxy is a Cayman exempted limited partnership which is treated as a partnership for U.S. federal tax purposes. Galaxy Digital Holdings Ltd. (“GDH Ltd.”) holds a minority investment in the Company and has an active public listing on the Toronto Stock Exchange (“TSX”) under the ticker “GLXY.” Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. Galaxy’s mission is engineering a new economic paradigm. Today, the Company is primarily focused on digital assets and blockchain technology, and how these technological innovations will alter the way we store and transfer value. The Company manages and reports its activities in the following three segments: Digital Assets, Data Centers, and Treasury and Corporate. General Partner GDH GP is a limited liability company incorporated under the laws of the Cayman Islands on July 26, 2018 and serves as the general partner of GDH LP. The sole member of the General Partner is Galaxy Group Investments LLC (“GGI”). The General Partner has a board of managers and officers (the “Board of Managers”). On November 24, 2022, GDH LP, GDH GP, GDH Ltd. and GDH Intermediate LLC (a wholly-owned subsidiary of GDH Ltd.) entered into a fifth amended and restated limited partnership agreement (as amended from time to time, the “LPA”). Basis of Presentation The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of GDH LP, its wholly-owned subsidiaries and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated. Change in Presentation Certain comparative figures in the Company’s consolidated statements of operations have been reclassified to conform to the current year’s presentation.

LOANS AND NOTES PAYABLE - Assets Posted as Collateral (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Assets posted as collateral - Digital intangible assets	$ 200,679	$ 194,306	$ 67,767
Less: Allowance for credit losses	(633)	(554)	0
Assets posted as collateral associated with digital asset loans payable	$ 200,046	$ 193,752	$ 67,767

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.

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

EQUITY BASED COMPENSATION - Schedule of the Fair Value Of The Options Granted Was Measured Using the Black-Scholes Option Pricing Model With the Following Weighted Average Inputs (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)	$ 15.17
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in cad per share)	16.45
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price (in cad per share)	$ 22.45
Galaxy Digital Holdings, LP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years	5 years	5 years	5 years
Expected volatility	90.00%
Expected volatility minimum		85.00%	80.00%	98.00%
Expected volatility maximum		90.00%	90.00%	120.00%
Risk-free interest rate	2.60%
Risk-free interest rate minimum		2.80%	3.00%	248.00%
Risk-free interest rate maximum		3.80%	3.96%	300.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Galaxy Digital Holdings, LP \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)		$ 12.41	$ 4.77	$ 4.83
Exercise price (in cad per share)		10.00	4.19	5.39
Galaxy Digital Holdings, LP \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in cad per share)		27.45	7.43	20.40
Exercise price (in cad per share)		$ 37.38	$ 8.06	$ 21.30

EQUITY BASED COMPENSATION (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Compensation and Benefits

For the three months ended March 31, 2025 and March 31, 2024, the total compensation and benefits include cash based payments and equity based payments as follows:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Compensation and benefits excluding equity based compensation	$	43,434	$	42,551
Equity based compensation (1)	13,519		18,520
Total compensation and benefits (2)	$	56,953	$	61,071

_______________

(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.

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, 2024		December 31, 2023		December 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


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Stock options	$	4,575	$	3,597
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)	9,163		14,909
Compensatory Class B Unit Awards

Profit Interest Units	—		14
	$	13,738	$	18,520

_______________

(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 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 Units	53		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:


Description	Number of Options	Weighted Average Exercise Price (C$)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Granted	2,913,051	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
Granted	4,172,899	17.30
Exercised	(652,549)	3.09
Forfeited	—	—
Canceled	(9,957)	6.75
Balance, March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Vested and expected to vest as of March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Options exercisable as of March 31, 2025	12,729,406	$	7.81	1.82	$	72,307
Vested and expected to vest as of December 31, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653

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:


Description	Number of Options	Weighted 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
Granted	1,565,000	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
Granted	2,913,051	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, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	$	5.80	1.82	$	40,427
Vested and expected to vest as of December 31, 2022	27,652,543	$	8.56	2.62	$	9,594
Options exercisable as of December 31, 2022	14,180,883	$	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

March 31, 2025

December 31, 2024

Share price

C$15.17

C$12.41 - C$27.45

Exercise price

C$16.45 - C$22.45

C$10.00 - C$37.38

Expected term (in years)

Expected volatility

90%

85% - 90%

Risk-free interest rate

2.60%

2.8% - 3.8%

Dividend yield

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)	5	5	5
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 yield	0%	0%	0%

Schedule of Nonvested Share Activity

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-Average Grant Date Fair Value (C$)




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
Granted / Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, December 31, 2024	10,711,587	$	1.49

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-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:


Description	Number of Units(1)	Weighted Average Grant Price (C$)




Balance, December 31, 2023	281,808	$	19.11
Vested	(281,808)	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, March 31, 2025	—	—

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units	Weighted 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, 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
Granted	1,898,442	15.17
Exercised	(158,114)	15.46
Forfeited / Cancelled	(165,986)	17.35
Balance, March 31, 2025	11,583,915	$	14.25
Units vested as of March 31, 2025	4,541,399	$	16.46
Units vested as of December 31, 2024	4,066,372	$	15.07

_______________

(1)Includes deferred share units granted to the directors as part of annual compensation.

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.

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.

Condensed Consolidated Interim Statements of Operations - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Total operating expenses	0	1	2	2
Other income / (expense):
Net income / (loss) for the period, before taxes	0	(1)	(2)	(2)
Income tax expense / (benefit)	0	0	0	0
Net income / (loss)	0	(1)	(2)	(2)
Galaxy Digital Holdings, LP
Revenue	12,976,206	9,335,372	42,596,673	51,626,779	$ 119,825,847
Net gain / (loss) on digital assets	(18,223)	346,393	634,557	333,450	938,365
Net gain / (loss) on investments	(133,167)	63,018	258,791	97,827	(464,918)
Net gain / (loss) on derivatives trading	31,059	83,640	267,769	151,583	192,558
Revenues and gains / (losses) from operations	12,855,875	9,828,423	43,757,790	52,209,639	120,491,852
Operating expenses:
Transaction expenses	13,059,439	9,313,616	42,741,776	51,592,423	120,995,931
Compensation and benefits	56,953	61,071	265,591	219,256	216,201
General and administrative	86,575	19,685	279,297	58,351	148,770
Technology	9,887	6,492	30,510	20,107	14,918
Professional fees	20,772	13,629	51,076	38,051	28,223
Notes interest expense	14,071	6,976	30,804	27,285	37,029
Total operating expenses	13,247,697	9,421,469	43,399,054	51,955,473	121,441,072
Other income / (expense):
Unrealized gain / (loss) on notes payable – derivative	89,606	(9,713)	(31,727)	(9,603)	57,998
Other income / (expense), net	672	213	2,774	(135)	26,480
Total other income / (expense)	90,278	(9,500)	(28,953)	(9,738)	104,800
Net income / (loss) for the period, before taxes	(301,544)	397,454	329,783	244,428	(844,420)
Income tax expense / (benefit)	(6,112)	9,327	(16,939)	15,914	(28,291)
Net income / (loss)	$ (295,432)	$ 388,127	346,722	228,514	(816,129)
Redeemable noncontrolling interests			0	0	(97,219)
Unit holders of the Company			$ 346,722	$ 228,514	$ (718,910)

PROPERTY AND EQUIPMENT - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 8.7	$ 6.7	$ 31.2	$ 15.3	$ 9.2
Mining equipment
Property, Plant and Equipment [Line Items]
Impairment of mining equipment	$ 49.2		$ 0.1	$ 0.5	$ 50.3

LOANS RECEIVABLE - Schedule of Outstanding Loans Receivable to be Repaid (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
2025	$ 51,286	$ 476,620
Loans receivable, current and non-current	$ 464,766	$ 476,620	$ 387,364

BUSINESS COMBINATIONS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands				12 Months Ended
	Feb. 28, 2025	Dec. 09, 2024	Jul. 18, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2025	Feb. 21, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 58,037	$ 44,257	$ 58,037		$ 24,645
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			5 years				3 years
Fierce Company
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 12,500
Payments to acquire businesses, gross		3,000
Business combination, consideration transferred, equity interests issued and issuable		9,500
Business combination, contingent consideration, liability		1,200
Goodwill		8,588				$ 8,588
Business combination recognized identifiable assets acquired and liabilities assumed, deferred tax assets		3,300
Business acquisition, transaction costs		200
Fierce Company \| Trade Names
Business Acquisition [Line Items]
Intangible assets		$ 400
CryptoManufaktur
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 12,400
Business combination, contingent consideration, liability			5,500
Goodwill			5,193
Business acquisition, transaction costs			500
Business combination, consideration transferred, equity interests issued and issuable (in shares)	76,573
Business acquisition, pro forma revenue				22,000	21,000
Business acquisition, pro forma net income (loss)				$ 2,000	$ 1,000
CryptoManufaktur \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets			$ 7,200

FAIR VALUE OPTION - Schedule of Fair Value Option (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 1,041,877	$ 917,757	$ 472,915
Digital financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	514,479	359,664	74,386
Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 527,398	$ 558,093	$ 398,529

REVENUES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Disaggregation of Revenue

The following tables provide additional details related to the Company’s Revenues for the three months ended March 31, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales	$	12,849,568	$	—	$	—	$	12,849,568
Fees	14,580		—		(3,063)		11,517
Blockchain rewards	80,700		—		(9,588)		71,112
Proprietary mining	—		—		11,236		11,236
Revenues from contracts with customers	12,944,848		—		(1,415)		12,943,433

Blockchain rewards from non-customers	1,055		—		4,309		5,364
Lending	25,626		—		1,783		27,409
Total revenues	$	12,971,529	$	—	$	4,677	$	12,976,206


