0001859392-26-000016 | 10-K | XBRL Viewer

Schedule of Recurring Basis at Fair Value

Items measured on a recurring basis at fair value:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	694,991	$	293,630	$	—	$	988,621
Digital intangible assets at fair value	2,636,173		108,021		—		2,744,194

Digital asset loans receivable, net of allowance — Financial assets	—		374,308		—		374,308
Digital assets receivable			43		8,454		8,497

Derivative assets	69,548		14,259		—		83,807
Embedded derivative — Collateral payable — Digital assets	—		358,743		—		358,743
Embedded derivative — Digital assets borrowed	—		321,651		—		321,651
Embedded derivative — Payable to customer	—		854		—		854
Investments (1)	761,408		29,313		495,372		1,286,093
	$	4,162,120	$	1,500,822	$	503,826	$	6,166,768
Liabilities
Investments sold short (2)	$	59,893	$	—	$	—	$	59,893

Derivative liabilities	32,486		7,996		—		40,482

Embedded derivative — Digital assets borrowed	—		10,000		—		10,000
Embedded derivative — Collateral payable	—		36,057		—		36,057

	$	92,379	$	54,053	$	—	$	146,432

__________________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $287.0 million and investments utilizing the measurement alternative of $159.2 million as they are without readily determinable fair values.

(2)Investments sold short are included in Other current liabilities in the Company’s consolidated 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 asset loans 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 of $304.5 million and equity securities utilizing the measurement alternative of $63.2 million as they are without readily determinable fair values.

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

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table 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 December 31, 2025 and 2024, 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
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
Investments
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative — Notes payable
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(136,192)	$	—
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


(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
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
Investments
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative — Notes payable
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(136,192)	$	—
December 31, 2024	$	10,472	$	93,993	$	—	$	—	$	31,727	$	—	$	136,192

Schedule of Significant Unobservable Inputs Used for Assets and Liabilities

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 December 31, 2025 and 2024, respectively:


Financial Instrument	Fair Value at December 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average

Digital assets receivable	$	8,454	Marketability discount	3.3% - 72.3%	49.3%
Investments	$	495,372	Time to liquidity event (years)	0.0 - 10.0	4.8
			Annualized equity volatility	60.0% - 90.0%	81.7%
			Risk free rate	3.5% - 4.2%	3.8%
			Market adjustment discount	25.0% - 90.0%	46.9%
			Market adjustment premium	50.0% - 180.0%	102.9%
			Marketability discount	13.8% - 35.0%	23.8%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 3.3x	3.1x
			Enterprise value to projected revenue multiple	3.0x - 5.0x	4.4x
			Enterprise value to annualized revenue	5.0x - 9.0x	7x

			Enterprise value to ARR	3.0x - 13.00x	12.0x

			EV to gross profit	6.0x	6.0x
			Recovery percentage	36.0%	36.0%


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	—%	—%
			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

Schedule of 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, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,246,240	$	1,246,240	$	1,246,240	$	—	$	—
Assets posted as collateral – Cash	700		700		—		700		—
Accounts receivable	34,012		34,012		—		34,012		—
Loans receivable	557,002		557,002		—		557,002		—
Total Assets	$	1,837,954	$	1,837,954	$	1,246,240	$	591,714	$	—
Accounts payable and accrued liabilities	$	277,663	$	277,663	$	—	$	277,663	$	—
Notes payable	2,861,055		2,864,110		—		1,986,123		$	877,987
Collateral payable — Cash	19,266		19,266		—		19,266		—
Payable to customers — Cash	2,359		2,359		—		2,359		—
Loans payable	52,626		52,626		—		52,626		—
Settlement liability	151,034		148,775		—		148,775		—
Total Liabilities	$	3,364,003	$	3,364,799	$	—	$	2,486,812	$	877,987


	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		—
Settlement liability	149,445		151,029		—		151,029		—
Total Liabilities	$	1,881,395	$	1,874,195	$	281,531	$	1,592,664	$	—

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.

LOANS RECEIVABLE - Schedule of Outstanding Loans Receivable to be Repaid (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Receivables [Abstract]
2026	$ 554,622
2027	0
2028	2,553
2029	0
2030	0
Loans receivable, current and non-current	$ 557,175

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Company Galaxy Digital Inc. (“GDI”) was formed in Delaware on April 23, 2021 for the purpose of serving as the U.S. public company entity upon the redomiciliation of Galaxy Digital Holdings Ltd. (“GDH Ltd.”) and Galaxy Digital Holdings LP (“GDH LP”) to Delaware. On May 13, 2025, the Company (as defined below), GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company’s corporate structure (the “Reorganization Transactions”). Pursuant to the Reorganization Transactions, GDH Ltd. and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware and GDH Ltd. merged with and into the Company, with the Company surviving as the successor public company entity. All outstanding GDH Ltd. ordinary shares were converted into shares of Class A common stock of GDI. Prior to the Reorganization Transactions, GDH Ltd. owned a minority interest in GDH LP and its ordinary shares were traded on the Toronto Stock Exchange (“TSX”). On May 16, 2025, subsequent to the Reorganization Transactions, the Company succeeded GDH Ltd. as the TSX-listed entity and the Company’s Class A common stock began also trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker “GLXY.” The Reorganization Transactions were accounted for as a reverse recapitalization with the Company consolidating GDH LP, which was the accounting acquirer and the predecessor entity. Financial information presented for periods prior to the completion of the Reorganization Transactions, including comparative periods, represents that of GDH LP. References to the “Company,” “Galaxy,” “we,” “us” and “our” refer to GDI and its consolidated subsidiaries subsequent to the Reorganization Transactions and GDH LP, the accounting acquirer and predecessor entity, and its consolidated subsidiaries prior to the Reorganization Transactions. GDH LP is the operating partnership that conducts all of the Company’s business. GDH LP is a Delaware limited partnership that was formed in the Cayman Islands on May 11, 2018, which redomesticated to Delaware as part of the Reorganization Transactions, and is managed by GDI as its general partner. The Company has two classes of common stock, Class A common stock and Class B common stock. Each share of Class A common stock entitles its holder to economic and voting interests in the Company. Each share of Class B common stock entitles its holder to voting interests but not economic interests in the Company. Holders of Class B common stock have an economic interest in the Company through Limited Partnership Units of GDH LP (“LP Units”), which are paired one-for-one with shares of Class B common stock. One share of Class B common stock and one LP Unit are together exchangeable for one share of Class A common stock. As the Company consolidates GDH LP but does not own all of the economic interest in GDH LP, the Company presents a noncontrolling interest related to the economic ownership of GDH LP held by its Class B common stockholders. 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. The Company is strategically positioned to bridge traditional finance and the emerging digital economy. The Company is focused on digital assets and artificial intelligence enabled by high-performance computing 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 segments: Digital Assets, Data Centers, and Treasury and Corporate. 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 the Company 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 and other comprehensive income (loss) have been reclassified to conform to the current year’s presentation.

DIGITAL ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset, Activity [Line Items]
Total digital assets	$ 4,541,661	$ 2,928,225	$ 1,088,171
Net gain / (loss) on digital assets	742,400	634,600	333,500
Restricted By Lock-Up Schedules
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 58,300	59,900
Restricted By Lock-Up Schedules \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration	2 years
Crypto Assets Staked
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 239,600	$ 371,700
Crypto Assets Staked \| Maximum
Crypto Asset, Activity [Line Items]
Restriction duration	7 days	11 days
Aave
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	43.00%	41.00%
Spark
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	13.00%	18.00%
Kamino
Crypto Asset, Activity [Line Items]
Percentage of digital assets issued	14.00%	10.00%
Reward Staked
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 18,800	$ 30,000	$ 4,000

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Loan Receivable, Net of Allowance (Details) - Crypto Assets Loans Receivable - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital asset loans receivable	$ 1,070,125	$ 579,954
Digital asset loans receivable - non-current	8,900	0
Less: Allowance for credit losses	(96)	(424)
Digital asset loans receivable, net	$ 1,078,929	$ 579,530

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.

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Goodwill and Intangible Assets Disclosure [Abstract]

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Related Party Transaction [Line Items]
Distributions	$ 49,300,000	$ 55,300,000	$ 22,400,000
Receivable agreement liability, noncurrent	150,400,000
Fair value of investments		1,000,000.0
General and administrative	$ 182,893,000	$ 279,297,000	$ 58,351,000
Options, grants in period (in shares)	5,453,804	2,913,051	10,963,780
Stock-based compensation	$ 56,605,000	$ 75,017,000	$ 83,790,000
RSUs
Related Party Transaction [Line Items]
Granted / transferred (in shares)	3,807,689	3,439,035	4,983,339
Related Party
Related Party Transaction [Line Items]
Tax receivable agreement liability, noncurrent	$ 72,300,000
Fair value of investments	11,500,000	$ 12,900,000
Related party, payables	200,000
Advisory fees	2,700,000	2,100,000	$ 900,000
Use of aircraft, expense	1,100,000	500,000	300,000
Options, grants in period (in shares)				500,000
Stock-based compensation	0	5,000,000.0	11,900,000
Consulting agreement		1,000,000.0	1,000,000.0
Tax payments	$ 0	4,800,000	2,900,000
Related Party \| RSUs
Related Party Transaction [Line Items]
Granted / transferred (in shares)				1,500,000
Related Party \| Candy Digital Inc
Related Party Transaction [Line Items]
Fair value of investments		9,100,000
Related Party \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
General and administrative		3,200,000	$ 2,200,000
Accounts payable		95,800,000
Related Party \| Galaxy Digital Holdings, LP \| Promissory Note
Related Party Transaction [Line Items]
Promissory note		$ 96,900,000

DIGITAL ASSETS

12 Months Ended

Dec. 31, 2025

DIGITAL ASSETS

As of December 31, 2025 and 2024, the Company held digital assets of $4.5 billion and $2.9 billion, respectively. The Company had net gains / (losses) on digital assets of $742.4 million, $634.6 million, and $333.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

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


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2025
Digital intangible assets (includes $1,168.4 million measured at fair value)	$	1,236,892	$	—	$	591	$	1,237,483
Digital financial assets	—		422,144		—		422,144
Total self-custodied (1)	1,236,892		422,144		591		1,659,627

Digital intangible assets (includes $758.3 million measured at fair value)	840,960		—		26,233		867,193
Digital financial assets	—		8,304		—		8,304
Total held with third parties, including centralized trading platforms (1)	840,960		8,304		26,233		875,497

Collateral posted with counterparties (2) (includes $779.4 million measured at fair value)	810,338		—		—		810,338



Digital assets associated with decentralized finance protocols (2)(3)	638,026		558,173		—		1,196,199
Total digital assets	$	3,526,216	$	988,621	$	26,824	$	4,541,661


(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 (1)	523,002		1,392		20,904		545,298

Collateral posted with counterparties (2) (measured at fair value)	85,874		—		—		85,874





Digital assets associated with decentralized finance protocols (3)	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 $608.9 million and $53.7 million as of December 31, 2025 and 2024, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $74.2 million and $124.9 million as of December 31, 2025 and 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. 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

Digital assets associated with decentralized finance protocols includes receipt tokens from decentralized finance protocols, which are digital assets issued by decentralized protocols that 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.

In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”) which are also included in Digital assets associated with decentralized finance protocols. 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 $58.3 million and $59.9 million of digital assets restricted by lock-up schedules as of December 31, 2025 and 2024, 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 less than one week to approximately 2 years.

Staked Digital Assets

The Company had staked $239.6 million and $371.7 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of December 31, 2025 and 2024, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods on the respective blockchains. As of December 31, 2025 and 2024, the majority of the Company’s staked digital assets on various blockchains, including Ethereum, could be unbonded within 7 and 11 days, respectively. The blockchain rewards generated from proprietary staking activities for the were $18.8 million, $30.0 million, and $4.0 million for the year ended December 31, 2025, 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 the Company’s most significant gross digital asset holdings as of December 31, 2025 and 2024:


	December 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	25,723	$	2,282,988	$	2,251,410
USDC	392,816,281	393,418		392,659
AETHUSDC	231,655,352	231,601		231,562
Ether	61,137	180,946		181,422
SUSDC	138,611,076	149,634		150,083
GTSY	99,926,786	99,997		100,216
SOL	775,289	132,044		96,506
Other	not meaningful	423,804		328,957
Digital assets measured at fair value		3,894,432		3,732,815
Digital assets not measured at fair value	not meaningful	825,224		808,846
Total digital assets		$	4,719,656	$	4,541,661


	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 December 31, 2025, Aave, Kamino, and Spark represented approximately 43%, 14%, and 13%, respectively, of the Company’s digital assets associated with decentralized finance protocols. As of December 31, 2024, Sky DAO (f.k.a. Maker DAO), Coinbase (via wrapped tokens), and Aave represented approximately 41%, 18%, and 10%, respectively, of the Company’s digital assets associated with decentralized finance protocols.

Digital Assets Rollforward

The following tables summarize the activity within our significant digital asset classes for the year ended December 31, 2025 and 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 December 31, 2025
Digital intangible assets	$	550,203	$	23,639,878	$	(23,450,239)	$	144,597	$	(753,701)	$	693,897	$	(15,789)	$	808,846
Digital intangible assets at fair value	2,018,357		53,304,380		(53,157,410)		1,171,514		—		2,126,742		(2,719,389)		2,744,194
Digital financial assets	359,665		17,819,463		(17,837,080)		641,520		—		19,214		(14,161)		988,621
Total digital assets	$	2,928,225	$	94,763,721	$	(94,444,729)	$	1,957,631	$	(753,701)	$	2,839,853	$	(2,749,339)	$	4,541,661


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, pre-launch investments, and other investment distributions.

(2)Digital intangible assets consists of digital assets sales costs, excluding impairment, included within Transaction expense in the consolidated statements 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 $2.7 billion and $3.2 billion and realized losses of $2.5 billion and $1.6 billion for the year ended December 31, 2025 and December 31, 2024, respectively. Does not include gains or losses from digital assets related to loans or collateral.

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	Dec. 31, 2025
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.

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Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

Lessor

Deferred lease revenue represents payments received in advance of the Company’s performance obligation under the lease agreements in its Data Centers segment. Deferred lease revenue is recognized as income on a straight-line basis over the term of the lease agreement. The following table summarizes the Company’s deferred lease revenue activity for the years ended December 31, 2025, 2024 and 2023:


(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning balance	$	—	$	—	$	—
Lease billings in advance of performance obligation satisfaction	150,000		—		—
Revenue recognized during the period	—		—		—
Ending Balance	$	150,000	$	—	$	—

For the year ended December 31, 2023, the Company recognized $0.5 million of revenue related to third-party leases of mining equipment. These lease agreements expired in June 2023.

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 $5.9 million, $5.8 million and $7.8 million for the years ended December 31, 2025, 2024 and 2023 respectively. Variable lease costs, which are included in operating lease costs, were not material for the year ended December 31, 2025, 2024 and 2023.

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


(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,625	$	5,973	$	7,838

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, 2025			December 31, 2024
Operating lease right-of-use assets	$	10,337		$	8,223
Operating lease liabilities	12,479			10,229
Weighted average remaining lease term	3.0 years			3.6 years
Weighted average discount rate(1)	9		%	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, 2025:


(in thousands)	Lease liability
Year ending December 31,



2026	4,822
2027	4,837
2028	4,182
2029	429
Total future minimum lease payments	14,270
Less: Interest	1,791
Total lease liability	$	12,479

LEASES

Lessor


(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning balance	$	—	$	—	$	—
Lease billings in advance of performance obligation satisfaction	150,000		—		—
Revenue recognized during the period	—		—		—
Ending Balance	$	150,000	$	—	$	—

For the year ended December 31, 2023, the Company recognized $0.5 million of revenue related to third-party leases of mining equipment. These lease agreements expired in June 2023.

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, 2025		December 31, 2024		December 31, 2023
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,625	$	5,973	$	7,838

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, 2025			December 31, 2024
Operating lease right-of-use assets	$	10,337		$	8,223
Operating lease liabilities	12,479			10,229
Weighted average remaining lease term	3.0 years			3.6 years
Weighted average discount rate(1)	9		%	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, 2025:


(in thousands)	Lease liability
Year ending December 31,



2026	4,822
2027	4,837
2028	4,182
2029	429
Total future minimum lease payments	14,270
Less: Interest	1,791
Total lease liability	$	12,479

LOANS AND NOTES PAYABLE - Narrative (Details)		12 Months Ended
LOANS AND NOTES PAYABLE - Narrative (Details)	Aug. 15, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense		$ 13,000,000.0	$ 11,500,000	$ 2,200,000
Notes interest expense		$ 59,247,000	$ 30,804,000	27,285,000
Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		192,695,681	192,695,681
Common stock		$ 192,000	$ 0
Senior Notes
Debt Instrument [Line Items]
Promissory note		2,100,000,000	847,500,000
Unamortized debt issuance cost		39,600,000	18,500,000
Interest expense, long-term debt		24,500,000	$ 14,300,000	$ 13,400,000
2026 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note		$ 500,000,000
Debt instrument, interest rate, stated percentage		3.00%
Debt instrument, unamortized discount		$ 71,000,000.0
Payments of debt issuance costs		$ 13,400,000
Debt instrument, interest rate, effective percentage		7.00%
Debt instrument, convertible, conversion ratio		0.02999
2026 Exchangeable Notes \| Senior Notes \| Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		7,498.221
Common stock		$ 250,000
2029 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note		$ 402,500,000
Debt instrument, interest rate, stated percentage		2.50%
Debt instrument, unamortized discount		$ 94,000,000.0
Payments of debt issuance costs		$ 13,600,000
Debt instrument, interest rate, effective percentage		9.20%
Debt instrument, convertible, conversion ratio		0.04199
2029 Exchangeable Notes \| Senior Notes \| Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		10,497.5856
Common stock		$ 250,000
2031 Exchangeable Notes \| Senior Notes
Debt Instrument [Line Items]
Promissory note		$ 1,300,000,000
Debt instrument, interest rate, stated percentage		0.50%
Payments of debt issuance costs		$ 26,700,000
Debt instrument, interest rate, effective percentage		0.90%
2031 Exchangeable Notes \| Senior Notes \| Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		17.9352
Common stock		$ 1,000
Senior Secured Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Promissory note	$ 1,400,000,000
Long-term debt, gross		$ 878,000,000.0
Minimum debt service coverage ratio	1.40
Debt instrument, covenant, maximum loan to cost ratio	80.00%
Senior Secured Term Loan Facility \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.75%
Senior Secured Term Loan Facility \| Secured Debt \| Floor Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%

FAIR VALUE MEASUREMENTS - Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities	$ 277,663	$ 281,531
Payable to customers — Cash	85,808	19,520
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,246,240	462,103
Assets posted as collateral – Cash	0	0
Accounts receivable	0	55,279
Loans receivable, net of allowance	0	0
Total Assets	1,246,240	517,382
Accounts payable and accrued liabilities	0	281,531
Notes payable	0	0
Collateral payable — Cash	0	0
Payable to customers — Cash	0	0
Loans payable	0	0
Settlement liability	0	0
Total Liabilities	0	281,531
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Assets posted as collateral – Cash	700	0
Accounts receivable	34,012	0
Loans receivable, net of allowance	557,002	476,620
Total Assets	591,714	476,620
Accounts payable and accrued liabilities	277,663	0
Notes payable	1,986,123	836,402
Collateral payable — Cash	19,266	74,995
Payable to customers — Cash	2,359	19,520
Loans payable	52,626	510,718
Settlement liability	148,775	151,029
Total Liabilities	2,486,812	1,592,664
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Assets posted as collateral – Cash	0	0
Accounts receivable	0	0
Loans receivable, net of allowance	0	0
Total Assets	0	0
Accounts payable and accrued liabilities	0	0
Notes payable	877,987	0
Collateral payable — Cash	0	0
Payable to customers — Cash	0	0
Loans payable	0	0
Settlement liability	0	0
Total Liabilities	877,987	0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,246,240	462,103
Assets posted as collateral – Cash	700	0
Accounts receivable	34,012	55,279
Loans receivable, net of allowance	557,002	476,620
Total Assets	1,837,954	994,002
Accounts payable and accrued liabilities	277,663	281,531
Notes payable	2,861,055	845,186
Collateral payable — Cash	19,266	74,995
Payable to customers — Cash	2,359	19,520
Loans payable	52,626	510,718
Settlement liability	151,034	149,445
Total Liabilities	3,364,003	1,881,395
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,246,240	462,103
Assets posted as collateral – Cash	700	0
Accounts receivable	34,012	55,279
Loans receivable, net of allowance	557,002	476,620
Total Assets	1,837,954	994,002
Accounts payable and accrued liabilities	277,663	281,531
Notes payable	2,864,110	836,402
Collateral payable — Cash	19,266	74,995
Payable to customers — Cash	2,359	19,520
Loans payable	52,626	510,718
Settlement liability	148,775	151,029
Total Liabilities	$ 3,364,799	$ 1,874,195

REVENUES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 52.3	$ 0.0	$ 0.0

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities Recognized in Relation to Acquisition

The Company recognized the following assets and liabilities in relation to the acquisition of Alluvial:


(in thousands)	November 25, 2025
Cash	$	345
Other assets (net)	448
Intangible assets	2,470
Goodwill	3,864
Total assets	$	7,127

The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:


(in thousands)	December 9, 2024
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)	July 18, 2024
Intangible assets	$	7,213
Goodwill	5,193

Total assets	$	12,406


Accounts payable and accrued liabilities	21
Total liabilities	$	22

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 4,822
2027	4,837
2028	4,182
2029	429
Total future minimum lease payments	14,270
Less: Interest	1,791
Total lease liability	$ 12,479	$ 10,229

LEASES - Schedule of Lease Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 10,337	$ 8,223
Operating lease liabilities	$ 12,479	$ 10,229
Weighted average remaining lease term	3 years	3 years 7 months 6 days
Weighted average discount rate	9.00%	10.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Equity Securities without Readily Determinable Fair Value

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
December 31, 2025	$	159,239	$	(19,178)	$	(73,207)	$	18,727	$	81,919
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Prepaid expenses and assets (1)	$	43,721	$	11,112
Asset purchase deposits	34,168		4,845
Current tax asset and taxes receivable	17,152		5,364


Other (2)	4,693		5,571
	$	99,734	$	26,892

__________________

(1)Includes certain assets related to data center activities.

(2)Includes receivables related to non-consolidated funds management, advisory activities and tax payments made on behalf of certain related parties. Refer to Note 23 for further information on related party transactions.

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Compensation and compensation related	$	93,644	$	71,553
Professional fees	6,725		5,684
Promissory note (1)	—		96,933
Legal settlement	39,095		40,000
Construction and mining related payables and accrued liabilities	84,901		9,385
Payable for digital asset trades	3,223		20,970
Interest	13,216		15,530
Payable for investments and acquisitions	5,802		11,054
Accounts payable	17,570		6,910

Deferred revenue	441		358
Taxes payable	3,410		—
Other	9,636		3,154
	$	277,663	$	281,531

__________________

(1)As a result of the Reorganization Transactions, the Promissory Note between GDH LP and GDI was eliminated in consolidation. Refer to Note 23 for further information on related party transactions.

Schedule of Other Noncurrent Liabilities

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Tax liabilities and liability from tax receivable agreement	$	209,273	$	42,994
Deferred revenue	183,321		—
Legal settlement	111,939		142,462
Lease liability	8,636		6,936
	$	513,169	$	192,392

LOANS RECEIVABLE - Schedule of Loans Receivable, Current And Non-Current (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Loans receivable	$ 554,622	$ 476,620
Loans receivable, non-current	2,553	0
Less: allowance for credit loss	(173)	0
Loans receivable, current and non-current	$ 557,002	$ 476,620

EQUITY BASED COMPENSATION - Narrative (Details) - USD ($)		12 Months Ended
	May 19, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 19, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value of options granted (in usd per share)		$ 10.86	$ 6.99	$ 4.04
Exercised (in shares)		(9,212,436)	(3,546,327)	(5,847,020)
Intrinsic value		$ 201,600,000	$ 39,900,000	$ 14,000,000.0
Fair value of options vested		30,400,000	20,300,000	17,200,000
Unamortized stock-based compensation expense		46,900,000
Vested in period, fair value			$ 300,000	$ 100,000
General partners' capital account		$ 0
Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares)		0	0	0
Minimum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		2 years
Maximum \| Class B Unit Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period		2 years 7 months 6 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Granted / transferred (in shares)	845,428
Unamortized stock-based compensation expense related to unvested restricted stock.		$ 0	$ 0
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized weighted-average period		2 years 9 months 18 days
Granted / transferred (in shares)		3,807,689	3,439,035	4,983,339
Unamortized stock-based compensation expense related to unvested restricted stock.		$ 75,200,000
Outstanding liability related to cash settled units					$ 8,000,000.0
RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years
Equity Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		5 years
Maximum number of shares reserved for issuance fixed (in shares)		45,565,739
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares reserved for issuance fixed (in shares)		48,290,478
Non-Treasury Share Unit Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted / transferred (in shares)		125,691	240,164	375,783
Weighted average grant date fair value		$ 1,500,000	$ 2,700,000	$ 1,200,000
Outstanding liability related to cash settled units		$ 1,000,000.0	$ 10,200,000	$ 4,300,000
Non-Treasury Share Unit Plan \| RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Non-Treasury Share Unit Plan \| RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years

REVENUES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUES

The following tables provide additional details related to the Company’s Revenues by segment for the years ended December 31, 2025, 2024 and 2023.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2025
Digital assets sales	$	59,850,850	$	—	$	—	$	59,850,850
Fees	167,327		—		(8,756)		158,571
Blockchain rewards	237,135		—		(17,185)		219,950
Proprietary mining	—		—		14,489		14,489
Revenues from contracts with customers	$	60,255,312	$	—	$	(11,452)	$	60,243,860

Blockchain rewards from non-customers (1)	6,330		—		8,609		14,939
Interest income	123,716		8,433		15,780		147,929
Total revenues	$	60,385,358	$	8,433	$	12,937	$	60,406,728


(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 (1)	5,852		—		2,099		7,951
Interest income	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 (1)	982		—		—		982
Interest income	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779

_______________

(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.