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2024
Digital assets sales	$	9,257,178	$	—	$	—	$	9,257,178
Fees	18,854		—		9,274		28,128
Blockchain rewards	8,251		—		2,023		10,274
Proprietary mining	—		—		20,128		20,128
Revenues from contracts with customers	9,284,283		—		31,425		9,315,708

Blockchain rewards from non-customers	2,910		—		—		2,910
Lending	15,376		—		1,378		16,754
Total revenues	$	9,302,569	$	—	$	32,803	$	9,335,372

The following table provides additional details related to the Company’s Revenues for the years ended December 31, 2024, 2023, and 2022:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales	$	42,155,920	$	—	$	—	$	42,155,920
Fees	74,962		—		28,232		103,194
Blockchain rewards	179,924		—		890		180,814
Proprietary mining	—		—		63,305		63,305
Revenues from contracts with customers	42,410,806		—		92,427		42,503,233

Blockchain rewards from non-customers	5,852		—		2,099		7,951
Lending	80,405		—		5,084		85,489
Total revenues	$	42,497,063	$	—	$	99,610	$	42,596,673


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales	$	51,488,120	$	—	$	—	$	51,488,120
Fees	29,240		—		21,571		50,811
Blockchain rewards	3,230		—		2,455		5,685
Proprietary mining	—		—		33,121		33,121
Revenues from contracts with customers	51,520,590		—		57,147		51,577,737

Blockchain rewards from non-customers	982		—		—		982
Lending	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2022
Digital assets sales	$	119,724,879	$	—	$	—	$	119,724,879
Fees	31,104		—		3,167		34,271
Blockchain rewards	—		—		7,510		7,510
Proprietary mining	—		—		29,911		29,911
Revenues from contracts with customers	119,755,983		—		40,588		119,796,571

Blockchain rewards from non-customers	—		—		—		—
Lending	29,276		—		—		29,276
Total revenues	$	119,785,259	$	—	$	40,588	$	119,825,847

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.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Loss for the period	$ 0	$ (1)	$ (2)	$ (2)
Net cash provided by / (used in) operating activities	0	(1)	(2)	(2)
Net increase / (decrease) in cash and cash equivalents	0	(1)	(2)	(2)
Cash and cash equivalents, beginning of period	1	3	3	5
Cash and cash equivalents, end of period	$ 1	$ 2	$ 1	$ 3

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Condensed Consolidated Interim Statements of Financial Position (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2021
Statement of Financial Position [Abstract]
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000	1,000	1,000
Common stock, issued (in shares)	100	100	100	100
Common stock, outstanding (in shares)	100	100	100

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Galaxy Digital Holdings, LP
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest income related to loans receivable	$ 12.6	$ 12.6	$ 48.7	$ 36.5	$ 17.6

PROPERTY AND EQUIPMENT - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 8.7	$ 6.7	$ 31.2	$ 15.3	$ 9.2
Mining equipment
Property, Plant and Equipment [Line Items]
Impairment of mining equipment	$ 49.2		$ 0.1	$ 0.5	$ 50.3

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reporting Information by Segment

Assets and liabilities by each of the reportable segments as of March 31, 2025 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,169,254	$	264,600	$	2,902,338	$	6,336,192
Total liabilities	$	2,691,823	$	—	$	1,742,725	$	4,434,548

Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Income and expenses by each of the reportable segments for the three months ended March 31, 2025 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206
Net gain / (loss) on digital assets	52,204		—		(70,427)		(18,223)
Net gain / (loss) on investments	(20,349)		—		(112,818)		(133,167)
Net gain / (loss) on derivatives trading	60,515		—		(29,456)		31,059
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,999,168		—		60,271		13,059,439
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		8,785		13,591
Other expenses	18,821		385		84,437		103,643
Operating expenses	13,060,370		2,899		184,428		13,247,697

Operating income	3,529		(2,899)		(392,452)		(391,822)


Unrealized gain / (loss) on notes payable – derivative	—		—		89,606		89,606
Other income / (expense), net	—		—		672		672
Total other income / (expense)	—		—		90,278		90,278

Net income / (loss) for the period, before taxes	$	3,529	$	(2,899)	$	(302,174)	$	(301,544)
Income tax benefit	—		—		(6,112)		(6,112)
Net income / (loss) for the period	$	3,529	$	(2,899)	$	(296,062)	$	(295,432)

Income and expenses by each of the reportable segments for the three months ended March 31, 2024 is as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	9,302,569	$	—	$	32,803	$	9,335,372
Net gain/ (loss) on digital assets	82,590		—		263,803		346,393
Net gain / (loss) on investments	—		—		63,018		63,018
Net gain / (loss) on derivatives trading	(15,632)		—		99,272		83,640
Revenues and gains / (losses) from operations	9,369,527		—		458,896		9,828,423

Transaction expenses	9,272,125		—		41,491		9,313,616
Compensation and benefits	42,275		—		18,796		61,071
Notes interest expense	—		—		6,976		6,976
Depreciation and amortization	1,307		1,674		6,519		9,500
Other expenses	14,050		—		16,256		30,306
Operating expenses	9,329,757		1,674		90,038		9,421,469

Operating income	39,770		(1,674)		368,858		406,954

Unrealized loss on notes payable - derivative	—		—		(9,713)		(9,713)
Other income / (expense), net	—		—		213		213
Total other income / (expense)	—		—		(9,500)		(9,500)

Net income / (loss) for the year, before taxes	$	39,770	$	(1,674)	$	359,358	$	397,454
Income tax expense (benefit)	—		—		9,327		9,327
Net income / (loss) for the period	$	39,770	$	(1,674)	$	350,031	$	388,127

Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	1,978,031	$	114,529	$	1,501,720	$	3,594,280
Total liabilities	$	1,679,765	$	—	$	203,344	$	1,883,109

Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	42,497,063	$	—	$	99,610	$	42,596,673
Net gain / (loss) on digital assets	57,560		—		576,997		634,557
Net gain / (loss) on investments	17,425		—		241,366		258,791
Net gain / (loss) on derivatives trading	168,355		—		99,414		267,769
Revenues and gains / (losses) from operations	42,740,403		—		1,017,387		43,757,790

Transaction expenses	42,437,298		—		304,478		42,741,776
Compensation and benefits	175,925		—		89,666		265,591
Notes interest expense	—		—		30,804		30,804
Depreciation and amortization	11,446		7,497		27,949		46,892
Other expenses	68,725		—		245,266		313,991
Operating expenses	42,693,394		7,497		698,163		43,399,054

Operating income	47,009		(7,497)		319,224		358,736


Unrealized gain / (loss) on notes payable – derivative	—		—		(31,727)		(31,727)
Other income / (expense), net	—		—		2,774		2,774
Total other income / (expense)	—		—		(28,953)		(28,953)

Net income / (loss) for the period, before taxes	$	47,009	$	(7,497)	$	290,271	$	329,783
Income tax benefit	—		—		(16,939)		(16,939)
Net income / (loss) for the period	$	47,009	$	(7,497)	$	307,210	$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	51,565,491	$	—	$	61,288	$	51,626,779
Net gain / (loss) on digital assets	22,527		—		310,923		333,450
Net gain / (loss) on investments	—		—		97,827		97,827
Net gain / (loss) on derivatives trading	65,380		—		86,203		151,583
Revenues and gains / (losses) from operations	51,653,398		—		556,241		52,209,639

Transaction expenses	51,509,381		—		83,042		51,592,423
Compensation and benefits	148,909		—		70,347		219,256
Notes interest expense	—		—		27,285		27,285
Depreciation and amortization	4,344		5,548		13,053		22,945
Other expenses	44,854		—		48,710		93,564
Operating expenses	51,707,488		5,548		242,437		51,955,473

Operating income	(54,090)		(5,548)		313,804		254,166


Unrealized gain / (loss) on notes payable – derivative	—		—		(9,603)		(9,603)
Other income / (expense), net	—		—		(135)		(135)
Total other income / (expense)	—		—		(9,738)		(9,738)

Net income / (loss) for the period, before taxes	$	(54,090)	$	(5,548)	$	304,066	$	244,428
Income tax expense	—		—		15,914		15,914
Net income / (loss) for the period	$	(54,090)	$	(5,548)	$	288,152	$	228,514

Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	119,785,259	$	—	$	40,588	$	119,825,847
Net gain / (loss) on digital assets	(289,497)		—		1,227,862		938,365
Net gain / (loss) on investments	—		—		(464,918)		(464,918)
Net gain / (loss) on derivatives trading	100,341		—		92,217		192,558
Revenues and gains / (losses) from operations	119,596,103		—		895,749		120,491,852

Transaction expenses	119,437,498		—		1,558,433		120,995,931
Compensation and benefits	134,550		—		81,651		216,201
Notes interest expense	—		—		37,029		37,029
Depreciation and amortization	—		—		12,852		12,852
Other expenses	95,578		—		83,481		179,059
Operating expenses	119,667,626		—		1,773,446		121,441,072

Operating income	(71,523)		—		(877,697)		(949,220)

Change in fair value of warrant liability	—		—		20,322		20,322
Unrealized gain / (loss) on notes payable – derivative	—		—		57,998		57,998
Other income / (expense), net	—		—		26,480		26,480
Total other income / (expense)	—		—		104,800		104,800

Net income / (loss) for the period, before taxes	$	(71,523)	$	—	$	(772,897)	$	(844,420)
Income tax benefit	—		—		(28,291)		(28,291)
Net income / (loss) for the period	$	(71,523)	$	—	$	(744,606)	$	(816,129)
Net income / (loss) attributed to:
Redeemable noncontrolling interests	—		—		(97,219)		(97,219)
Unit holders of the Company	$	(71,523)	$	—	$	(647,387)	$	(718,910)

INVESTMENTS - Identical or Similar Investments (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Carrying Value	$ 66,412	$ 63,227	$ 83,702
Impairment, Period to date	1,282	6,990	37,868
Impairment, Cumulative	60,591	59,608	64,588
Upward Adjustments, Period to date	1,642	2,214	2,356
Upward Adjustments, Cumulative	$ 64,834	$ 63,652	$ 74,352

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.

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Other Noncurrent Liabilities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Tax liabilities	$ 47,463	$ 42,994	$ 42,856
Legal settlement	108,151	142,462	0
Lease liability	6,500	6,936	14,096
Other non-current liabilities	$ 162,114	$ 192,392	$ 56,952

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Loan Receivable, Net of Allowance (Details) - Galaxy Digital Holdings, LP - Crypto Assets Loans Receivable - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital asset loans receivable	$ 280,245	$ 579,954	$ 104,504
Less: Allowance for credit losses	(150)	(424)	0
Loans receivable, current and non-current	$ 280,095	$ 579,530	$ 104,504

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2025

LOANS AND NOTES PAYABLE

Loans Payable


(in thousands)	March 31, 2025		December 31, 2024
Loans payable	$	345,249	$	510,718

For the three months ended March 31, 2025 and 2024, interest expense related to the Company’s Loans payable were $3.6 million and $2.5 million, respectively.

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	March 31, 2025		December 31, 2024
Assets posted as collateral - Digital intangible assets	$	200,679	$	194,306
Less: Allowance for credit losses	(633)		(554)
Assets posted as collateral associated with digital asset loans payable	$	200,046	$	193,752

Notes Payable

As of March 31, 2025, the Partnership’s notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

LOANS AND NOTES PAYABLE

Loans payable


(in thousands)	December 31, 2024		December 31, 2023
Loans payable	$	510,718	$	93,069

For the years ended December 31, 2024, 2023, and 2022, interest expense related to the Company’s Loans payable were $11.5 million, $2.2 million, and $6.9 million, respectively.

Assets posted as collateral associated with loans payable


(in thousands)	December 31, 2024		December 31, 2023
Assets posted as collateral - Digital intangible assets	$	194,306	$	67,767
Less: Allowance for credit losses	(554)		—
Assets posted as collateral associated with digital asset loans payable	$	193,752	$	67,767

Notes payable

The Company determined that the conversion features represent derivative financial instruments embedded in the Exchangeable Notes. The conversion feature was recorded at fair value as a discount to the value of the Exchangeable Notes as of inception date. Accordingly, the Company recorded an aggregate discount of $71.0 million and $94.0 million for the fair value of the derivative liability at inception of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, respectively. The difference between the proceeds allocated to the convertible instrument at issuance and the fair value of the conversion feature was allocated to the host contract. The Exchangeable Notes and the associated derivative liability are shown as Notes payable in the Company’s consolidated statements of financial position. The unamortized debt issuance cost as of December 31, 2024 and 2023 was $18.5 million and $7.5 million, respectively. As of December 31, 2024 and 2023 there was $847.5 million and $445.0 million in principal outstanding of the Exchangeable Notes, respectively.

On initial recognition of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, debt issuance costs of $13.4 million and $13.6 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The interest expense from the Exchangeable Notes for the years ended December 31, 2024, 2023, and 2022 was $30.8 million, $27.3 million and $37.0 million, respectively, including coupon interest expense of $14.3 million, $13.4 million and $14.9 million, respectively. The effective interest rates on the 2026 and 2029 Exchangeable Notes are 7.0% and 9.2%, respectively.

As of December 31, 2024, the Partnership's notes payable repayment obligation is as follows:


(in thousands)	Amount Due
2025	$	—
2026	445,000
2027	—
2028	—
2029	402,500
Total	$	847,500

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.

DERIVATIVES

3 Months Ended

Mar. 31, 2025

DERIVATIVES

The breakdown of the Company’s derivatives portfolio, as of March 31, 2025 and December 31, 2024 was as follows (in thousands):

March 31, 2025


(in thousands)	Notional Amounts (1)		Gross Fair Value-Derivative Assets		Gross Fair Value-Derivative Liabilities
Digital assets	$	3,041,477	$	95,127	$	(67,313)
Foreign currencies	730,533		19,349		(14,026)
Equity securities	597,258		13,720		(6,993)
Interest rates	297,729		157		(708)
Commodities	11,563		—		(662)



	4,678,561		128,353		(89,702)

Digital assets receivable	4,036		19,670		—
Embedded derivatives — Digital assets borrowed	1,949,500		223,469		(41,027)
Embedded derivatives — Collateral payable	978,134		143,027		(58,988)
Embedded derivatives — Notes payable	847,500		—		(46,586)

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)

_______________

The below table represents the breakdown of collateral payable associated with derivative positions as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024




Collateral payable — Digital assets	$	28,569	$	30,600
Collateral payable — Cash	7,452		30,460
Collateral payable associated with derivatives	$	36,021	$	61,060

The Company did not post any collateral in association with its derivative positions as of March 31, 2025 and December 31, 2024.

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)

_______________

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

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Intangible Assets

Schedule of Goodwill

The following table reflects the changes in carrying amount of goodwill:


(in thousands)	March 31, 2025		December 31, 2024
Balance, beginning of period	$	58,037	$	44,257
Additions due to acquisitions (Note 3)	—		13,780
Balance, end of period	$	58,037	$	58,037

The following table reflects the changes in carrying amount of goodwill:


	Year Ended December 31,
(in thousands)	2024		2023
Balance, beginning of period	$	44,257	$	24,645
Additions due to acquisitions (Note 3)	13,780		19,612
Balance, end of period	$	58,037	$	44,257

The following table represents intangible assets and accumulated amortization as March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025		December 31, 2024
Software technology (1)	$	40,508	$	40,508
Other purchased defined-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		55,970
Less: Accumulated amortization	(22,600)		(18,619)
Intangible assets, net	$	33,370	$	37,351

_______________

(1)Includes capitalized equity based compensation of $3.1 million as of March 31, 2025 and December 31, 2024.

The following table represents intangible assets and accumulated amortization as of the years ended December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Software technology(1)	$	40,508	$	38,895
Other purchased defined-life intangible assets	13,701		6,062
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	55,970		46,718
Less: Accumulated amortization	(18,619)		(6,735)
Intangible assets, net	$	37,351	$	39,983

_______________

(1)Includes capitalized equity based compensation of $3.1 million and $2.1 million as of December 31, 2024 and 2023, respectively.

Schedule of Future Amortization Expense


(in thousands)	Amounts


2025	$	12,570
2026	8,602
2027	5,676
2028	4,358
2029 and beyond	403
Total future amortization expense	$	31,609


(in thousands)	Amounts


2025	$	16,708
2026	8,549
2027	5,624
2028	4,306
2029 and beyond	403
Total future amortization expense	$	35,590

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.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2025
Text Block [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated interim statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of March 31, 2025 and December 31, 2024, the Corporation did not have any subsidiaries and as such the numbers presented as of the three months ended March 31, 2025 and the year ended December 31, 2024 are on a stand-alone basis. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Expenses The Corporation was charged certain banking fees. These fees are recognized as incurred and presented in the Corporation’s consolidated statements of operations as operating expenses. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of December 31, 2024 and 2023, the Corporation did not have any subsidiaries and as such the numbers presented as of the years ended December 31, 2024 and 2023 are on a stand-alone basis. As of December 31, 2022, the Corporation had one subsidiary and as such the numbers presented as of the year ended December 31, 2022 are on a consolidated basis. Statements of operations, changes in stockholder’s equity, and cash flows have not been presented for the year ended December 31, 2022 because the Corporation had not engaged in any business or other activities except in connection with its formation. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Investments When the Corporation does not have a controlling financial interest in an entity, but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for as an equity method investment. The Corporation has elected to apply the fair value option to equity method investments. The Corporation had one equity method investment in Titan Merger Sub 2, Inc (“Merger Sub 2”) through May 19, 2023 when Merger Sub 2 was authorized for dissolution. No gains or losses were recognized in relation to the Corporation’s investment. As of December 31, 2024 and 2023, the Corporation had no equity method investments. Expenses The Corporation is charged certain banking fees. These fees are recognized as incurred and presented in the Corporation’s consolidated statements of operations as operating expenses.

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2025

REPORTABLE SEGMENTS

Digital Assets

Data Centers

Treasury and Corporate

Assets and liabilities by each of the reportable segments as of March 31, 2025 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,169,254	$	264,600	$	2,902,338	$	6,336,192
Total liabilities	$	2,691,823	$	—	$	1,742,725	$	4,434,548

Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Income and expenses by each of the reportable segments for the three months ended March 31, 2025 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206
Net gain / (loss) on digital assets	52,204		—		(70,427)		(18,223)
Net gain / (loss) on investments	(20,349)		—		(112,818)		(133,167)
Net gain / (loss) on derivatives trading	60,515		—		(29,456)		31,059
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,999,168		—		60,271		13,059,439
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		8,785		13,591
Other expenses	18,821		385		84,437		103,643
Operating expenses	13,060,370		2,899		184,428		13,247,697

Operating income	3,529		(2,899)		(392,452)		(391,822)


Unrealized gain / (loss) on notes payable – derivative	—		—		89,606		89,606
Other income / (expense), net	—		—		672		672
Total other income / (expense)	—		—		90,278		90,278

Net income / (loss) for the period, before taxes	$	3,529	$	(2,899)	$	(302,174)	$	(301,544)
Income tax benefit	—		—		(6,112)		(6,112)
Net income / (loss) for the period	$	3,529	$	(2,899)	$	(296,062)	$	(295,432)