Contract Liabilities

Contract liabilities consist of deferred revenue and include payments received in advance of performance obligations being met under the terms of the contract. Such amounts are recognized as revenue over the contractual period as the Company satisfies its performance obligations. As of December 31, 2025, December 31, 2024 and December 31, 2023, the Company had contract liabilities of $52.3 million, $0 and $0 respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Restructuring and Related Activities [Abstract]

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On February 6, 2026, our Board of Directors approved a share repurchase program authorizing the repurchase of up to $200 million of our outstanding Class A common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase shares of our outstanding Class A common stock from time to time through open market purchases, privately negotiated transactions, pre-paid puts or other methods in accordance with applicable securities laws and regulations. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion and will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, and other considerations. The Share Repurchase Program has a term of 12 months, may be suspended, discontinued at any time, and does not obligate us to acquire any amount of Class A common stock.

TRANSACTION EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Transaction Expenses

The Company incurred the following Transaction expenses by segment for the years ended December 31, 2025, 2024 and 2023.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2025
Digital assets sales costs	$	59,789,962	$	—	$	—	$	59,789,962
Blockchain reward distributions	202,291		—		(23,369)		178,922
Borrowing costs	87,963		—		70,064		158,027
Mining and hosting costs	—		—		8,110		8,110
Other transaction expenses (1)	28,411		—		12,400		40,811
Transaction expenses	$	60,108,627	$	—	$	67,205	$	60,175,832


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,441	$	—	$	—	$	42,102,441
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)	23,228		—		5,486		28,714
Transaction expenses	$	42,298,052	$	—	$	111,804	$	42,409,856


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
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	$	51,461,590	$	—	$	32,493	$	51,494,083

_______________

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

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,541,486	$ 345,961
Less: Accumulated depreciation	(30,135)	(57,934)
Less: Impairment	(88,238)	(50,989)
Property and equipment, net	1,423,113	237,038
Corporate assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,084	11,093
Mining equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	79,250	172,572
Data center infrastructure
Property, Plant and Equipment [Line Items]
Property and equipment, gross	67,669	113,710
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	35,272	12,809
WIP / Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,344,211	$ 35,777

FAIR VALUE MEASUREMENTS - Changes in Assets and Liabilities Measured and Reported at Fair Value Using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3		$ (473,100)	$ (48,700)
Transfers in of Level 3		13,100	21,200
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	136,192	10,472
Purchases	93,993	0
Sales /Distributions	0	0
Net Realized Gain / (Loss)	0	0
Net Unrealized Gain / (Loss)	31,727	0
Transfers in /(out) of Level 3	0	(136,192)
Fair value, Ending Balance		0	136,192
Digital Intangible Assets \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	20,457	20,457	68,004
Purchases	0	0
Sales /Distributions	0	0
Net Realized Gain / (Loss)	0	0
Net Unrealized Gain / (Loss)	(17,043)	0
Transfers out of Level 3	(30,504)	(20,457)
Fair value, Ending Balance		0	20,457
Digital assets receivable \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	60,492	60,492	20,569
Purchases	0	2,250
Sales /Distributions	(4,727)	0
Net Realized Gain / (Loss)	4,724	0
Net Unrealized Gain / (Loss)	52,477	(3,724)
Transfers out of Level 3	(12,551)	(50,564)
Fair value, Ending Balance		8,454	60,492
Investments \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	524,573	524,573	364,576
Purchases	129,188	500,456
Sales /Distributions	(221,564)	(354,924)
Net Realized Gain / (Loss)	117,036	169,999
Net Unrealized Gain / (Loss)	119,803	(91,976)
Transfers out of Level 3		(252,756)
Transfers in of Level 3	$ 15,534
Fair value, Ending Balance		$ 495,372	$ 524,573

LEASES - Narrative (Details) - USD ($)	12 Months Ended
LEASES - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lease income			$ 500,000
Operating lease costs	$ 5,900,000	$ 5,800,000	7,800,000
Variable lease costs	$ 0	$ 0	$ 0

INCOME TAXES - Schedule of Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ (43,862)	$ 0	$ 0
State	(2,488)	(6,270)	1,920
Foreign	3,107	(2,283)	7,457
Total Current	(43,243)	(8,553)	9,377
Deferred
Federal	19,713	(1,333)	(251)
State	1,932	6,222	3,381
Foreign	(7,732)	(13,275)	3,407
Total Deferred	13,913	(8,386)	6,537
Total provision for (benefit from) income taxes	$ (29,330)	$ (16,939)	$ 15,914

LOANS AND NOTES PAYABLE - Assets Posted as Collateral (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Assets posted as collateral — Digital assets	$ 13,317	$ 194,306
Less: Allowance for credit losses	(62)	(554)
Assets posted as collateral associated with digital asset loans payable	$ 13,255	$ 193,752

OPERATING PARTNERSHIP FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

OPERATING PARTNERSHIP FINANCIAL INFORMATION

The following tables represent the consolidated statements of financial position and consolidated statements of operations of GDH LP, the Company’s operating partnership.

Galaxy Digital Holdings LP’s Consolidated Statements of Operations and Other Comprehensive Income (Loss)


	For the years ended
	December 31, 2025		December 31, 2024		December 31, 2023

Revenues	$	60,406,706	$	42,596,673	$	51,626,779
Gains / (losses) from operations	948,939		1,161,117		582,860
Revenues and gains / (losses) from operations	61,355,645		43,757,790		52,209,639
Operating expenses:
Transaction expenses	60,175,832		42,409,856		51,494,083
Impairment of digital assets	753,701		331,920		98,340
Other operating expenses	674,271		657,278		363,050
Total operating expenses	61,603,804		43,399,054		51,955,473

Other income / (expense):	(33,532)		(28,953)		(9,738)

Net income / (loss) before taxes	$	(281,691)	$	329,783	$	244,428
Income taxes expense / (benefit)	(8,653)		(16,939)		15,914
Net income / (loss)	$	(273,038)	$	346,722	$	228,514
Other comprehensive income (loss)	(4,506)		—		—
Comprehensive income (loss)	$	(277,544)	$	346,722	$	228,514

Galaxy Digital Holdings LP’s Consolidated Statements of Financial Position


	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	1,244,395	$	462,103
Digital assets	4,541,661		2,928,225
Digital assets receivable	8,497		60,720
Digital asset loans receivable, net of allowance	1,078,929		579,530
Investments	1,732,305		1,643,506
Assets posted as collateral, net of allowance	199,983		277,147
Loans receivable	562,376		476,620
Property and equipment, net	1,423,113		237,038
Other assets	397,651		454,966
Total assets	$	11,188,910	$	7,119,855
Liabilities and Equity
Digital assets borrowed	2,417,268		1,497,609
Loans payable	188,176		510,718
Collateral payable	1,980,171		1,399,655
Notes payable	2,861,055		845,186
Other liabilities	847,563		672,335
Total liabilities	8,294,233		4,925,503

Total equity	2,894,677		2,194,352

Total liabilities and equity	$	11,188,910	$	7,119,855

EARNINGS PER SHARE - Adjustments Basic Income (Loss) per Share (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Net income (loss) used in the calculation of basic income (loss) per share

^[1],[2]

$ 75,858

Noncontrolling interests

$ (136,994)

$ 0

Net income (loss) used in the calculation of diluted income (loss) per share

$ (221,857)

$ 299,585

$ 194,319

Weighted average number of Class A Common Stock shares for the purposes of basic income (loss) per share (in share)

^[3]

159,201,378

120,847,366

105,677,379

Weighted average number of Class A Common Stock for the purposes of diluted income (loss) per share (in shares)

^[3]

366,475,172

356,723,762

325,978,160

Noncontrolling interests

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Weighted average number of shares outstanding, diluted (in shares)

207,273,794

Compensatory LP units

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Weighted average number of shares outstanding, diluted (in shares)

11,791

Exchangeable LP units

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Net income (loss) from continuing operations available to common shareholders, diluted

$ 0

$ 178,835

$ 118,461

Weighted average number of shares outstanding, diluted (in shares)

215,883,528

215,921,721

Exchangeable notes

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Net income (loss) from continuing operations available to common shareholders, diluted

$ 0

$ 4,485

$ 0

Weighted average number of shares outstanding, diluted (in shares)

1,666,959

Compensatory awards

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Weighted average number of shares outstanding, diluted (in shares)

18,314,118

4,379,060

[1]	For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP.
[2]	For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH LP.
[3]	For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unit.

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain on derivative	$ 329.0	$ 267.8	$ 151.6
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized gain / (loss) on notes payable - derivative

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post reorganization equity structure of the Company was in place at that time.


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Basic income (loss) per share	$	(0.53)	$	0.96	$	0.72
Net income (loss) used in the calculation of basic income (loss) per share	$	(84,863)	$	116,265	$	75,858
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	159,201,378		120,847,366		105,677,379

The following table sets forth the computation of diluted earnings per share:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Diluted income (loss) per share	$	(0.61)	$	0.84	$	0.60
Net income (loss) used in the calculation of diluted income (loss) per share	$	(221,857)	$	299,585	$	194,319
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	366,475,172		356,723,762		325,978,160

The following adjustments were made to the basic income (loss) per share as they were dilutive for the periods presented:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net income (loss) used in the calculation of basic income (loss) per share	$	(84,863)	$	116,265	$	75,858
Noncontrolling interests	(136,994)		—		—
Exchangeable LP units	—		178,835		118,461
Exchangeable Notes	—		4,485		—

Net income (loss) used in the calculation of diluted income (loss) per share	$	(221,857)	$	299,585	$	194,319

Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	159,201,378		120,847,366		105,677,379
Noncontrolling interests	207,273,794		—		—
Compensatory LP units	—		11,791		—
Exchangeable LP units	—		215,883,528		215,921,721
Exchangeable notes	—		1,666,959		—
Compensatory awards	—		18,314,118		4,379,060
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	366,475,172		356,723,762		325,978,160

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

In addition, the following potentially dilutive shares were excluded from the diluted earnings per share calculation as they were anti-dilutive for the periods presented:


	Years Ended
	December 31, 2025	December 31, 2024	December 31, 2023
Compensatory LP units	—	—	—
Exchangeable LP units	—	—	—
Compensatory awards	16,392,010	—	—

Exchangeable notes	34,208,431	13,346,833	13,346,833
Total	50,600,441	13,346,833	13,346,833

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Income / (loss) for the year	$ (241,349)	$ 346,722	$ 228,514
Adjustments for:
Digital assets sales revenue	(20,510,886)	(11,150,499)	(24,498,135)
Digital assets sales cost	20,220,965	11,264,933	24,463,949
Impairment of digital assets	256,982	89,774	46,757
Provision for credit losses	(2,569)	3,635	0
Depreciation and amortization	34,068	46,892	22,945
Other impairment loss	87,251	101	0
Equity based compensation	53,612	74,857	81,654
Noncash management fee	(56,925)	0	0
Noncash borrowing costs	129,261	70,544	8,230
Noncash interest and net staking income	(127,141)	(100,472)	(24,915)
Net realized loss on disposal	0	0	2,111
Net (gains) / losses from operations	(948,939)	(1,161,117)	(582,860)
Net unrealized (gain) / loss on notes payable – derivative	35,544	31,727	9,603
Noncash notes interest expense	35,667	17,454	13,935
Taxes	41,127	(8,386)	2,498
Other noncash adjustments	698	682	390
Changes in operating assets and liabilities:
Digital assets	434,709	153,175	148,322
Digital assets receivable	490	33	(2,617)
Investments	(60,165)	0	0
Derivative assets / liabilities	323,000	238,931	122,422
Accounts receivable	24,708	3,491	7,957
Prepaid expenses and other assets	(73,412)	10,030	(8,548)
Other non-current assets	(186,383)	0	2,000
Collateral receivable / payable	(56,429)	65,720	(48,772)
Accounts payable and accrued liabilities	17,921	91,512	18,195
Other current liabilities	16,250	(422,180)	(13,207)
Other non-current liabilities	235,309	127,362	(4,507)
Net cash provided by / (used in) operating activities	(316,636)	(205,079)	(4,079)
Investing activities
Proceeds from repayments and maturities of loans receivable	554,421	200,679	66,706
Origination of loans receivable	(650,945)	(279,146)	(279,813)
Purchase of property, equipment and intangible assets	(1,192,534)	(59,025)	(45,613)
Acquisitions, net of cash received	(7,782)	(5,115)	(43,893)
Disposal of property and equipment	11,346	2,954	653
Purchase of investments	(2,647,019)	(3,260,043)	(192,330)
Proceeds and distributions from investments	2,641,934	2,878,067	209,508
Net cash provided by / (used in) investing activities	(1,290,579)	(521,629)	(284,782)
Financing activities
Payable to customers	(17,093)	16,078	(6,149)
Proceeds from loans payable	380,325	315,516	117,233
Repayments of loans payable	(509,381)	(228,617)	(25,748)
Margin loans payable, net	(311,512)	330,716	0
Proceeds from notes payable, net of issuance costs	2,098,545	388,931	0
Share issuance, net of costs	851,173	125,351	11,107
Distributions	(49,308)	(55,258)	(22,405)
Cancellation of Class A Units withheld	(51,397)	(20,516)	(10,668)
Net cash provided by / (used in) financing activities	2,391,352	872,201	63,370
Net increase / (decrease) in cash and cash equivalents	784,137	145,493	(225,491)
Cash and cash equivalents, beginning of period	462,103	316,610	542,101
Cash and cash equivalents, end of period	1,246,240	462,103	316,610
Cash paid during the year for:
Interest	53,319	51,095	23,292
Taxes	5,805	8,561	9,316
Significant noncash investing and financing activities:
Digital assets loan receivable, net of allowance	522,072	475,450	54,533
Payables to customers - digital assets	83,381	0	0
Assets posted as collateral	78,447	37,577	290,965
Digital assets borrowed	919,659	1,099,332	227,711
Collateral payable	636,245	754,664	496,537
Purchase of investments with noncash contributions	374,338	13,447	3,409
Payable for investments purchased	0	3,431	0
Proceeds from investments included in receivables	70	218	150
Proceeds from investments received as non-cash contributions	320,571	142,905	2,036
Additions to property, plant and equipment and intangible assets	116,826	160	11,724
Disposals of property, plant and equipment and intangible assets	1,219	0	0
Reclassification between digital assets receivable and investments	2,192	389	18,786
Origination of loans receivable with noncash consideration	0	10,787	10,669
Receivable for repayment of loans receivable	1,250	0	0
Repayment of loans receivable with non-cash considerations	17,491	0	0
Repayments of loans payable with non-cash consideration	$ 17,522	$ 0	$ 0