Income and expenses by each of the reportable segments for the three months ended March 31, 2024 is as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	9,302,569	$	—	$	32,803	$	9,335,372
Net gain/ (loss) on digital assets	82,590		—		263,803		346,393
Net gain / (loss) on investments	—		—		63,018		63,018
Net gain / (loss) on derivatives trading	(15,632)		—		99,272		83,640
Revenues and gains / (losses) from operations	9,369,527		—		458,896		9,828,423

Transaction expenses	9,272,125		—		41,491		9,313,616
Compensation and benefits	42,275		—		18,796		61,071
Notes interest expense	—		—		6,976		6,976
Depreciation and amortization	1,307		1,674		6,519		9,500
Other expenses	14,050		—		16,256		30,306
Operating expenses	9,329,757		1,674		90,038		9,421,469

Operating income	39,770		(1,674)		368,858		406,954

Unrealized loss on notes payable - derivative	—		—		(9,713)		(9,713)
Other income / (expense), net	—		—		213		213
Total other income / (expense)	—		—		(9,500)		(9,500)

Net income / (loss) for the year, before taxes	$	39,770	$	(1,674)	$	359,358	$	397,454
Income tax expense (benefit)	—		—		9,327		9,327
Net income / (loss) for the period	$	39,770	$	(1,674)	$	350,031	$	388,127

REPORTABLE SEGMENTS

Digital Assets

Data Centers

Treasury and Corporate

Assets and liabilities by each of the reportable segments as of December 31, 2024 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	3,723,814	$	199,694	$	3,196,347	$	7,119,855
Total liabilities	$	3,163,499	$	—	$	1,762,004	$	4,925,503

Assets and liabilities by each of the reportable segments as of December 31, 2023 are as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	1,978,031	$	114,529	$	1,501,720	$	3,594,280
Total liabilities	$	1,679,765	$	—	$	203,344	$	1,883,109

Income and expenses by each of the reportable segments for the year ended December 31, 2024 is as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	42,497,063	$	—	$	99,610	$	42,596,673
Net gain / (loss) on digital assets	57,560		—		576,997		634,557
Net gain / (loss) on investments	17,425		—		241,366		258,791
Net gain / (loss) on derivatives trading	168,355		—		99,414		267,769
Revenues and gains / (losses) from operations	42,740,403		—		1,017,387		43,757,790

Transaction expenses	42,437,298		—		304,478		42,741,776
Compensation and benefits	175,925		—		89,666		265,591
Notes interest expense	—		—		30,804		30,804
Depreciation and amortization	11,446		7,497		27,949		46,892
Other expenses	68,725		—		245,266		313,991
Operating expenses	42,693,394		7,497		698,163		43,399,054

Operating income	47,009		(7,497)		319,224		358,736


Unrealized gain / (loss) on notes payable – derivative	—		—		(31,727)		(31,727)
Other income / (expense), net	—		—		2,774		2,774
Total other income / (expense)	—		—		(28,953)		(28,953)

Net income / (loss) for the period, before taxes	$	47,009	$	(7,497)	$	290,271	$	329,783
Income tax benefit	—		—		(16,939)		(16,939)
Net income / (loss) for the period	$	47,009	$	(7,497)	$	307,210	$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	51,565,491	$	—	$	61,288	$	51,626,779
Net gain / (loss) on digital assets	22,527		—		310,923		333,450
Net gain / (loss) on investments	—		—		97,827		97,827
Net gain / (loss) on derivatives trading	65,380		—		86,203		151,583
Revenues and gains / (losses) from operations	51,653,398		—		556,241		52,209,639

Transaction expenses	51,509,381		—		83,042		51,592,423
Compensation and benefits	148,909		—		70,347		219,256
Notes interest expense	—		—		27,285		27,285
Depreciation and amortization	4,344		5,548		13,053		22,945
Other expenses	44,854		—		48,710		93,564
Operating expenses	51,707,488		5,548		242,437		51,955,473

Operating income	(54,090)		(5,548)		313,804		254,166


Unrealized gain / (loss) on notes payable – derivative	—		—		(9,603)		(9,603)
Other income / (expense), net	—		—		(135)		(135)
Total other income / (expense)	—		—		(9,738)		(9,738)

Net income / (loss) for the period, before taxes	$	(54,090)	$	(5,548)	$	304,066	$	244,428
Income tax expense	—		—		15,914		15,914
Net income / (loss) for the period	$	(54,090)	$	(5,548)	$	288,152	$	228,514

Income and expenses by each of the reportable segments for the year ended December 31, 2022 is as follows (recast based on adoption of ASU 2023-07):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	119,785,259	$	—	$	40,588	$	119,825,847
Net gain / (loss) on digital assets	(289,497)		—		1,227,862		938,365
Net gain / (loss) on investments	—		—		(464,918)		(464,918)
Net gain / (loss) on derivatives trading	100,341		—		92,217		192,558
Revenues and gains / (losses) from operations	119,596,103		—		895,749		120,491,852

Transaction expenses	119,437,498		—		1,558,433		120,995,931
Compensation and benefits	134,550		—		81,651		216,201
Notes interest expense	—		—		37,029		37,029
Depreciation and amortization	—		—		12,852		12,852
Other expenses	95,578		—		83,481		179,059
Operating expenses	119,667,626		—		1,773,446		121,441,072

Operating income	(71,523)		—		(877,697)		(949,220)

Change in fair value of warrant liability	—		—		20,322		20,322
Unrealized gain / (loss) on notes payable – derivative	—		—		57,998		57,998
Other income / (expense), net	—		—		26,480		26,480
Total other income / (expense)	—		—		104,800		104,800

Net income / (loss) for the period, before taxes	$	(71,523)	$	—	$	(772,897)	$	(844,420)
Income tax benefit	—		—		(28,291)		(28,291)
Net income / (loss) for the period	$	(71,523)	$	—	$	(744,606)	$	(816,129)
Net income / (loss) attributed to:
Redeemable noncontrolling interests	—		—		(97,219)		(97,219)
Unit holders of the Company	$	(71,523)	$	—	$	(647,387)	$	(718,910)

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GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance, beginning of period	$ 58,037	$ 44,257	$ 24,645
Additions due to acquisitions (Note 3)	0	13,780	19,612
Balance, end of period	$ 58,037	$ 58,037	$ 44,257

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, GDH LP accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Corporation and its affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations or other disputes. The Corporation’s affiliates are subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Corporation reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. On March 27, 2025, the Corporation, GDHL and certain of its affiliates reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, GDH LP accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028. Under the terms of the settlement, GDH LP also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.
Galaxy Digital Holdings, LP
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2025 and December 31, 2024, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and Loan Commitments As of March 31, 2025 and December 31, 2024, the Company was obligated to seven portfolio companies, all of which are non-consolidated variable interest entities (VIEs), to fund up to $66.5 million and $69.0 million, respectively. Subsequent to period ended March 31, 2025, $1.1 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of March 31, 2025 and December 31, 2024 Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million and $60.0 million, respectively, and had funded $60.0 million and $39.9 million in relation to these facilities as of March 31, 2025 and December 31, 2024, respectively. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual Commitments As of March 31, 2025, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $713.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of March 31, 2025 and December 31, 2024, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect on our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of March 31, 2025 and December 31, 2024, the Company accrued a legal provision of $186 million and $182 million, respectively. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.’s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $9.4 million and $36.7 million were paid during the three months ended March 31, 2025 and March 31, 2024, respectively. In December 2021, July 2024, and March 2025, the Company contributed approximately $523.0 million, $20.0 million, and $75.0 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining and AI / HPC leasing activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. Subsequent to March 31, 2025, the Company contributed an additional $90.0 million into these same subsidiaries. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd. COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2024 and 2023, the Company had commitments primarily under three subleases. Refer to Note 14 for further information on lease commitments. Investment and loan commitments As of December 31, 2024 and 2023, the Company was obligated to seven portfolio companies, all of which are variable interest entities (VIEs), to fund up to $69.0 million and $61.0 million, respectively. Subsequent to December 31, 2024, $2.5 million of this amount has been funded. Refer to Note 18 for further information on VIEs. As of December 31, 2024 and 2023, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $60.0 million and $20.0 million, respectively, and had funded $39.9 million and $0 in relation to these facilities, respectively, as of the year end. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Contractual commitments As of December 31, 2024, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $9.1 million. Indemnifications The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of December 31, 2024 and 2023, there was no liability accrued under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions. The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect upon our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially. SEC Matters: As previously disclosed, in prior years, members of the staff of the SEC’s Division of Enforcement raised whether certain of the digital assets that we trade are securities and therefore such trading activities should be conducted through a registered entity. In addition, the staff of the SEC’s Division of Enforcement also raised whether off-channel communications were appropriately captured. In February 2025, we received termination letters concluding these investigations without charges. Luna Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, the Company accrued a legal provision of $182 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement is $200 million and payable between 2025 and 2028, with a payment of $40 million in each of 2025 and 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency. In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action purports to be brought on behalf of a proposed class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. These proceedings are still in early stages and have not been certified to proceed as a class action. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time. Financial Support of GDH Ltd. In accordance with the LPA, the Company will reimburse or pay for all reasonably incurred expenses, excluding taxes, in the conduct of GDH Ltd.'s business. Tax Distributions The LPA also allows the Company to make distributions, as and when determined by the General Partner, in its sole discretion so as to enable unit holders to pay anticipated taxes with respect to allocated Company taxable income and / or gains. Amounts distributed pursuant to the tax distribution provision are treated as an advance against, and reduce (on a dollar for dollar basis), future amounts that would otherwise be distributable to such limited partners. The LPA provides that the value of any tax distribution made shall not exceed 25% of the Company’s market capitalization determined at the time the General Partner determines to make such distribution. Tax-related distributions of $55.3 million and $22.4 million were paid during the years ended December 31, 2024 and 2023, respectively. In December 2021 and July 2024, the Company contributed approximately $523.0 million and $20 million, respectively, into wholly-owned subsidiaries through which the Company is operating bitcoin mining activities and exploring ways to operate other qualified digital assets and blockchain related activities in qualified opportunity zones. The qualified opportunity zone program was established by Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to its unit holders in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its unit holders, including GDH Ltd.