REPORTABLE SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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 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 comprises 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 assets ecosystem both on behalf of the Company and external limited partners, and its 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 all the external-facing digital assets sales costs. Management fees generated from 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 and related gains and losses. It includes realized and unrealized gains and losses on certain digital assets held within the segment. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to 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 December 31, 2025 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	7,339,673	$	1,863,911	$	2,144,497	$	11,348,081
Total liabilities	$	6,238,722	$	1,098,739	$	975,843	$	8,313,304

Assets and liabilities by each of the reportable segments as of December 31, 2024 were 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

Income and expenses by each of the reportable segments for the year ended December 31, 2025 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	60,385,358	$	8,433	$	12,937	$	60,406,728



Gains / (losses) from operations	863,908		(1,186)		86,217		948,939
Revenues and gains / (losses) from operations	61,249,266		7,247		99,154		61,355,667

Transaction expenses	60,108,627		—		67,205		60,175,832
Impairment of digital assets	635,410		—		118,291		753,701
Compensation and benefits	209,774		5,054		85,040		299,868
Notes interest expense	—		—		59,247		59,247
Depreciation and amortization	14,606		1,251		18,212		34,069
Other expenses	87,288		2,040		181,462		270,790
Operating expenses	61,055,705		8,345		529,457		61,593,507




Unrealized gain / (loss) on notes payable – derivative	—		—		(35,544)		(35,544)
Other income / (expense), net	325		—		2,380		2,705
Total other income / (expense)	325		—		(33,164)		(32,839)

Net income / (loss) for the period, before taxes	$	193,886	$	(1,098)	$	(463,467)	$	(270,679)
Income tax expense / (benefit)	—		—		(29,330)		(29,330)
Net income / (loss) for the period	$	193,886	$	(1,098)	$	(434,137)	$	(241,349)

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


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	42,497,063	$	—	$	99,610	$	42,596,673



Gains / (losses) from operations	243,340		—		917,777		1,161,117
Revenues and gains / (losses) from operations	42,740,403		—		1,017,387		43,757,790

Transaction expenses	42,298,052		—		111,804		42,409,856
Impairment of digital assets	139,247		—		192,673		331,920
Compensation and benefits	175,925		—		89,666		265,591
Notes interest expense	—		—		30,804		30,804
Depreciation and amortization	11,446		7,497		27,937		46,880
Other expenses	68,725		—		245,278		314,003
Operating expenses	42,693,395		7,497		698,162		43,399,054



Unrealized 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 year, before taxes	$	47,008	$	(7,497)	$	290,272	$	329,783
Income tax expense / (benefit)	—		—		(16,939)		(16,939)
Net income / (loss) for the period	$	47,008	$	(7,497)	$	307,211	$	346,722

Income and expenses by each of the reportable segments for the year ended December 31, 2023 is as follows (unaudited):


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	51,565,491	$	—	$	61,288	$	51,626,779



Gains / (losses) from operations	87,907		—		494,953		582,860
Revenues and gains / (losses) from operations	51,653,398		—		556,241		52,209,639

Transaction expenses	51,461,590		—		32,493		51,494,083
Impairment of digital assets	47,791		—		50,549		98,340
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



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

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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EARNINGS PER SHARE - Dilutive Shares (Details) - shares	3 Months Ended	12 Months Ended
EARNINGS PER SHARE - Dilutive Shares (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	50,600,441	13,346,833	13,346,833
Compensatory LP units
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	0
Exchangeable LP units
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	0
Compensatory awards
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	16,392,010	0	0
Exchangeable notes
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	34,208,431	13,346,833	13,346,833

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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LOANS RECEIVABLE - Schedule of Collateral Payable Associated With Loans Receivable, Current (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 614,908	$ 620,633
Collateral payable — Digital assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	613,716	620,633
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 1,192	$ 0

DERIVATIVES - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional Amounts	$ 8,572,796	$ 5,769,802
Derivative Assets	78,838	207,653
Derivative Liabilities	(40,482)	(165,858)
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Notional Amounts	1,400,000
Derivative Assets	4,969
Derivative Liabilities	0
Interest rates
Derivative [Line Items]
Notional Amounts	1,372,860	5,002
Derivative Assets	465	19
Derivative Liabilities	(189)	$ (13)
Interest rates \| Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Notional Amounts	1,400,000
Derivative Assets	4,969
Derivative Liabilities

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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INCOME TAXES - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (359,322)	$ (181,051)	$ (98,293)
Foreign	88,643	510,834	342,721
Net income / (loss) before taxes	$ (270,679)	$ 329,783	$ 244,428

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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EQUITY BASED COMPENSATION - Fair Value Of The Options Granted Was Measured Using the Black-Scholes Option Pricing Model With the Following Weighted Average Inputs (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		5 years	5 years
Expected volatility	85.00%	85.00%	80.00%
Expected volatility	90.00%	90.00%	90.00%
Risk-free interest rate	2.60%	2.80%	3.00%
Risk-free interest rate	4.40%	3.80%	4.00%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in usd and cad per share) \| (per share)	$ 10.85	$ 12.41	$ 4.77
Exercise price (in usd and cad per share) \| (per share)	$ 4.83	10.00	4.19
Expected term (in years)	2 years 6 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price (in usd and cad per share) \| (per share)	$ 31.79	27.45	7.43
Exercise price (in usd and cad per share) \| (per share)	$ 33.49	$ 37.38	$ 8.06
Expected term (in years)	7 years

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Digital intangible asset, fair value	$ 2,717,400	$ 1,997,400
Due from related parties	34,012	55,279
Fair value	864,000	745,500
Due to related parties	277,663	281,531
Other non-current liabilities due to related parties	$ 513,169	$ 192,392
Class A Common Stock
Common stock, par or stated value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	192,695,681	192,695,681
Common stock, outstanding (in shares)	192,695,681	192,695,681
Convertible Class B Common Stock
Common stock, par or stated value (in dollars per share)	$ 0.0000000001	$ 0.0000000001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	198,408,277	198,408,277
Common stock, outstanding (in shares)	198,408,277	198,408,277
Related Party
Due from related parties	$ 3,400	$ 4,600
Due to related parties	0	96,900
Other non-current liabilities due to related parties	$ 72,300	$ 0

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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 Tax-related distributions of $49.3 million, $55.3 million and $22.4 million were paid during the years ended December 31, 2025, 2024 and 2023, respectively. A majority of the recipients of the distributions were related parties. Tax Receivables Agreement On July 31, 2018, GDH Ltd. entered into a tax receivables agreement (the “Original TRA”) with holders of Class B Units in GDH LP (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The Original TRA generally provided for the payment by GDH Ltd. of 85% of the cash savings, if any, in U.S. federal, state, local, and non-US income tax that GDH Ltd. actually realized (or was deemed to realize in certain circumstances), as applicable to each TRA Holder, as a result of (i) certain increases in tax basis that occur as a result of GDH Ltd.’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Class B Units in connection with the arrangement and (ii) deductions in respect of imputed interest deemed to be paid by GDH Ltd. as a result of, and additional basis arising from, any payments GDH Ltd. made under the Original TRA. On May 13, 2025, the Company and the TRA Holders entered into an amended and restated tax receivables agreement (the “TRA”) to take into account the effects of the Restructuring Transactions. The amounts payable, as well as the timing of any payments, under the TRA are dependent upon significant future events and assumptions, including the timing of the redemptions of Class B common stock, the price of the Company's Class A common stock at the time of each redemption, the extent to which such redemptions are taxable transactions, the amount of the redeeming unit holder’s tax basis in its Class B common stock at the time of the relevant redemption, the depreciation and amortization periods that apply to the increase in tax basis and the portion of the Company’s payments under the TRA that constitute imputed interest or give rise to depreciable or amortizable tax basis. The Company has recognized a TRA-related liability within the Other non-current liabilities of $150.4 million as of December 31, 2025, of which $72.3 million were with 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 $11.5 million and $12.9 million as of December 31, 2025 and 2024, respectively. Transactions with GDH Ltd. Prior to the Reorganization Transactions, in accordance with its then-effective limited partnership agreement, the Company reimbursed or paid for all reimbursable expenses of GDH Ltd. For the years ended December 31, 2024, and 2023 the Company paid or accrued $3.2 million and $2.2 million, respectively, on behalf of GDH Ltd., which is included in General and administrative expenses on the Company’s consolidated statements of operations. For the year ended December 31, 2025, any expenses paid or accrued on behalf of GDH Ltd. were eliminated upon consolidation. On April 14, 2022 GDH LP entered into a promissory note (as amended from time to time, the “Promissory Note”) with GDH Intermediate LLC (“GDHI LLC”), a subsidiary of GDH Ltd. prior to the Reorganization Transactions. As a result of the Reorganization Transactions, the Promissory Note was amended and restated with GDH LP and GGI as the counterparties. The Promissory Note is eliminated in consolidation subsequent to the Reorganization Transactions. As of December 31, 2024 GDHI LLC had advanced $96.9 million to the Company. As of December 31, 2024, the Company had $95.8 million, 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. Subsequent to the Reorganization Transactions, these net payables and receivables are eliminated in consolidation. GalaxyOne Certain of our executive officers and directors have accounts on our GalaxyOne platform (which offers access to certain deposit accounts and provides brokerage accounts for trading securities and digital assets) and use GalaxyOne products and services in the ordinary course. Similar to GalaxyOne’s other customers, these individuals pay us standard transaction and other fees related to such use, and earn a yield from us to the extent they hold certain investment products or cash balances on our platform, in each case on the same terms as other customers. As of December 31, 2025, the Company recognized $0.2 million of liabilities related to certain related parties interactions with the GalaxyOne platform. Other Related Party Transactions The Company’s CEO served as co-chairman of the board for Candy Digital Inc. (“Candy”) in which the Company made an investment during 2021, resulting in the two entities becoming related parties. Candy was acquired by Futureverse in April 2025, and following such acquisition, the Company’s CEO ceased membership on the Candy board of directors and Candy ceased to be related party. As of December 31, 2024 the Company held an investment in Candy valued at $9.1 million. Galaxy Interactive Fund I, LP, a non-consolidated sponsored investment fund, also held an investment in Candy valued at $1.0 million as of December 31, 2024. The Company has sub-advisory arrangements with a beneficial owner of GDI (GDH Ltd. prior to the Reorganization Transactions). 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 years ended December 31, 2025, 2024 and 2023, the associated advisory fees were $2.7 million, $2.1 million and $0.9 million, respectively. The Company’s CEO, 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, 2025, 2024 and 2023, the Company incurred $1.1 million, $0.5 million and $0.3 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 the Company. 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 years ended December 31, 2025 and 2024. Prior to joining GDH Ltd.’s board in September 2021 and GDI’s board in May 2025, the Chairman of GDI’s board (GDH Ltd.’s board prior to the Reorganization Transactions) entered into a consulting agreement with GDH LP 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. There was no equity based compensation expense related to this grant for the year ended December 31, 2025. There was no equity based compensation expense related to this grant for the year ended December 31, 2025. The equity based compensation expense was $5.0 million and $11.9 million for the years ended December 31, 2024 and 2023 respectively. This consulting agreement 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. This consulting agreement expired as of December 31, 2024. During the years ended December 31, 2025, 2024, and 2023, the Company had recorded $0, $4.8 million and $2.9 million, respectively, of tax payments made on behalf of 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.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Net realized gains / (losses) related to sales of investments	$ 258.8	$ (171.1)	$ 13.4
Net change in unrealized gains / (losses) related to investments	$ (381.3)	$ 429.9	$ 84.4

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 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. 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 Gains / (losses) from operations in the Company’s consolidated statements of operations. NAV was utilized as the practical expedient to fair value.

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.


	December 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	$	259,276	$	37,308	$	296,584	$	398,386	$	56,725	$	455,111
Other VIE’s	168,630		12,114		180,744		143,145		12,294		155,439
Total	$	427,906	$	49,422	$	477,328	$	541,531	$	69,019	$	610,550

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible asset	$ 1,761	$ 1,761
Intangible assets, gross	63,956	55,970
Less: Accumulated amortization	(34,458)	(18,619)
Intangible assets, net	29,498	37,351
Capitalized equity based compensation	4,600	3,100
Software technology
Finite-Lived Intangible Assets [Line Items]
Software technology	48,494	40,508
Other purchased finite-life intangible assets
Finite-Lived Intangible Assets [Line Items]
Software technology	$ 13,701	$ 13,701

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.