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.

EQUITY BASED COMPENSATION - Schedule of the Activity Related to Restricted Stock During the Respective Periods (Details) - Restricted Stock - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	0	281,808	281,808	1,643,590	1,925,399
Vested (in shares)	0	(281,808)	(281,808)	(736,782)	(281,809)
Forfeited (in shares)	0	0	0	(625,000)
Ending balance (in shares)	0		0	281,808	1,643,590
Weighted Average Exercise Price (C$)
Beginning balance (in cad per share)	$ 0	$ 19.11	$ 19.11	$ 10.07	$ 11,390
Vested (in cad per share)	0	19.11	19.11	10.61	19.11
Forfeited (in cad per share)	0	$ 0	0	5.35
Ending balance (in cad per shares)	$ 0		$ 0	$ 19.11	$ 10.07

INCOME TAXES - Deferred Tax Liabilities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Net operating loss carryforward	$ 68,432	$ 48,098
Total deferred income tax assets	74,676	52,685
Deferred income tax liabilities:
Total deferred income tax liability	(54,653)	(43,351)
Net deferred tax asset/(liability)	20,023	9,334
Partnership investments
Deferred income tax assets:
Total deferred income tax assets	0	0
Deferred income tax liabilities:
Total deferred income tax liability	(21,406)	(13,158)
Digital Assets
Deferred income tax liabilities:
Total deferred income tax liability	(26,749)	(24,439)
Investment basis differences
Deferred income tax liabilities:
Total deferred income tax liability	(4,402)	(2,765)
Other
Deferred income tax assets:
Total deferred income tax assets	6,244	4,587
Deferred income tax liabilities:
Total deferred income tax liability	$ (2,096)	$ (2,989)

LEASES (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Schedule of Supplemental Cash Flow Information

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:


(in thousands)	March 31, 2025		March 31, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,483	$	1,466

Supplemental disclosures for the Company’s consolidated statements of cash flows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,973	$	7,838	$	4,216

Schedule of Lease Assets And Liabilities

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	March 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	7,283		$	8,223
Operating lease liabilities	9,221			10,229
Weighted average remaining lease term	3.5 years			3.6 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	8,223		$	12,055
Operating lease liabilities	$	10,229		$	14,096
Weighted average remaining lease term	3.6 years			4.2 years
Weighted average discount rate(1)	10		%	10		%

_______________

(1)The weighted average discount rate represents the Company’s incremental borrowing rate

Schedule of Future Minimum Lease Payments

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2025:


(in thousands)	Lease liability
Year ending December 31,

2025	$	3,530
2026	2,818
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	11,921
Less: Interest	2,700
Total lease liability	$	9,221

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:


(in thousands)	Lease liability
Year ending December 31,


2025	$	4,151
2026	2,557
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	$	12,281
Less: Interest	2,052
Total lease liability	$	10,229

LEASES - Schedule of Lease Assets And Liabilities (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 7,283	$ 8,223	$ 12,055
Operating lease liabilities	$ 9,221	$ 10,229	$ 14,096
Weighted average remaining lease term	3 years 6 months	3 years 7 months 6 days	4 years 2 months 12 days
Weighted average discount rate	10.00%	10.00%	10.00%

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2025

BUSINESS COMBINATIONS

Fierce


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	$	110
Total liabilities	$	110

CryptoManufaktur

business combination under ASC 805. CMF provides staking infrastructure, primarily on the Ethereum blockchain, as well as data oracle services.


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

BUSINESS COMBINATIONS

Fierce


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	110
Total liabilities	$	110

CryptoManufaktur

issued for milestone consideration. The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

GK8

The consideration transferred was measured at the fair value of the cash paid, $44 million, on February 21, 2023 in exchange for the net identifiable assets of GK8 and goodwill identified below:


(in thousands)
Receivables	$	814
Prepaid expenses and other assets	190
Property and equipment	128
Intangibles	23,258
Goodwill(1)	19,612
Total assets	$	44,002

Accounts payable and accrued liabilities	109
Total liabilities	$	109

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible asset	$ 1,761	$ 1,761	$ 1,761
Intangible assets, gross	55,970	55,970	46,718
Less: Accumulated amortization	(22,600)	(18,619)	(6,735)
Intangible assets, net	33,370	37,351	39,983
Capitalized equity based compensation	3,100	3,100	2,100
Software technology
Finite-Lived Intangible Assets [Line Items]
Software technology	40,508	40,508	38,895
Other purchased defined-life intangible assets
Finite-Lived Intangible Assets [Line Items]
Software technology	$ 13,701	$ 13,701	$ 6,062

FAIR VALUE MEASUREMENTS - Narrative (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 2,653,369	$ 2,928,225	$ 1,088,171
Transfers in of Level 3	1,000	21,200	67,300
Transfers out of Level 3	12,900	48,700	31,600
Digital intangible assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 452,500	$ 550,200	$ 277,600

EQUITY BASED COMPENSATION - Schedule of the Activity Related to the Compensatory Class B Units During the Respective Periods (Details) - Class B Unit Capital - Galaxy Digital Holdings, LP - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class B Units
Beginning balance (in shares)	10,711,587	10,792,944	10,792,944	14,890,203
Granted / transferred (in shares)	0	0	0	0
Exchanged (in shares)	0	(81,357)		(4,097,259)
Forfeited (in shares)	0	0	0	0
Ending balance (in shares)	10,711,587	10,711,587	10,792,944	10,792,944
Class B units exercisable (in shares)	10,711,587	10,711,587	10,777,718
Weighted-Average Grant Date Fair Value (C$)
Beginning balance (in cad per share)	$ 1.49	$ 1.49	$ 1.49	$ 1.81
Granted / transferred (in cad per share)	0	0	0	0
Exchanged (in cad per share)	0	1.65		1.98
Forfeited (in cad per share)	0	0	0
Ending balance (in cad per shares)		1.49	1.49	$ 1.49
Class B units exercisable (in cad per share)	$ 1.49	$ 1.49	$ 1.49

Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1	$ 1
Total current assets	1	1
Non-current assets
Total assets	1	1
Stockholder’s equity
Total liabilities and stockholder’s equity	1	1
Galaxy Digital Holdings, LP
Current assets
Cash and cash equivalents	509,438	462,103
Digital intangible assets (includes $1,671.3 and $1,997.4 million measured at fair value)	2,123,860	2,547,581
Digital financial assets	514,479	359,665
Digital assets loan receivable, net of allowance	280,095	579,530
Investments	545,754	834,812
Assets posted as collateral	506,634	277,147
Derivative assets	128,353	207,653
Accounts receivable (includes $4.5 and $4.2 million due from related parties)	28,864	55,279
Digital assets receivable	17,674	53,608
Loans receivable	407,966	476,620
Prepaid expenses and other assets	29,884	26,892
Total current assets	5,093,001	5,880,890
Non-current assets
Digital assets receivable	1,996	7,112
Investments (includes $669.6 and $745.5 million measured at fair value)	736,060	808,694
Digital intangible assets	15,030	20,979
Loans receivable, non-current	56,800	0
Property and equipment, net	262,216	237,038
Other non-current assets	113,052	107,105
Goodwill	58,037	58,037
Total non-current assets	1,243,191	1,238,965
Total assets	6,336,192	7,119,855
Current liabilities:
Derivative liabilities	89,702	165,858
Accounts payable and accrued liabilities (includes $111.0 and $96.9 million due to related parties)	270,468	281,531
Digital assets borrowed	1,760,455	1,497,609
Payable to customers	19,288	19,520
Loans payable	345,249	510,718
Collateral payable	943,513	1,399,655
Other current liabilities	73,358	13,034
Total current liabilities	3,502,033	3,887,925
Non-current liabilities
Notes payable	763,798	845,186
Digital assets borrowed, non-current	6,603	0
Other non-current liabilities	162,114	192,392
Total non-current liabilities	932,515	1,037,578
Total liabilities	4,434,548	4,925,503
Commitments and contingencies (Note 17)
Stockholder’s equity
Unit holder’s capital	1,901,644	2,194,352
Total stockholder’s equity	1,901,644	2,194,352
Total liabilities and stockholder’s equity	$ 6,336,192	$ 7,119,855

TRANSACTION EXPENSES (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	$ 12,839,085	$ 9,247,968	$ 42,102,443	$ 51,441,223	$ 114,812,910
Impairment of digital assets	112,429	25,525	331,920	98,340	6,124,848
Blockchain reward distributions	56,446	379	130,298	2,565	0
Borrowing costs	33,838	17,883	100,760	18,171	35,457
Mining and hosting costs	5,534	15,255	47,643	20,772	15,372
Other transaction expenses	12,107	6,606	28,712	11,352	7,344
Transaction expenses	13,059,439	9,313,616	42,741,776	51,592,423	120,995,931
Digital Assets
Restructuring Cost and Reserve [Line Items]
Transaction expenses	12,999,168	9,272,125	42,437,298	51,509,381	119,437,498
Digital Assets \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	12,839,085	9,247,968	42,102,443	51,441,223	114,812,910
Impairment of digital assets	78,308	8,934	139,246	47,791	4,588,978
Blockchain reward distributions	67,766	5,594	146,731	3,069	0
Borrowing costs	5,789	4,009	25,652	8,825	29,027
Mining and hosting costs	0	0	0	0	0
Other transaction expenses	8,220	5,620	23,226	8,473	6,583
Transaction expenses	12,999,168	9,272,125	42,437,298	51,509,381	119,437,498
Data Centers
Restructuring Cost and Reserve [Line Items]
Transaction expenses	0	0	0	0	0
Data Centers \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0	0	0
Impairment of digital assets	0	0	0	0	0
Blockchain reward distributions	0	0	0	0	0
Borrowing costs	0	0	0	0	0
Mining and hosting costs	0	0	0	0	0
Other transaction expenses	0	0	0	0	0
Transaction expenses	0	0	0	0	0
Treasury and Corporate
Restructuring Cost and Reserve [Line Items]
Transaction expenses	60,271	41,491	304,478	83,042	1,558,433
Treasury and Corporate \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0	0	0
Impairment of digital assets	34,121	16,591	192,674	50,549	1,535,870
Blockchain reward distributions	(11,320)	(5,215)	(16,433)	(504)	0
Borrowing costs	28,049	13,874	75,108	9,346	6,430
Mining and hosting costs	5,534	15,255	47,643	20,772	15,372
Other transaction expenses	3,887	986	5,486	2,879	761
Transaction expenses	$ 60,271	$ 41,491	$ 304,478	$ 83,042	$ 1,558,433