TRANSACTION EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
TRANSACTION EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	$ 59,789,962	$ 42,102,441	$ 51,441,223
Blockchain reward distributions	178,922	130,298	2,565
Borrowing costs	158,027	100,760	18,171
Mining and hosting costs	8,110	47,643	20,772
Other transaction expenses	40,811	28,714	11,352
Transaction expenses	60,175,832	42,409,856	51,494,083
Digital Assets
Restructuring Cost and Reserve [Line Items]
Transaction expenses	60,108,627	42,298,052	51,461,590
Digital Assets \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	59,789,962	42,102,441	51,441,223
Blockchain reward distributions	202,291	146,731	3,069
Borrowing costs	87,963	25,652	8,825
Mining and hosting costs	0	0	0
Other transaction expenses	28,411	23,228	8,473
Transaction expenses	60,108,627	42,298,052	51,461,590
Data Centers
Restructuring Cost and Reserve [Line Items]
Transaction expenses	0	0	0
Data Centers \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0
Blockchain reward distributions	0	0	0
Borrowing costs	0	0	0
Mining and hosting costs	0	0	0
Other transaction expenses	0	0	0
Transaction expenses	0	0	0
Treasury and Corporate
Restructuring Cost and Reserve [Line Items]
Transaction expenses	67,205	111,804	32,493
Treasury and Corporate \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0	0
Blockchain reward distributions	(23,369)	(16,433)	(504)
Borrowing costs	70,064	75,108	9,346
Mining and hosting costs	8,110	47,643	20,772
Other transaction expenses	12,400	5,486	2,879
Transaction expenses	$ 67,205	$ 111,804	$ 32,493

REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 60,406,728	$ 42,596,673	$ 51,626,779
Gains / (losses) from operations	948,939	1,161,117	582,860
Revenues and gains / (losses) from operations	61,355,667	43,757,790	52,209,639
Transaction expenses	60,175,832	42,409,856	51,494,083
Impairment of digital assets	753,701	331,920	98,340
Compensation and benefits	299,868	265,591	219,256
Notes interest expense	59,247	30,804	27,285
Depreciation and amortization	34,069	46,880	22,945
Other expenses	270,790	314,003	93,564
Total operating expenses	61,593,507	43,399,054	51,955,473
Unrealized gain / (loss) on notes payable - derivative	(35,544)	(31,727)	(9,603)
Other income / (expense), net	2,705	2,774	(135)
Total other income / (expense)	(32,839)	(28,953)	(9,738)
Net income / (loss) for the period, before taxes	(270,679)	329,783	244,428
Income taxes expense / (benefit)	(29,330)	(16,939)	15,914
Net income / (loss) for the period	(241,349)	346,722	228,514
Digital Assets
Segment Reporting Information [Line Items]
Revenues	60,385,358	42,497,063	51,565,491
Gains / (losses) from operations	863,908	243,340	87,907
Revenues and gains / (losses) from operations	61,249,266	42,740,403	51,653,398
Transaction expenses	60,108,627	42,298,052	51,461,590
Impairment of digital assets	635,410	139,247	47,791
Compensation and benefits	209,774	175,925	148,909
Notes interest expense	0	0	0
Depreciation and amortization	14,606	11,446	4,344
Other expenses	87,288	68,725	44,854
Total operating expenses	61,055,705	42,693,395	51,707,488
Unrealized gain / (loss) on notes payable - derivative	0	0	0
Other income / (expense), net	325	0	0
Total other income / (expense)	325	0	0
Net income / (loss) for the period, before taxes	193,886	47,008	(54,090)
Income taxes expense / (benefit)	0	0	0
Net income / (loss) for the period	193,886	47,008	(54,090)
Data Centers
Segment Reporting Information [Line Items]
Revenues	8,433	0	0
Gains / (losses) from operations	(1,186)	0	0
Revenues and gains / (losses) from operations	7,247	0	0
Transaction expenses	0	0	0
Impairment of digital assets	0	0	0
Compensation and benefits	5,054	0	0
Notes interest expense	0	0	0
Depreciation and amortization	1,251	7,497	5,548
Other expenses	2,040	0	0
Total operating expenses	8,345	7,497	5,548
Unrealized gain / (loss) on notes payable - derivative	0	0	0
Other income / (expense), net	0	0	0
Total other income / (expense)	0	0	0
Net income / (loss) for the period, before taxes	(1,098)	(7,497)	(5,548)
Income taxes expense / (benefit)	0	0	0
Net income / (loss) for the period	(1,098)	(7,497)	(5,548)
Treasury and Corporate
Segment Reporting Information [Line Items]
Revenues	12,937	99,610	61,288
Gains / (losses) from operations	86,217	917,777	494,953
Revenues and gains / (losses) from operations	99,154	1,017,387	556,241
Transaction expenses	67,205	111,804	32,493
Impairment of digital assets	118,291	192,673	50,549
Compensation and benefits	85,040	89,666	70,347
Notes interest expense	59,247	30,804	27,285
Depreciation and amortization	18,212	27,937	13,053
Other expenses	181,462	245,278	48,710
Total operating expenses	529,457	698,162	242,437
Unrealized gain / (loss) on notes payable - derivative	(35,544)	(31,727)	(9,603)
Other income / (expense), net	2,380	2,774	(135)
Total other income / (expense)	(33,164)	(28,953)	(9,738)
Net income / (loss) for the period, before taxes	(463,467)	290,272	304,066
Income taxes expense / (benefit)	(29,330)	(16,939)	15,914
Net income / (loss) for the period	$ (434,137)	$ 307,211	$ 288,152

FAIR VALUE OPTION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value Option

The following table summarizes the financial instruments for which the fair value option has been elected:


(in thousands)	December 31, 2025		December 31, 2024
Assets
Digital financial assets	$	988,621	$	359,665
Investments	627,351		558,093
Total	$	1,615,972	$	917,758

Schedule of Realized and Net Change in Unrealized Gains Losses

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:


	Years Ended December 31,
	2025				2024				2023
(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	$	111,919	$	(247,749)	$	83,441	$	130,980	$	(833)	$	88,757

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.


	December 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	$	259,276	$	37,308	$	296,584	$	398,386	$	56,725	$	455,111
Other VIE’s	168,630		12,114		180,744		143,145		12,294		155,439
Total	$	427,906	$	49,422	$	477,328	$	541,531	$	69,019	$	610,550

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.

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Balance, beginning of period	$ 58,037	$ 44,257
Additions due to acquisitions (Note 3)	8,486	13,780
Balance, end of period	$ 66,523	$ 58,037

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.

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Gains / (losses) from operations

Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues

$ 60,406,728

$ 42,596,673

$ 51,626,779

948,939

1,161,117

582,860

Revenues and gains / (losses) from operations

61,355,667

43,757,790

52,209,639

Operating expenses:

Transaction expenses

60,175,832

42,409,856

51,494,083

Impairment of digital assets

753,701

331,920

98,340

Compensation and benefits

299,868

265,591

219,256

General and administrative

182,893

279,297

58,351

Technology

46,939

30,510

20,107

Professional fees

75,027

51,076

38,051

Notes interest expense

59,247

30,804

27,285

Total operating expenses

61,593,507

43,399,054

51,955,473

Other income / (expense):

Unrealized gain / (loss) on notes payable - derivative

(35,544)

(31,727)

(9,603)

Other income / (expense), net

2,705

2,774

(135)

Total other income / (expense)

(32,839)

(28,953)

(9,738)

Net income / (loss) before taxes

(270,679)

329,783

244,428

Income taxes expense / (benefit)

(29,330)

(16,939)

15,914

Net income / (loss)

(241,349)

346,722

228,514

Other comprehensive income (loss), net of tax

Change in fair value of cash flow hedges

Other comprehensive income (loss)

(4,506)

Comprehensive income (loss)

(245,855)

346,722

228,514

Class B Unit holders of GDH LP

(204,745)

230,457

152,656

Noncontrolling interests

45,792

Class A common stockholders of the Company

^[1]

$ (86,902)

$ 116,265

Net income / (loss) per share of Class A common stock

Net income (loss) used in calculation of net income / (loss) per share of Class A common stock

^[1],[2]

$ 75,858

Weighted average shares outstanding used to compute net income / (loss) per share

Basic (in shares)

^[3]

159,201,378

120,847,366

105,677,379

Diluted (in shares)

^[3]

366,475,172

356,723,762

325,978,160

Income / (loss) for the period

$ (241,349)

$ 346,722

$ 228,514

Class B Unit Capital | Capital Units

Weighted average shares outstanding used to compute net income / (loss) per share

Income / (loss) for the period

230,457

152,656

Galaxy Digital Holdings, LP

Revenues

60,406,706

42,596,673

51,626,779

Gains / (losses) from operations

948,939

1,161,117

582,860

Revenues and gains / (losses) from operations

61,355,645

43,757,790

52,209,639

Operating expenses:

Transaction expenses

60,175,832

42,409,856

51,494,083

Impairment of digital assets

753,701

331,920

98,340

Total operating expenses

61,603,804

43,399,054

51,955,473

Other income / (expense):

Total other income / (expense)

(33,532)

(28,953)

(9,738)

Net income / (loss) before taxes

(281,691)

329,783

244,428

Income taxes expense / (benefit)

(8,653)

(16,939)

Other comprehensive income (loss), net of tax

Other comprehensive income (loss)

(4,506)

Comprehensive income (loss)

(277,544)

346,722

228,514

Weighted average shares outstanding used to compute net income / (loss) per share

Income / (loss) for the period

(273,038)

346,722

228,514

Class A Common Stock

Net income / (loss) per share of Class A common stock

Net income (loss) used in calculation of net income / (loss) per share of Class A common stock

^[2]

$ (84,863)

$ 116,265

$ 75,858

Basic (in dollars per share)

^[2]

$ (0.53)

$ 0.96

$ 0.72

Diluted (in dollars per share)

^[2]

$ (0.61)

$ 0.84

$ 0.60

[1]	For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP.
[2]	For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH LP.
[3]	For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unit.

FAIR VALUE OPTION

12 Months Ended

Dec. 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)	December 31, 2025		December 31, 2024
Assets
Digital financial assets	$	988,621	$	359,665
Investments	627,351		558,093
Total	$	1,615,972	$	917,758

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 in Gains / (losses) from operations 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:


	Years Ended December 31,
	2025				2024				2023
(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	$	111,919	$	(247,749)	$	83,441	$	130,980	$	(833)	$	88,757

Realized and unrealized gains for digital assets classified as financial assets were $5.1 million, $0.3 million and $11.8 million for the years ended December 31, 2025, 2024 and 2023, respectively

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EQUITY BASED COMPENSATION - Company’s Stock Option Activity Under The Plans, Including Stock Options With Performance Based Conditions (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares $ / shares shares	Dec. 31, 2024 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares
Number of Options
Beginning balance (in shares)	19,865,008	19,865,008	22,263,973	27,652,543
Granted (in shares)	5,453,804	5,453,804	2,913,051	10,963,780
Stock options replaced by replacement awards (in shares)				(1,875,000)
Exercised (in shares)	(9,212,436)	(9,212,436)	(3,546,327)	(5,847,020)
Forfeited (in shares)	(1,884,877)	(1,884,877)	(1,521,299)	(5,485,996)
Expired / Canceled / Repurchased (in shares)	(182,185)	(182,185)	(244,390)	(3,144,334)
Ending balance (in shares)	(14,039,314)	(14,039,314)	(19,865,008)	(22,263,973)	(27,652,543)
Vested and expected to vest (in shares)	14,039,314	14,039,314	19,865,008	22,263,973
Options exercisable (in shares)	5,209,896	5,209,896	10,691,460	9,712,157
Weighted Average Grant Price (C$)
Beginning balance (in usd and cad per share) \| $ / shares		$ 8.58	$ 6.56	$ 8.56
Granted (in usd and cad per share) \| (per share)	$ 14.10		16.66	6.30
Stock options replaced by replacement awards (in usd and cad per share) \| $ / shares				23.08
Exercised (in usd and cad per share) \| (per share)	4.65		3.16	3.73
Forfeited (in usd and cad per share) \| (per share)	7.68		6.63	9.23
Expired / Canceled / Repurchased (in usd and cad per share) \| (per share)	2.87		11.55	14.04
Ending balance (in usd and cad per share) \| (per share)	10.02		8.58	6.56	$ 8.56
Vested and expected to vest (in usd and cad per share) \| (per share)	10.02	$ 10.02	8.58	6.56
Options exercisable (in usd and cad per share) \| (per share)	$ 8.07	$ 8.07	$ 7.37	$ 5.80
Weighted-Average Remaining Terms (Years)
Weighted-Average Remaining Terms (Years)	3 years 7 days	3 years 7 days	3 years 5 months 8 days	2 years 11 months 23 days	2 years 7 months 13 days
Vested and expected to vest	3 years 7 days	3 years 7 days	3 years 5 months 8 days	2 years 11 months 23 days
Options exercisable	2 years 2 months 1 day	2 years 2 months 1 day	1 year 7 months 28 days	1 year 9 months 25 days
Aggregate Intrinsic Value (in thousands)	$ 178,713	$ 178,713	$ 230,641	$ 76,893	$ 9,594
Aggregate Intrinsic Value	178,713	178,713	230,641	76,893
Aggregate Intrinsic Value	$ 137,328	$ 137,328	$ 132,653	$ 40,427

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2025
Equity [Abstract]
EQUITY	EQUITY Issued Common Stock The Company has two classes of ownership interests: (1)Class A common stock, which shares are traded on Nasdaq and the TSX under the ticker “GLXY,” and (2)Class B common stock, which shares are held by Galaxy Group Investments LLC, an entity controlled by our founder and CEO, current and former employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. Shares of Class B common stock do not entitle holders to economic returns in the Company. GDH LP has one class of LP Units, which are held by the Company and the holders of the Class B common stock. Under the terms of the LPA, LP Units are exchangeable for the Company’s Class A common stock 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, as the general partner, cancels the (1) LP Unit(s) and (2) the share(s) of Class B Common Stock, and issues a corresponding amount of Class A common stock. Upon such exchange, GDH LP issues an equivalent number of LP Units to the Company. Alternatively, at the election of the Company, it may deliver cash in an amount of equivalent value in lieu of the Company’s Class A common stock to an exchanging LP Unitholder. During the years ended December 31, 2025, 2024 and 2023 a total of 17,454,066, 81,357 and 30,121 shares of Class B common stock, respectively, were cancelled in connection with exchanges of LP Units for shares of Class A common stock. During the years ended December 31, 2025, 2024 and 2023, there were tax-related distributions of $49.3 million, $55.3 million and $22.4 million, respectively, made for the purpose of covering GDH LP Unitholders’ tax expense due to 2025 and 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 23 for further information on related party transactions. The Company issues shares of Class A common stock on the exercise of stock options and the vesting and settlement of restricted share units. Shares of Class A common stock may also be cancelled in association with withholding obligations on vested and settled restricted share units. Modification of Cash-Settled Awards On August 19, 2025, the Company commenced a tender offer (the “Tender Offer”) to exchange outstanding and unvested cash-settled Non-Treasury Share Unit Plan Restricted Share Units (“NTSUP RSUs”) for share-settled RSUs (“LTIP RSUs”) under the Amended and Restated Galaxy Digital Inc. Long Term Incentive Plan (the “LTIP”). All eligible employees that participated in the Tender Offer also received five additional LTIP RSUs. The Tender Offer expired on September 16, 2025. A total of 411,603 NTSUP RSUs were accepted for exchange in the Tender Offer and 412,133 LTIP RSUs were issued upon such exchange. All tendered NTSUP RSUs were cancelled effective as of September 17, 2025. In accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”), the carrying amount of the liability immediately prior to the modification, totaling $8.0 million, was reclassified to equity as additional paid-in capital. The incremental cost of $4.8 million will be recognized over the remaining life of the outstanding LTIP RSUs. On August 1, 2025, subsequent to Board approval, the Company amended its existing Stock Appreciation Rights (“SARs”) to convert them from cash-settled to share-settled under the LTIP. A total of 553,181 SARs were converted to share-settled. In accordance with ASC 718, the carrying amount of the liability immediately prior to the modification, totaling $9.3 million, was reclassified to equity as additional paid-in capital. The incremental cost of $3.8 million will be recognized over the remaining life of the outstanding SARs. Share Offerings In June 2025, the Company and certain selling stockholders sold 35,980,967 shares of Class A common stock in an underwritten public offering, of which 26,400,000 were sold by the Company and 9,227,011 were sold by the selling stockholders upon their exchange of shares of Class B common stock and corresponding LP Units for shares of Class A common stock, at an offering price of $19.00 per share. Net proceeds to the Company from the offering were approximately $477.8 million after deducting underwriting discounts and offering costs. The Company did not receive any proceeds from the sale of Class A common stock by the selling stockholders. In October 2025, the Company entered into investment agreements with certain institutional investors for a $460 million private strategic investment in the Company’s Class A common stock, consisting of a purchase of 9,027,778 shares of Class A common stock from the Company and 3,750,000 shares of Class A common stock from certain of its executive officers, at $36.00 per share. Prior to the Reorganization Transactions, the Company had two classes of ownership interests, representing limited partner interests: (1)GDH LP Class A Units, which were subdivided into GDH LP A-1 Units, all of which were held by GDH Ltd., and GDH LP A-2 Units, all of which were 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 were 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 ranked pari passu to all distributions from GDH LP. Pursuant to the Reorganization Transactions, GDH LP has one class of ownership interest, representing limited partner interests. See Note 1 for a description of the Reorganization Transactions.

The entire disclosure for equity.

Restructuring and Related Activities [Abstract]

TRANSACTION EXPENSES

12 Months Ended

Dec. 31, 2025

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses by segment for the years ended December 31, 2025, 2024 and 2023.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2025
Digital assets sales costs	$	59,789,962	$	—	$	—	$	59,789,962
Blockchain reward distributions	202,291		—		(23,369)		178,922
Borrowing costs	87,963		—		70,064		158,027
Mining and hosting costs	—		—		8,110		8,110
Other transaction expenses (1)	28,411		—		12,400		40,811
Transaction expenses	$	60,108,627	$	—	$	67,205	$	60,175,832


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2024
Digital assets sales costs	$	42,102,441	$	—	$	—	$	42,102,441
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)	23,228		—		5,486		28,714
Transaction expenses	$	42,298,052	$	—	$	111,804	$	42,409,856


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2023
Digital assets sales costs	$	51,441,223	$	—	$	—	$	51,441,223
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	$	51,461,590	$	—	$	32,493	$	51,494,083

_______________

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

FAIR VALUE OPTION - Schedule of Fair Value Option (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 1,615,972	$ 917,758
Digital financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	988,621	359,665
Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 627,351	$ 558,093

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table represents property and equipment balances and accumulated depreciation as of December 31, 2025 and 2024:


(in thousands)	December 31, 2025		December 31, 2024
Corporate assets (1)	$	15,084	$	11,093
Mining equipment	79,250		172,572
Data center infrastructure (2)	67,669		113,710
Land	35,272		12,809
WIP / Construction in progress (3)	1,344,211		35,777
Property and equipment, gross (4)	1,541,486		345,961
Less: Accumulated depreciation	(30,135)		(57,934)
Less: Impairment (5)	(88,238)		(50,989)
Property and equipment, net	$	1,423,113	$	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 Artificial Intelligence (“AI”) and High Performance Computing (“HPC”) leasing businesses. During the year ended December 31, 2025, a portion of data center

infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.

(3)WIP/Construction in progress related to data center infrastructure under construction.

(4)Gross asset amounts are net of any asset disposals.

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

Depreciation expense of $18.2 million, $31.2 million and $15.3 million for the years ended December 31, 2025, 2024, and 2023 respectively, is included in General and administrative expenses in the Company’s consolidated statements of operations.

Impairment of Mining Equipment and Related Infrastructure

The Company assesses mining equipment and related infrastructure for impairment when a triggering event is identified. For the years ended December 31, 2025, 2024, and 2023 the Company recognized an impairment $87.3 million, $0.1 million, and $0.5 million, respectively. Impairment for 2025 is the result of a change of anticipated use of the mining equipment and related infrastructure in fiscal year 2025. Impairment is recognized in relation to mining equipment and related infrastructure, 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 and related infrastructure using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.

EQUITY BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation and Benefits

For the years ended December 31, 2025, 2024 and 2023, the total compensation and benefits include cash based payments and equity based payments as follows:


	Year ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Compensation and benefits excluding equity based compensation	$	244,118	$	191,435	$	136,132
Equity based compensation (1)	55,750		74,156		83,124
Total compensation and benefits (2)	$	299,868	$	265,591	$	219,256

__________________

(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.

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company has awarded compensatory limited partnership units in the form of profit interest units, stock options and restricted stock to eligible officers and employees. For the years ended December 31, 2025, 2024 and 2023, equity based compensation included the following:


	Year ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Stock options (1)	$	24,455	$	20,475	$	23,138
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (2)	32,150		54,489		60,593
Compensatory limited partnership units

Profit Interest Units	—		53		59
	$	56,605	$	75,017	$	83,790

__________________

(1)Includes Stock Appreciation Rights in year ended December 31, 2025

(2)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 and stock appreciation rights, is set forth in the following table:


Description	Number of Options	Weighted Average Exercise Price (C$/$)(1)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2022	27,652,543	C$	8.56	2.62	$	9,594
Granted	10,963,780	C$	6.30
Stock options replaced by replacement awards	(1,875,000)	C$	23.08
Exercised	(5,847,020)	C$	3.73
Forfeited	(5,485,996)	C$	9.23
Expired / Canceled / Repurchased	(3,144,334)	C$	14.04
Balance, December 31, 2023	22,263,973	C$	6.56	2.98	$	76,893
Granted	2,913,051	C$	16.66
Exercised	(3,546,327)	C$	3.16
Forfeited	(1,521,299)	C$	6.63
Canceled	(244,390)	C$	11.55
Balance, December 31, 2024	19,865,008	C$	8.58	3.44	$	230,641
Granted (2)	5,453,804	$	14.10
Exercised	(9,212,436)	$	4.65
Forfeited	(1,884,877)	$	7.68
Canceled	(182,185)	$	2.87
Balance, December 31, 2025	14,039,314	$	10.02	3.02	$	178,713
Vested and expected to vest as of December 31, 2025	14,039,314	$	10.02	3.02	$	178,713
Options exercisable as of December 31, 2025	5,209,896	$	8.07	2.17	$	137,328
Vested and expected to vest as of December 31, 2024	19,865,008	C$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	C$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	C$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	C$	5.80	1.82	$	40,427

__________________

(1)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

(2)Includes Stock Appreciation Rights for year ended December 31, 2025.

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The fair value of the options granted was measured using the Black-Scholes option pricing model with the following weighted average inputs:


Inputs to the Black-Scholes Model	December 31, 2025	December 31, 2024	December 31, 2023
Share price	$10.85 - $31.79	C$12.41 - C$27.45	C$4.77-C$7.43
Exercise price	$4.83 - $33.49	C$10.00 - C$37.38	C$4.19-C$8.06
Expected term (in years)	2.5 - 7	5	5
Expected volatility	85% - 90%	85% - 90%	80.0% - 90.0%
Risk-free interest rate	2.6% - 4.4%	2.8% - 3.8%	3.0% - 4.0%%
Dividend yield	0%	0%	0%

Schedule of Nonvested Share Activity

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


Description	LP Units	Weighted-Average Grant Date Fair Value (C$/$)(1)
Balance, December 31, 2022	10,792,944	C$	1.49
Granted/ Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance, December 31, 2023	10,792,944	C$	1.44
Granted / Transferred	—	—
Exchanged	(81,357)	C$	1.65
Forfeited	—	—
Balance, December 31, 2024	10,711,587	C$	1.49
Granted / Transferred	—	—
Exchanged	(4,473,169)	$	1.56
Forfeited	—	—
Balance December 31, 2025	6,238,418	$	1.44

Class B Units exercisable, December 31, 2025	6,238,418	$	1.44
Class B Units exercisable, December 31, 2024	10,711,587	C$	1.49

________________

(1)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

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$)
Balance, December 31, 2022	1,643,590	C$	10.07

Vested	(736,782)	C$	10.61
Forfeited	(625,000)	C$	5.35
Balance, December 31, 2023	281,808	C$	19.11
Vested	(281,808)	C$	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, December 31, 2025	—	—

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$/$)(2)
Balance, December 31, 2022	11,462,917	C$	20.50
Granted(1)	4,983,339	C$	4.92
Exercised	(3,036,166)	C$	19.20
Forfeited / Cancelled	(2,206,466)	C$	18.31
Balance, December 31, 2023	11,203,624	C$	14.36
Granted(1)	3,439,035	C$	14.85
Exercised	(3,668,309)	C$	15.44
Forfeited / Cancelled	(964,777)	C$	14.17
Balance, December 31, 2024	10,009,573	C$	14.15
Granted(1)	3,807,689	$	20.00
Exercised	(5,922,203)	$	11.58
Forfeited / Cancelled	(773,791)	$	9.53
Balance, December 31, 2025	7,121,268	$	14.25

Units vested as of December 31, 2025	5,922,203	$	11.58
Units vested as of December 31, 2024	4,066,372	C$	15.07

__________________

(1)Includes deferred share units granted to the directors as part of annual compensation and, for year ended December 31, 2025, includes Non-Treasury Share Unit Plans.

(2)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

DERIVATIVES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

Derivatives not designated as hedging instruments

The Company enters into derivative contracts primarily for the purpose of trading, risk management, and hedging of operating costs. The Company recognized net derivative gain related to free-standing derivatives of

$329.0 million, $267.8 million and $151.6 million for the years ended December 31, 2025, 2024 and 2023 respectively.