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2025
Text Block [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated interim statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of March 31, 2025 and December 31, 2024, the Corporation did not have any subsidiaries and as such the numbers presented as of the three months ended March 31, 2025 and the year ended December 31, 2024 are on a stand-alone basis. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Expenses The Corporation was charged certain banking fees. These fees are recognized as incurred and presented in the Corporation’s consolidated statements of operations as operating expenses. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated statements of financial position have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). As of December 31, 2024 and 2023, the Corporation did not have any subsidiaries and as such the numbers presented as of the years ended December 31, 2024 and 2023 are on a stand-alone basis. As of December 31, 2022, the Corporation had one subsidiary and as such the numbers presented as of the year ended December 31, 2022 are on a consolidated basis. Statements of operations, changes in stockholder’s equity, and cash flows have not been presented for the year ended December 31, 2022 because the Corporation had not engaged in any business or other activities except in connection with its formation. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand and deposits in financial institutions. Investments When the Corporation does not have a controlling financial interest in an entity, but can exert significant influence over the entity’s operating and financial policies, the investment is accounted for as an equity method investment. The Corporation has elected to apply the fair value option to equity method investments. The Corporation had one equity method investment in Titan Merger Sub 2, Inc (“Merger Sub 2”) through May 19, 2023 when Merger Sub 2 was authorized for dissolution. No gains or losses were recognized in relation to the Corporation’s investment. As of December 31, 2024 and 2023, the Corporation had no equity method investments. Expenses The Corporation is charged certain banking fees. These fees are recognized as incurred and presented in the Corporation’s consolidated statements of operations as operating expenses.

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2025
Class of Stock [Line Items]
EQUITY	STOCKHOLDER’S EQUITY The Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees. STOCKHOLDER’S EQUITYThe Corporation is authorized to issue 1,000 shares of Common Stock, par value $0.01 per share. On April 23, 2021, the Corporation issued 100 shares of Common Stock to GDHL in exchange for a nominal amount of cash. In September 2023, the Corporation was capitalized with additional funds for the Corporation to cover banking fees.
Galaxy Digital Services, LP
Class of Stock [Line Items]
EQUITY	EQUITY Issued Unit Holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Issued Capital Class A Units During the three months ended March 31, 2025 and March 31, 2024, the Company issued 485,977 and 254,387 Class A Units, respectively, to GDH Ltd. on exercise of stock options and restricted share units vesting. Ordinary Share Repurchase and Cancellations The Company cancelled 61,040 and 8,234 Class A units during the three months ended March 31, 2025 and March 31, 2024, respectively, primarily in association with withholding obligations on exercised stock options and vested restricted share units. Class B Units For the three months ended March 31, 2025 and March 31, 2024, there were no Class B Units exchanged for ordinary shares of GDH Ltd, respectively. No Class B units were redeemed during the three months ended March 31, 2025 and March 31, 2024. As of March 31, 2025 and December 31, 2024, there were 128,002,717 and 127,577,780 Class A Units outstanding, respectively, and 215,862,343 Class B Units outstanding. Distributions During the three months ended March 31, 2025 and March 31, 2024 there were tax-related distributions of $9.4 million and $36.7 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2025 and 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions. EQUITY Issued Unit holders’ Capital GDH LP has two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which are subdivided into GDH LP A-1 Units, all of which are held by GDH Ltd., and GDH LP A-2 Units, all of which are held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and (2)GDH LP Class B Units, all of which are held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. The GDH LP Class A Units and GDH LP Class B Units rank pari passu to all distributions from GDH LP. Under the terms of the LPA, GDH LP Class B Units are exchangeable for GDH Ltd. shares on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company or the General Partner cancels the Class B Units and causes GDH Ltd. to issue ordinary shares. In addition, GDH LP issues Class A Units to GDH Ltd. for the same amount of ordinary shares issued by GDH Ltd. Alternatively at the election of the General Partner, GDH LP may deliver an amount of cash in lieu of GDH Ltd. shares to an exchanging GDH LP Class B Unit holder. The business of GDH LP is conducted by its General Partner who will be liable for all debts and obligations of the exempted limited partnership to the extent the Company has insufficient assets. As a general matter, a limited partner of GDH LP will not be liable for the debts and obligations of the exempted limited partnership except in narrow circumstances including (i) if such limited partner becomes involved in the conduct of GDH LP’s business and holds himself out as a general partner to third parties or (ii) if such limited partner is obliged pursuant to the Cayman Exempted Limited Partnerships Act to return a distribution made to it where the exempted limited partnership is insolvent and the limited partner has actual knowledge of such insolvency at that time. Private Investment in Public Equity (“PIPE”) On November 12, 2020, GDH Ltd. closed a PIPE of $50 million of aggregate gross proceeds. As part of the PIPE, GDH Ltd. issued 19,070,000 shares and 4,767,500 warrants. Each warrant was exercisable into an ordinary share of GDH Ltd. for a term of two years from the date of issuance at an exercise price of C$8.25. Under the terms of the LPA, the Company will issue a Class A Unit for each GDH Ltd. common share issued and any liability associated with the warrant will be pushed down to the Company. The gain / (loss) recognized in the Company’s consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 was $0, $0 and $20.3 million, respectively. All the warrants expired in November 2022. Issued Capital Class A Units During the years ended December 31, 2024, 2023, and 2022, the Company issued 20,110,850; 8,709,592; and 14,131,494 Class A Units, respectively, to GDH Ltd. on exchange of Class B Units, exercise of stock options, restricted share units vesting, warrant exercise, as a result of a capital raise, and as consideration for business combinations. On April 12, 2024, the GDH Ltd. issued 12,100,000 ordinary shares to a syndicate of underwriters including Jefferies Securities Inc. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”). The Underwriters purchased the shares at a price of C$14.00 per ordinary share for gross proceeds of C$169.4 million in an underwritten block trade. An equivalent number of Class A Units of GDH LP were issued to GDH Ltd. On July 18, 2024, the Company acquired the assets of CMF. Initial consideration included $3.5 million of equity. On August 9, 2024, GDH LP issued 359,919 Class A Units in connection with this acquisition. On February 28, 2025, an additional 76,573 Class A Units were issued as milestone consideration. On December 9, 2024, the Company acquired the shares of Fierce. Initial consideration included $8.3 million of equity. GDH LP issued 427,723 Class A Units in connection with the acquisition this acquisition. Refer to Note 3 for additional information regarding acquisitions. Ordinary share repurchase and cancellations The Company cancelled 1,832,402; 4,221,799; and 10,870,449 Class A units during the years ended December 31, 2024, 2023 and 2022, respectively primarily in association with withholding obligations on exercised stock options and vested restricted share units, as well as the normal course issuer bid in 2023 and 2022. On May 26, 2023, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,056,193 ordinary shares (10% of the Company's public float as of May 19, 2023). GDH Ltd. repurchased a total of 1,248,900 ordinary shares for a total cost of $4.3 million under the plan during the year ended December 31, 2023. No shares were repurchased during the year ended December 31, 2024. All the repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. The Company completed its normal course issuer bid program on May 30, 2024. On May 16, 2022, GDH Ltd. announced that the TSX approved the Company's plan to commence a normal course issuer bid to purchase up to 10,596,720 ordinary shares (10% of the Company's public float as of May 10, 2022). GDH Ltd. began repurchasing shares on May 18, 2022. The Company completed its normal course issuer bid program on October 24, 2022. As of December 31, 2022, GDH Ltd. repurchased a total of 10,596,720 shares for a total cost of $53.3 million. All repurchased shares of GDH Ltd. and the equivalent number of Class A Units in the Company were cancelled. Class B Units During the years ended December 31, 2024, 2023, and 2022, there were 81,357; 30,121; and 10,055,909 of Class B Units exchanged for ordinary shares of GDH Ltd, respectively. During the year ended December 31, 2022, there were 2,671,350 Class B units redeemed for $8.0 million. No Class B units were redeemed during the years ended December 31, 2024 and 2023. As of December 31, 2024, 2023, and 2022, there were 127,577,780; 109,299,332; and 104,811,539 Class A Units outstanding, respectively, and 215,862,343; 215,928,474; and 215,943,369 Class B Units outstanding, respectively. The change in Class A units during the year ended December 31, 2024, 2023 and 2022 was due to exchanges of Class B Units for ordinary shares of GDH Ltd. (and into Class A Units of GDH LP), issuance of Class A Units on exercise of options, issuance of Class A Units as a result of a capital raise, issuance of Class A Units as a result of warrant exercises, and issuance of Class A Units as consideration for business combinations. Distributions During the years ended December 31, 2024, 2023 and 2022 there were tax related distributions of $55.3 million, $22.4 million, and $184.3 million, respectively, made for the purpose of covering unit holders’ tax expense due to 2024, 2023 and 2022 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 22 for further information on related party transactions.