The breakdown of the Company’s derivatives portfolio, as of December 31, 2025 and December 31, 2024 was as follows:


	December 31, 2025
(in thousands)	Notional Amounts (1)		Derivative Assets		Derivative Liabilities
Digital assets	$	1,967,358	$	72,815	$	(33,656)
Foreign currencies	391,680		1,484		(424)
Equity securities	4,758,135		1,307		(5,103)
Interest rates	1,372,860		465		(189)
Commodities	82,763		2,767		(1,110)



	8,572,796		78,838		(40,482)

Digital assets receivable	8,527		8,497		—
Embedded derivatives — Digital assets borrowed	2,728,919		321,651		(10,000)
Embedded derivatives — Collateral payable	2,283,590		358,743		(36,057)
Embedded derivatives — Payable to customer	84,235		854		—


	December 31, 2024
(in thousands)	Notional Amounts (1)		Derivative Assets		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. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.

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


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




Collateral payable — Digital assets	$	24,747	$	30,600
Collateral payable — Cash	7,457		30,460
Collateral payable associated with derivatives	$	32,204	$	61,060

Assets posted as collateral — Digital assets	248		$	—
Assets posted as collateral — Cash	700		—
Assets posted as collateral associated with derivatives	$	948	$	—

Derivatives designated as hedging instruments

The Company enters into derivatives designated as cash flow hedges to manage exposure to variability in future cash flows associated with interest payments.

The breakdown of the Company's portfolio of derivatives designated as hedging instruments as December 31, 2025 was as follows:


	December 31, 2025
(in thousands)	Notional Amounts		Derivative Assets		Derivative Liabilities

Interest rates	1,400,000		4,969




Derivatives designated as cash flow hedges	$	1,400,000	$	4,969	$	—

The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges for the following periods:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Gain / (loss) recognized in OCI	(4,506)		—		—



Derivatives designated as cash flow hedges	$	(4,506)	$	—	$	—

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

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Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL ASSETS - Holdings (Details) $ in Thousands	Dec. 31, 2025 USD ($) digital_asset	Dec. 31, 2024 USD ($) digital_asset
Crypto Asset, Holding [Line Items]
Historical cost	$ 4,719,656	$ 3,041,321
Carrying value	4,541,661	2,928,225
Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	3,894,432	2,443,026
Carrying value	3,732,815	2,378,022
Portion at Other than Fair Value Measurement
Crypto Asset, Holding [Line Items]
Historical cost	825,224	598,295
Carrying value	$ 808,846	$ 550,203
Bitcoin
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	25,723	13,704
Bitcoin \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 2,282,988	$ 1,335,194
Carrying value	$ 2,251,410	$ 1,277,816
USDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	392,816,281	333,713,029
USDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 393,418	$ 334,224
Carrying value	$ 392,659	$ 333,652
AETHUSDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	231,655,352
AETHUSDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 231,601
Carrying value	$ 231,562
Ether
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	61,137	112,248
Ether \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 180,946	$ 378,907
Carrying value	$ 181,422	$ 373,871
SUSDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	138,611,076
SUSDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 149,634
Carrying value	$ 150,083
GTSY
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	99,926,786
GTSY \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 99,997
Carrying value	$ 100,216
SOL
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	775,289	498,767
SOL \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 132,044	$ 73,567
Carrying value	96,506	94,288
Other \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	423,804	231,228
Carrying value	$ 328,957	$ 195,357
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
TIA \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost		$ 17,995
Carrying value		$ 34,116

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Goodwill

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


(in thousands)	December 31, 2025		December 31, 2024
Balance, beginning of period	$	58,037	$	44,257
Additions due to acquisitions (Note 3)	8,486		13,780
Balance, end of period	$	66,523	$	58,037

Schedule of Intangible Assets

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

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


(in thousands)	December 31, 2025		December 31, 2024
Software technology (1)	$	48,494	$	40,508
Other purchased finite-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	63,956		55,970
Less: Accumulated amortization	(34,458)		(18,619)
Intangible assets, net	$	29,498	$	37,351

_________________

(1)Includes capitalized equity based compensation of $4.6 million and $3.1 million as of December 31, 2025 and 2024. respectively.

Schedule of Future Amortization Expense

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


(in thousands)	Amounts



2026	11,318
2027	8,369
2028	6,982
2029	547
2030	120

Total future amortization expense	$	27,336

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

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Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS

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

•Net realized gains / (losses) related to sales of investments were $258.8 million, $(171.1) million and $13.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

•Net unrealized gains / (losses) related to investments were $(381.3) million, $429.9 million and $84.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Investments at Measurement Alternative


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
December 31, 2025	$	159,239	$	(19,178)	$	(73,207)	$	18,727	$	81,919
December 31, 2024	$	63,227	$	(6,990)	$	(59,608)	$	2,214	$	63,652

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		12 Months Ended
	Aug. 19, 2025	Aug. 01, 2025	Oct. 31, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Issuance of class A units, net of issuance cost (in shares)					17,454,066	81,357	30,121
Distributions					$ 49.3	$ 55.3	$ 22.4
Private Placement
Class of Stock [Line Items]
Number of shares issued (in shares)			9,027,778
Debt instrument, private strategic investment			$ 460.0
Public Offering
Class of Stock [Line Items]
Number of shares issued (in shares)				35,980,967
Common stock (in shares)				26,400,000
Share price (in usd and cad per share)				$ 19.00
Offering expenses payable				$ 477.8
Public Offering \| Class B Common Stock
Class of Stock [Line Items]
Number of shares issued (in shares)				9,227,011
Certain Executive Officers \| Private Placement
Class of Stock [Line Items]
Number of shares issued (in shares)			3,750,000
Sale of stock, price per share (in dollars per share)			$ 36.00
RSUs
Class of Stock [Line Items]
Outstanding liability related to cash settled units	$ 8.0
RSUs \| NTSUP RSU
Class of Stock [Line Items]
Common stock, issued (in shares)	5
Maximum number of shares reserved for issuance fixed (in shares)	411,603
RSUs \| LTIP RSUs
Class of Stock [Line Items]
Maximum number of shares reserved for issuance fixed (in shares)	412,133
Incremental cost	$ 4.8
SARs \| Cash-Settled Awards
Class of Stock [Line Items]
Maximum number of shares reserved for issuance fixed (in shares)		553,181
Outstanding liability related to cash settled units		$ 9.3
Incremental cost		$ 3.8

DIGITAL ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Digital Asset Holdings

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


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2025
Digital intangible assets (includes $1,168.4 million measured at fair value)	$	1,236,892	$	—	$	591	$	1,237,483
Digital financial assets	—		422,144		—		422,144
Total self-custodied (1)	1,236,892		422,144		591		1,659,627

Digital intangible assets (includes $758.3 million measured at fair value)	840,960		—		26,233		867,193
Digital financial assets	—		8,304		—		8,304
Total held with third parties, including centralized trading platforms (1)	840,960		8,304		26,233		875,497

Collateral posted with counterparties (2) (includes $779.4 million measured at fair value)	810,338		—		—		810,338



Digital assets associated with decentralized finance protocols (2)(3)	638,026		558,173		—		1,196,199
Total digital assets	$	3,526,216	$	988,621	$	26,824	$	4,541,661


(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 (1)	523,002		1,392		20,904		545,298

Collateral posted with counterparties (2) (measured at fair value)	85,874		—		—		85,874





Digital assets associated with decentralized finance protocols (3)	394,328		4,814		—		399,142
Total digital assets	$	2,547,581	$	359,665	$	20,979	$	2,928,225

_______________

The following tables show the Company’s most significant gross digital asset holdings as of December 31, 2025 and 2024:


	December 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	25,723	$	2,282,988	$	2,251,410
USDC	392,816,281	393,418		392,659
AETHUSDC	231,655,352	231,601		231,562
Ether	61,137	180,946		181,422
SUSDC	138,611,076	149,634		150,083
GTSY	99,926,786	99,997		100,216
SOL	775,289	132,044		96,506
Other	not meaningful	423,804		328,957
Digital assets measured at fair value		3,894,432		3,732,815
Digital assets not measured at fair value	not meaningful	825,224		808,846
Total digital assets		$	4,719,656	$	4,541,661


	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

Schedule of Crypto Asset, Activity

The following tables summarize the activity within our significant digital asset classes for the year ended December 31, 2025 and 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 December 31, 2025
Digital intangible assets	$	550,203	$	23,639,878	$	(23,450,239)	$	144,597	$	(753,701)	$	693,897	$	(15,789)	$	808,846
Digital intangible assets at fair value	2,018,357		53,304,380		(53,157,410)		1,171,514		—		2,126,742		(2,719,389)		2,744,194
Digital financial assets	359,665		17,819,463		(17,837,080)		641,520		—		19,214		(14,161)		988,621
Total digital assets	$	2,928,225	$	94,763,721	$	(94,444,729)	$	1,957,631	$	(753,701)	$	2,839,853	$	(2,749,339)	$	4,541,661


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

__________________

EQUITY BASED COMPENSATION - Activity Related to Restricted Stock During the Respective Periods (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Beginning balance (in shares)	0	281,808	1,643,590
Vested (in shares)	0	(281,808)	(736,782)
Forfeited (in shares)	0	0	(625,000)
Ending balance (in shares)	0	0	281,808
Weighted Average Grant Price (C$)
Beginning balance (in usd and cad per share)	$ 0	$ 19.11	$ 10.07
Vested (in usd and cad per share)	0	19.11	10.61
Forfeited (in usd and cad per share)	0	0	5.35
Ending balance (in usd and cad per share)	$ 0	$ 0	$ 19.11

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Collateral Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	$ 1,333,059	$ 717,962
Digital Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	1,322,442	673,427
Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	$ 10,617	$ 44,535

SUBSEQUENT EVENTS (Details) - Subsequent Event - Class A Common Stock	Feb. 06, 2026 USD ($)
Subsequent Event [Line Items]
Share repurchase program, authorized, amount	$ 200,000,000
Share repurchase program, period in force	12 years

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Tax liabilities and liability from tax receivable agreement	$ 209,273	$ 42,994
Deferred revenue	183,321	0
Legal settlement	$ 111,939	$ 142,462
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities, noncurrent	Other liabilities, noncurrent
Lease liability	$ 8,636	$ 6,936
Other liabilities, noncurrent	$ 513,169	$ 192,392

EQUITY BASED COMPENSATION - Activity Related to the Compensatory Class B Units During the Respective Periods (Details) - Class B Unit Capital	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2025 $ / shares $ / shares shares	Dec. 31, 2024 $ / shares $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares
LP Units
Beginning balance (in shares)	10,711,587	10,711,587	10,792,944	10,792,944	10,792,944	10,792,944
Granted / Transferred (in shares)	0	0	0	0	0	0
Exchanged (in shares)	(4,473,169)	(4,473,169)	(81,357)	(81,357)
Forfeited (in shares)	0	0	0	0	0	0
Ending balance (in shares)	6,238,418	6,238,418	10,711,587	10,711,587	10,792,944	10,792,944
Class B units exercisable (in shares)	6,238,418	6,238,418	10,711,587	10,711,587
Weighted-Average Grant Date Fair Value (C$/$)(1)
Beginning balance (in usd and cad per share) \| (per share)		$ 1.49	$ 1.44			$ 1.49
Granted / Transferred (in usd per shares) \| (per share)	$ 0			$ 0		0
Exchanged (in usd and cad per share) \| (per share)	1.56			1.65
Forfeited (in usd and cad per share) \| (per share)	0			0		$ 0
Ending balance (in usd and cad per share) \| (per share)	1.44			1.49	$ 1.44
Class B units exercisable (in usd and cad per share) \| (per share)	$ 1.44	$ 1.44	$ 1.49	$ 1.49

REPORTABLE SEGMENTS - Narrative (Details)	12 Months Ended
REPORTABLE SEGMENTS - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Items measured on a recurring basis at fair value:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	694,991	$	293,630	$	—	$	988,621
Digital intangible assets at fair value	2,636,173		108,021		—		2,744,194

Digital asset loans receivable, net of allowance — Financial assets	—		374,308		—		374,308
Digital assets receivable			43		8,454		8,497

Derivative assets	69,548		14,259		—		83,807
Embedded derivative — Collateral payable — Digital assets	—		358,743		—		358,743
Embedded derivative — Digital assets borrowed	—		321,651		—		321,651
Embedded derivative — Payable to customer	—		854		—		854
Investments (1)	761,408		29,313		495,372		1,286,093
	$	4,162,120	$	1,500,822	$	503,826	$	6,166,768
Liabilities
Investments sold short (2)	$	59,893	$	—	$	—	$	59,893

Derivative liabilities	32,486		7,996		—		40,482

Embedded derivative — Digital assets borrowed	—		10,000		—		10,000
Embedded derivative — Collateral payable	—		36,057		—		36,057

	$	92,379	$	54,053	$	—	$	146,432

__________________

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

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 14 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 $808.8 million and $550.2 million as of December 31, 2025 and 2024, 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
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
December 31, 2024	$	68,004	$	—	$	—	$	—	$	(17,043)	$	(30,504)	$	20,457
Digital assets receivable
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
December 31, 2024	$	20,569	$	—	$	(4,727)	$	4,724	$	52,477	$	(12,551)	$	60,492
Investments
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
December 31, 2024	$	364,576	$	129,188	$	(221,564)	$	117,036	$	119,803	$	15,534	$	524,573
Embedded derivative — Notes payable
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(136,192)	$	—
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 December 31, 2025, gross transfers into Level 3 were $13.1 million and gross transfers out of Level 3 were $473.1 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 assets receivable were due to underlying token launches of contracts held. The transfers out of Level 3 for Investments were due to conversion of warrants and preferred stock into publicly traded common stock. Transfers out of Level 3 for Digital assets receivable and Digital assets were due to removal of restrictions. Transfers out of Level 3 for Embedded derivative — Notes payable was due to the Reorganization Transactions. See Note 18 for additional information. 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 assets receivable 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 assets receivable and Digital assets were due to the removal of restrictions.