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.

The entire disclosure for equity.

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 23, 2021
Statement of Financial Position [Abstract]
Common stock, par or stated value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000	1,000	1,000
Common stock, issued (in shares)	100	100	100	100
Common stock, outstanding (in shares)	100	100	100

FAIR VALUE MEASUREMENTS - Changes in Assets and Liabilities Measured and Reported at Fair Value Using Level 3 Inputs (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	$ (12,900)	$ (48,700)	$ (31,600)
Transfers in of Level 3	1,000	21,200	67,300
Level 3 \| Embedded derivative – Notes payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	136,192	10,472	0
Purchases	0	93,993	0
Sales/ Distributions	0	0	0
Net Realized Gain / (Loss)	0	0	0
Net Unrealized Gain / (Loss)	(89,606)	31,727	9,604
Transfers in /(out) of Level 3	0	0	868
Fair value, Ending Balance	46,586	136,192	10,472
Digital intangible assets \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	20,457	68,004	0
Purchases	0	0	0
Sales/ Distributions	0	0	0
Net Realized Gain / (Loss)	0	0	0
Net Unrealized Gain / (Loss)	(3,438)	(17,043)	65,073
Transfers out of Level 3	(6,056)	(30,504)	2,931
Fair value, Ending Balance	10,963	20,457	68,004
Digital assets receivable \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	60,492	20,569	16,054
Purchases	500	0	200
Sales/ Distributions	0	(4,727)	0
Net Realized Gain / (Loss)	0	4,724	0
Net Unrealized Gain / (Loss)	(34,646)	52,477	17,101
Transfers out of Level 3	(6,884)	(12,551)	(12,786)
Fair value, Ending Balance	19,462	60,492	20,569
Investments \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	524,573	364,576	170,526
Purchases	3,852	129,188	30,077
Sales/ Distributions	(104,257)	(221,564)	(2,890)
Net Realized Gain / (Loss)	69,624	117,036	949
Net Unrealized Gain / (Loss)	(103,351)	119,803	121,242
Transfers in of Level 3	1,000	15,534	44,672
Fair value, Ending Balance	$ 391,441	$ 524,573	$ 364,576

FAIR VALUE OPTION - Schedule of Realized and Net Change in Unrealized Gains Losses (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized Gains / (Losses)	$ 36,913	$ 1,075	$ 83,441	$ (833)	$ 48,501
Net Change in Unrealized Gains / (Losses)	$ (94,894)	$ 160,098	$ 130,980	$ 88,757	$ (320,050)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Income / (loss) for the period	$ 0	$ (1)	$ (2)	$ (2)
Changes in operating assets and liabilities:
Net cash provided by / (used in) operating activities	0	(1)	(2)	(2)
Investing activities
Cash held in deconsolidated funds			0	0	$ (19,039)
Financing activities
Receipts from non-controlling interests liability holders			0	0	16,169
Disbursements to non-controlling interests liability holders			0	0	(12,114)
Cancellation of Class A Units withheld			(20,516)	(10,668)	(53,347)
Redemption of Class B Units			0	0	(7,961)
Net increase / (decrease) in cash and cash equivalents	0	(1)	(2)	(2)
Cash and cash equivalents, beginning of period	1	3	3	5
Cash and cash equivalents, end of period	1	2	1	3	5
Significant noncash investing and financing activities:
Repayments of loans receivable with non-cash considerations			0	0	93,551
Origination of loans receivable with noncash consideration			10,787	10,669	64,750
Recognition of right of use asset and lease liability			0	1,730	4,497
Additions to property, plant and equipment and intangible assets			160	11,724	8,998
Payable for investments purchased			3,431	0	0
Proceeds from investments received as non-cash contributions			6,714	0	0
Reclassification between derivatives and investments			389	18,786	0
Deconsolidation of investment funds			0	0	56,256
In-kind receipts from noncontrolling interests liability holders			0	0	3,508
In-kind disbursements to noncontrolling interests liability holders			0	0	9,331
Galaxy Digital Holdings, LP
Operating activities
Income / (loss) for the period	(295,432)	388,127	346,722	228,514	(816,129)
Adjustments for:
Digital assets sales revenue	(5,535,721)	(1,242,643)	(11,150,499)	(24,498,135)	(51,758,250)
Digital assets sales cost	5,552,501	1,179,478	11,264,933	24,463,949	49,273,681
Impairment of digital assets	49,070	3,253	89,774	46,757	2,628,402
Provision for credit losses			3,635	0	10,123
Depreciation and amortization	13,591	9,500	46,892	22,945	12,852
Other impairment	49,222	0	101	0	52,077
Equity based compensation	13,738	18,652	74,857	81,654	89,029
Noncash expense from borrowing	25,327	16,064	70,544	8,230	35,457
Noncash lending and net staking income	(34,839)	(20,436)	(100,472)	(24,915)	(36,786)
Net (gain) / loss on digital assets	18,223	(346,393)	(634,557)	(333,450)	(938,365)
Net (gain) / loss on investments	133,167	(63,018)	(258,791)	(97,827)	464,918
Net realized loss on disposal			0	2,111	2,046
Net (gain) /loss on derivatives trading	(31,059)	(83,640)	(267,769)	(151,583)	(192,558)
Net unrealized gain / (loss) on notes payable – derivative	(89,606)	9,713	31,727	9,603	(57,998)
Change in fair value of warrant liability			0	0	(20,322)
Net (gain) on sale of mining equipment			0	0	(512)
Noncash notes interest expense	14,071	6,976	17,454	13,935	22,552
Net deferred tax expense / (benefit)	(7,152)	3,514	(8,386)	2,498	(13,575)
Impact of exchange rate on cash and other	(1,208)	(1,329)	682	390	1,974
Changes in operating assets and liabilities:
Digital assets	198,148	244,945	153,175	148,322	1,404,046
Digital assets receivable	41,528	197	33	(2,617)	(18,010)
Derivative assets / liabilities	34,203	151,095	238,931	122,422	210,471
Accounts receivable	24,753	(1,353)	3,491	7,957	57,075
Prepaid expenses and other assets	(3,562)	2,199	10,030	(8,548)	(64,851)
Other non-current assets			0	2,000	2,394
Assets posted as collateral	0	(12,409)	2,091	(2,091)	0
Collateral payable	(25,577)	11,717	63,629	(46,681)	30,398
Accounts payable and accrued liabilities	(15,069)	(3,852)	91,512	18,195	(60,283)
Other current liabilities	65,911	(194,013)	(422,180)	(13,207)	(23,335)
Other non-current liabilities	(34,815)	(1,285)	127,362	(4,507)	(3,022)
Net cash provided by / (used in) operating activities	159,413	75,059	(205,079)	(4,079)	293,499
Investing activities
Proceeds from paydowns and maturities of loans receivable	64,072	33,109	200,679	66,706	228,282
Disbursements for loans receivable	(52,593)	(45,502)	(279,146)	(279,813)	(230,583)
Purchase of property, equipment and intangible assets	(91,642)	(25,166)	(59,025)	(45,613)	(118,190)
Disposal of property and equipment	7,954	1,560	2,954	653	1,281
Acquisitions			(5,115)	(43,893)	(74,605)
Purchase of investments	(645,333)	(2,261,582)	(3,260,043)	(192,330)	(142,045)
Proceeds and distributions from investments	781,642	1,930,839	2,878,067	209,508	194,198
Net cash provided by / (used in) investing activities	64,100	(366,742)	(521,629)	(284,782)	(160,701)
Financing activities
Proceeds from stock option and warrant exercise			5,860	11,107	6,192
Payable to customers	(232)	77,298	16,078	(6,149)	(132,850)
Proceeds from loans payable	61,921	202,826	315,516	117,233	131,473
Repayments of loans payable	(32,470)	(20,500)	(228,617)	(25,748)	(164,762)
Margin loans payable, net	(194,920)	0	330,716	0	0
Proceeds from / (repayments of) notes payable, net of issuance cost			388,931	0	(29,998)
Contributions			119,491	0	0
Distributions	(9,436)	(36,698)	(55,258)	(22,405)	(184,275)
Cancellation of Class A Units withheld	(3,288)	(774)
Net cash provided by / (used in) financing activities	(176,178)	222,305	872,201	63,370	(431,473)
Net increase / (decrease) in cash and cash equivalents	47,335	(69,378)	145,493	(225,491)	(298,675)
Cash and cash equivalents, beginning of period	462,103	316,610	316,610	542,101	840,776
Cash and cash equivalents, end of period	509,438	247,232	462,103	316,610	542,101
Cash paid during the year for:
Interest	10,931	1,915	51,095	23,292	23,874
Taxes	2,314	378	8,561	9,316	25,559
Significant noncash investing and financing activities:
Digital assets loan receivable, net of allowance	299,709	9,286	475,450	54,533	90,819
Assets posted as collateral	231,217	157,213	37,577	290,965	46,262
Digital assets borrowed	269,449		1,099,332	227,711	734,446
Collateral payable	430,565	91,759	754,664	496,537	378,980
Origination of loans receivable with noncash consideration	0	2,966
Additions to property, plant and equipment and intangible assets	753	2,101
Purchase of investments with noncash contributions	9,352	9,934	13,447	3,409	8,395
Proceeds from investments included in receivables	70	0	218	150	332
Proceeds from investments received as digital assets	96,461	6,714	$ 136,191	$ 2,036	$ 5,708
Reclassification between derivatives and investments	$ 0	$ 389

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Assets Posted as Collateral Associated with Digital Assets Borrowed (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Less: Allowance for credit loss	$ (2,477)	$ (826)
Assets posted as collateral associated with digital assets borrowed	306,588	83,395	233,053
Digital intangible assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral - Digital intangible assets	309,065	84,221	233,053
Digital financial assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral - Digital intangible assets	$ 0	$ 0	$ 0

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment, net (Details) - Galaxy Digital Holdings, LP - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 425,679	$ 345,961	$ 290,044
Less: Accumulated depreciation	(63,252)	(57,934)	(25,808)
Less: Impairment / Loss on disposal	(100,211)	(50,989)	(50,888)
Property and equipment, net	262,216	237,038	213,348
Corporate assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,150	11,093	9,625
Mining equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	165,942	172,572	78,737
Data center infrastructure
Property, Plant and Equipment [Line Items]
Property and equipment, gross	105,324	113,710
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,487	12,809	10,490
WIP / Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 125,776	$ 35,777	$ 105,036

FAIR VALUE OPTION

3 Months Ended

Mar. 31, 2025

FAIR VALUE OPTION

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	March 31, 2025		December 31, 2024
Assets
Digital financial assets	$	514,479	$	359,664
Investments	527,398		558,093
Total	$	1,041,877	$	917,757

Realized and unrealized gains / (losses) on financial instruments for which the fair value option has been elected are recorded as Net gain / (loss) on investments and Net gain / (loss) on digital assets in the Company’s condensed consolidated interim statements of operations. The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	Three months ended March 31, 2025				Three months ended March 31, 2024
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	36,913	$	(94,894)	$	1,075	$	160,098

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	$	110
Total liabilities	$	110

The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)
Cash	$	315
Intangible assets	411
Goodwill	8,588
Other non-current assets	3,296
Total assets	$	12,610

Deferred tax liability	110
Total liabilities	$	110

The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:


(in thousands)
Intangible assets	$	7,213
Goodwill	5,193
Counterparty digital assets	943,445
Total assets	$	955,851

Counterparty digital asset obligations	943,445
Accounts payable and accrued liabilities	21
Total liabilities	$	943,466

on February 21, 2023 in exchange for the net identifiable assets of GK8 and goodwill identified below:


(in thousands)
Receivables	$	814
Prepaid expenses and other assets	190
Property and equipment	128
Intangibles	23,258
Goodwill(1)	19,612
Total assets	$	44,002

Accounts payable and accrued liabilities	109
Total liabilities	$	109

EQUITY BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

EQUITY BASED COMPENSATION

Equity Based Compensation

For the three months ended March 31, 2025 and March 31, 2024, the total compensation and benefits include cash based payments and equity based payments as follows:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Compensation and benefits excluding equity based compensation	$	43,434	$	42,551
Equity based compensation (1)	13,519		18,520
Total compensation and benefits (2)	$	56,953	$	61,071

_______________

(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.


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Stock options	$	4,575	$	3,597
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (1)	9,163		14,909
Compensatory Class B Unit Awards

Profit Interest Units	—		14
	$	13,738	$	18,520

_______________

(1)Includes expense associated with restricted stock issued in connection with the Company’s acquisition of Vision Hill.

Equity Plans

Long Term Incentive Plan

Non-Treasury Plan

Stock Options

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:


Description	Number of Options	Weighted Average Exercise Price (C$)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Granted	2,913,051	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
Granted	4,172,899	17.30
Exercised	(652,549)	3.09
Forfeited	—	—
Canceled	(9,957)	6.75
Balance, March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Vested and expected to vest as of March 31, 2025	23,375,401	$	10.28	3.58	$	233,384
Options exercisable as of March 31, 2025	12,729,406	$	7.81	1.82	$	72,307
Vested and expected to vest as of December 31, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653

The fair value of options vested during the periods ended March 31, 2025 and December 31, 2024 was $12.1 million and $20.3 million, respectively.

Modification of Stock Options Previously Granted

Stock Option Valuation Assumptions

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

March 31, 2025

December 31, 2024

Share price

C$15.17

C$12.41 - C$27.45

Exercise price

C$16.45 - C$22.45

C$10.00 - C$37.38

Expected term (in years)

Expected volatility

90%

85% - 90%

Risk-free interest rate

2.60%

2.8% - 3.8%

Dividend yield

The assumptions used in the Black-Scholes option pricing model were determined as follows:

Share price. The closing price of GDH Ltd. shares on the respective grant dates was used.

Expected Term. Full term of the options was used as the expected term.

Risk-free Interest Rate. The risk-free interest rate was calculated by interpolating government bond yields over the expected terms of the respective option grants.

Dividend Yield. GDH Ltd. has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero.

The Company has made a policy election to recognize forfeitures of awards as they occur.

Compensatory Class B Unit Awards

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-Average Grant Date Fair Value (C$)




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
Granted / Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, March 31, 2025	10,711,587	$	1.49
Class B Units exercisable, December 31, 2024	10,711,587	$	1.49

All Class B Units were vested as of December 31, 2024. The fair values of units vested during the period ended December 31, 2024 was $0.3 million.

Standard Units Valuation Assumptions

The fair value of the Standard Units has been determined to be the closing stock price of GDH Ltd. shares on the date of grant.

Profits Interest Units Valuation Assumptions

There were no Class B units granted during the period ended March 31, 2025 and December 31, 2024.

Restricted Stock

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units(1)	Weighted Average Grant Price (C$)




Balance, December 31, 2023	281,808	$	19.11
Vested	(281,808)	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, March 31, 2025	—	—

As of March 31, 2025 and December 31, 2024, there was no unamortized stock-based compensation expense related to unvested restricted stock.

Restricted Share Units

Restricted share units vest over approximately 3 - 4 years and are expensed using the straight-line method over the requisite service period. The Company accounts for forfeitures as they occur.

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, 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
Granted	1,898,442	15.17
Exercised	(158,114)	15.46
Forfeited / Cancelled	(165,986)	17.35
Balance, March 31, 2025	11,583,915	$	14.25
Units vested as of March 31, 2025	4,541,399	$	16.46
Units vested as of December 31, 2024	4,066,372	$	15.07

_______________

(1)Includes deferred share units granted to the directors as part of annual compensation.

EQUITY BASED COMPENSATION

Equity based compensation

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, 2024		December 31, 2023		December 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.


	Year ended
(in thousands)	December 31, 2024		December 31, 2023		December 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 Units	53		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.

Equity Plans

Long Term Incentive Plan

In May 2021 (subsequently amended and restated in May 2024), the Board of Directors of GDH Ltd. approved the GDH Ltd. Long Term Incentive Plan (“LTIP”) to grant stock options, stock appreciation rights, restricted stock and share units in the form of restricted share units and/or performance share units to employees, officers and consultants of GDH Ltd. and its affiliates and deferred share units to non-employee directors of GDH Ltd. and non-employee managers of the board of managers of the General Partner. Under the LTIP Plan, the exercise price of each option may not be less than the market price of GDH Ltd.’s shares at the date of grant. Options granted under the LTIP typically have a term not to exceed five years and are subject to vesting provisions as determined by the board of directors of GDH Ltd., who administer the LTIP. On exercise of an option, the holder will receive one common share in GDH Ltd. and GDH LP will issue one Class A Unit to GDH Ltd. The maximum number of shares reserved for issuance under the LTIP is fixed at 48,290,478 shares of GDH Ltd.

Non-Treasury Plan

Stock Options

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:


Description	Number of Options	Weighted 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
Granted	1,565,000	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
Granted	2,913,051	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, 2024	19,865,008	$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	$	5.80	1.82	$	40,427
Vested and expected to vest as of December 31, 2022	27,652,543	$	8.56	2.62	$	9,594
Options exercisable as of December 31, 2022	14,180,883	$	4.66	2.06	$	8,135

_______________

(1)Includes stock options granted due to stock option modification.

The fair value of options vested during the years ended December 31, 2024, 2023 and 2022 was $20.3 million, $17.2 million, and $21.6 million, respectively.

Modification of stock options previously granted

Stock Option Valuation Assumptions

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)	5	5	5
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 yield	0%	0%	0%

The assumptions used in the Black-Scholes option pricing model were determined as follows:

Share price. The closing price of GDH Ltd. shares on the respective grant dates was used.

Expected Term. Full term of the options was used as the expected term.

Risk-free Interest Rate. The risk-free interest rate was calculated by interpolating government bond yields over the expected terms of the respective option grants.

Dividend Yield. GDH Ltd. has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero.

The Company has made a policy election to recognize forfeitures of awards as they occur.

Compensatory Class B Unit Awards

The following table summarizes the activity related to the compensatory Class B Units during the respective periods:


Description	Class B Units	Weighted-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

Standard Units valuation assumptions

The fair value of the Standard Units has been determined to be the closing stock price of GDH Ltd. shares on the date of grant.

Profits Interest Units valuation assumptions

There were no Class B units granted during the year ended December 31, 2024, 2023 and 2022.

Restricted Stock

The following table summarizes the activity related to Restricted Stock during the respective periods:


Description	Number of Units	Weighted 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	—	$	—

As of December 31, 2024, there was no unamortized stock-based compensation expense related to unvested restricted stock.

Restricted Share Units

Restricted share units vest over approximately 3-4 years and are expensed using the straight-line method over the requisite service period. The Company accounts for forfeitures as they occur.

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.

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.

Schedule of Realized and Net Change in Unrealized Gains Losses

FAIR VALUE OPTION (Tables)

3 Months Ended

Mar. 31, 2025

The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	Three months ended March 31, 2025				Three months ended March 31, 2024
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	36,913	$	(94,894)	$	1,075	$	160,098

The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	December 31, 2024				December 31, 2023				December 31, 2022
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	83,441	$	130,980	$	(833)	$	88,757	$	48,501	$	(320,050)