Financial Instrument	Fair Value at December 31, 2025 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average

Digital assets receivable	$	8,454	Marketability discount	3.3% - 72.3%	49.3%
Investments	$	495,372	Time to liquidity event (years)	0.0 - 10.0	4.8
			Annualized equity volatility	60.0% - 90.0%	81.7%
			Risk free rate	3.5% - 4.2%	3.8%
			Market adjustment discount	25.0% - 90.0%	46.9%
			Market adjustment premium	50.0% - 180.0%	102.9%
			Marketability discount	13.8% - 35.0%	23.8%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 3.3x	3.1x
			Enterprise value to projected revenue multiple	3.0x - 5.0x	4.4x
			Enterprise value to annualized revenue	5.0x - 9.0x	7x

			Enterprise value to ARR	3.0x - 13.00x	12.0x

			EV to gross profit	6.0x	6.0x
			Recovery percentage	36.0%	36.0%


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	—%	—%
			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 December 31, 2025
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,246,240	$	1,246,240	$	1,246,240	$	—	$	—
Assets posted as collateral – Cash	700		700		—		700		—
Accounts receivable	34,012		34,012		—		34,012		—
Loans receivable	557,002		557,002		—		557,002		—
Total Assets	$	1,837,954	$	1,837,954	$	1,246,240	$	591,714	$	—
Accounts payable and accrued liabilities	$	277,663	$	277,663	$	—	$	277,663	$	—
Notes payable	2,861,055		2,864,110		—		1,986,123		$	877,987
Collateral payable — Cash	19,266		19,266		—		19,266		—
Payable to customers — Cash	2,359		2,359		—		2,359		—
Loans payable	52,626		52,626		—		52,626		—
Settlement liability	151,034		148,775		—		148,775		—
Total Liabilities	$	3,364,003	$	3,364,799	$	—	$	2,486,812	$	877,987


	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		—
Settlement liability	149,445		151,029		—		151,029		—
Total Liabilities	$	1,881,395	$	1,874,195	$	281,531	$	1,592,664	$	—

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.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Prepaid expenses and other assets consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Prepaid expenses and assets (1)	$	43,721	$	11,112
Asset purchase deposits	34,168		4,845
Current tax asset and taxes receivable	17,152		5,364


Other (2)	4,693		5,571
	$	99,734	$	26,892

__________________

(1)Includes certain assets related to data center activities.

Accounts payable and accrued liabilities consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Compensation and compensation related	$	93,644	$	71,553
Professional fees	6,725		5,684
Promissory note (1)	—		96,933
Legal settlement	39,095		40,000
Construction and mining related payables and accrued liabilities	84,901		9,385
Payable for digital asset trades	3,223		20,970
Interest	13,216		15,530
Payable for investments and acquisitions	5,802		11,054
Accounts payable	17,570		6,910

Deferred revenue	441		358
Taxes payable	3,410		—
Other	9,636		3,154
	$	277,663	$	281,531

__________________

(1)As a result of the Reorganization Transactions, the Promissory Note between GDH LP and GDI was eliminated in consolidation. Refer to Note 23 for further information on related party transactions.

Other non-current liabilities consist of the following:


(in thousands)	December 31, 2025		December 31, 2024
Tax liabilities and liability from tax receivable agreement	$	209,273	$	42,994
Deferred revenue	183,321		—
Legal settlement	111,939		142,462
Lease liability	8,636		6,936
	$	513,169	$	192,392

LOANS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

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)	December 31, 2025		December 31, 2024
Loans payable	$	52,626	$	510,718

Interest expense related to the Company’s loans payable was $13.0 million, $11.5 million and $2.2 million for the year ended December 31, 2025, 2024 and 2023 respectively.

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	December 31, 2025		December 31, 2024
Assets posted as collateral — Digital assets	$	13,317	$	194,306
Less: Allowance for credit losses	(62)		(554)
Assets posted as collateral associated with digital asset loans payable	$	13,255	$	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, $402.5 million aggregate principal amount of 2.500% exchangeable senior notes on November 25, 2024 (the “2029 Exchangeable Notes”), and $1.3 billion aggregate principal amount of 0.50% exchangeable senior notes (the “2031 Exchangeable Notes”, together with the “2029 Exchangeable Notes” and “2026 Exchangeable Notes”, the “Exchangeable Notes”). Outstanding 2026 Exchangeable Notes, 2029 Exchangeable Notes, and 2031 Exchangeable Notes will mature and the aggregate principal amount is due in 2026, 2029 and 2031, 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 Exchangeable Notes. The 2026 Exchangeable Notes have an initial exchange rate of 7,498.2210 shares of Class A common stock per $250,000 principal amount, the 2029 Exchangeable Notes have an initial exchange rate of 10,497.5856 shares of Class A common stock per $250,000 principal amount, and the 2031 Exchangeable Notes have an initial exchange rate of 17.9352 shares of Class A common stock per $1,000 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 applicable indenture that governs the Exchangeable Notes.

Prior to the Reorganization Transactions, the Company determined that the exchange features represented derivative financial instruments embedded in the Exchangeable Notes as the notes were exchangeable for ordinary shares of GDH Ltd., an unconsolidated affiliate. The exchange feature was recorded at fair value as a discount to the value of the Exchangeable Notes as of the applicable inception date. Accordingly, the Company recorded aggregate discounts 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 exchangeable instrument at issuance and the fair value of the exchange feature was allocated to the host contract. Upon the completion of the Reorganization Transactions, given the Exchangeable Notes are now exchangeable for Class A common stock of GDI, the embedded derivative no longer meets the bifurcation criteria and the net loss from the inception of the derivative was reclassified to equity which is reflected in the Impact of Reorganization Transactions in the Company’s consolidated statements of changes in equity. As of December 31, 2024, the Exchangeable Notes and the associated derivative liability are shown as Notes payable in the Company’s consolidated statements of financial position.

On initial recognition of the 2026 Exchangeable Notes, 2029 Exchangeable Notes, and 2031 Exchangeable Notes, debt issuance costs of $13.4 million, $13.6 million, and $26.7 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The unamortized debt issuance cost as of December 31, 2025 and 2024 was $39.6 million and $18.5 million, respectively. As of December 31, 2025 and 2024, there was $2.1 billion and $847.5 million, respectively, in principal outstanding of the Exchangeable Notes.

The interest expense from the Exchangeable Notes for the years ended December 31, 2025, 2024 and 2023 was $59.2 million, $30.8 million and $27.3 million including coupon interest of $24.5 million, $14.3 million and $13.4 million, respectively. The effective interest rates on the 2026, 2029, and 2031 Exchangeable Notes are 7.0%, 9.2%, and 0.9% respectively.

Credit agreement

On August 15, 2025, Galaxy Helios I LLC (“Galaxy Helios I”), a wholly owned subsidiary of GDH LP, entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $1.4 billion. The intended use for this facility is to finance the construction and development of a data center project in Dickens County, Texas and related costs. As of

December 31, 2025, the outstanding amount drawn on this facility was $878.0 million, which is recognized within Notes payable in the Company’s consolidated statements of financial position.

Commitments under the Credit Agreement will mature on August 15, 2028, unless otherwise earlier terminated pursuant to the terms of the Credit Agreement. Galaxy Helios I may repay amounts borrowed and/or terminate the commitments under the Credit Agreement (in whole or part) at any time subject to the payment of a Prepayment Premium (as defined in the Credit Agreement).

Loans under the Credit Agreement bear interest at a rate per annum equal to the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin of 4.75%, subject to a floor of 2.5%. The Company utilizes cash flow hedges, primarily interest rate caps, to mitigate its exposure to variability in the associated interest rate.

Subject to customary exceptions, the Credit Agreement contains certain limitations on the ability of Galaxy Helios I to engage in certain activities, including incurring indebtedness and liens, making investments, entering into affiliate transactions and undergoing fundamental changes. The Credit Agreement also contains a financial maintenance covenant, requiring Galaxy Helios I to maintain a minimum debt service coverage ratio of 1.40 beginning with the first full quarter after Stabilization (as defined in the Credit Agreement) and a maximum loan to cost ratio of 80% on the closing date and each fiscal quarter thereafter until Stabilization (as defined in the Credit Agreement).

The Credit Agreement contains customary events of default, including, without limitation, payment defaults, covenant defaults, breaches of certain representations and warranties, cross defaults to certain indebtedness, certain events of bankruptcy and insolvency, certain judgments, change of control, certain ERISA events, the termination of certain contracts, the misuse of funds and the invalidity of the loan documents.

As of December 31, 2025, the Company’s notes payable repayment obligation was as follows:


(in thousands)						Amount Due

2026						445,000
2027						—
2028						877,987
2029						402,500
2030						—
2031						1,300,000
Total						3,025,487

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
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LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	December 31, 2025		December 31, 2024
Loans receivable	$	554,622	$	476,620
Loans receivable, non-current	2,553		—
Less: allowance for credit loss	(173)		—
Loans receivable, current and non-current	$	557,002	$	476,620


(in thousands)	December 31, 2025		December 31, 2024
Loans payable	$	52,626	$	510,718


(in thousands)	December 31, 2025		December 31, 2024
Assets posted as collateral — Digital assets	$	13,317	$	194,306
Less: Allowance for credit losses	(62)		(554)
Assets posted as collateral associated with digital asset loans payable	$	13,255	$	193,752

Schedule of Outstanding Loans Receivable to be Repaid

Loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts

2026	$	554,622
2027	—
2028	2,553
2029	—
2030	—
Loans receivable, current and non-current	$	557,175

Schedule of Collateral Payable Associated With Loans Receivable, Current

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


(in thousands)	December 31, 2025		December 31, 2024
Collateral payable — Digital assets	$	613,716	$	620,633
Collateral payable — Cash	1,192		—
Collateral payable associated with loans receivable, current and non-current	$	614,908	$	620,633

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 60,243,860	$ 42,503,233	$ 51,577,737
Interest income	147,929	85,489	48,060
Total revenues	60,406,728	42,596,673	51,626,779
Digital Assets
Disaggregation of Revenue [Line Items]
Total revenues	60,385,358	42,497,063	51,565,491
Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	60,255,312	42,410,806	51,520,590
Interest income	123,716	80,405	43,919
Total revenues	60,385,358	42,497,063	51,565,491
Data Centers
Disaggregation of Revenue [Line Items]
Total revenues	8,433	0	0
Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Interest income	8,433	0	0
Total revenues	8,433	0	0
Treasury and Corporate
Disaggregation of Revenue [Line Items]
Total revenues	12,937	99,610	61,288
Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(11,452)	92,427	57,147
Interest income	15,780	5,084	4,141
Total revenues	12,937	99,610	61,288
Digital assets sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	59,850,850	42,155,920	51,488,120
Digital assets sales \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	59,850,850	42,155,920	51,488,120
Digital assets sales \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Digital assets sales \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	158,571	103,194	50,811
Fees \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	167,327	74,962	29,240
Fees \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Fees \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(8,756)	28,232	21,571
Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	219,950	180,814	5,685
Blockchain rewards \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	237,135	179,924	3,230
Blockchain rewards \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Blockchain rewards \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(17,185)	890	2,455
Proprietary mining
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,489	63,305	33,121
Proprietary mining \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Proprietary mining \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
Proprietary mining \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,489	63,305	33,121
Blockchain rewards from non-customers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	14,939	7,951	982
Blockchain rewards from non-customers \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	6,330	5,852	982
Blockchain rewards from non-customers \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0	0
Blockchain rewards from non-customers \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 8,609	$ 2,099	$ 0

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
	Nov. 25, 2025	Jun. 05, 2025	Feb. 28, 2025	Dec. 09, 2024	Jul. 18, 2024	Aug. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill							$ 66,523	$ 58,037	$ 44,257
Cash consideration							$ 7,782	$ 5,115	$ 43,893
Customer Relationships
Business Combination [Line Items]
Finite-lived intangible asset, useful life					5 years
Alluvial Finance
Business Combination [Line Items]
Purchase price	$ 7,100
Goodwill	3,864
Intangible assets	2,470
Business acquisition, transaction costs	$ 100
Meridian Labs
Business Combination [Line Items]
Purchase price		$ 4,200
Goodwill		4,200
Contingent consideration		3,100
Contingent consideration, maximum amount		$ 5,000
Fierce Company
Business Combination [Line Items]
Purchase price				$ 12,500
Goodwill				8,588
Intangible assets				411
Business acquisition, transaction costs				200
Contingent consideration				1,200
Cash consideration				3,000
Consideration transferred, equity interests issued and issuable				9,500
Deferred tax assets				3,300
Fierce Company \| Trade Names
Business Combination [Line Items]
Intangible assets				$ 400
Fin2 LLC
Business Combination [Line Items]
Purchase price						$ 425,000
CryptoManufaktur
Business Combination [Line Items]
Purchase price					$ 12,400
Goodwill					5,193
Intangible assets					7,213
Business acquisition, transaction costs					500
Contingent consideration					5,500
Consideration transferred, equity interests issued and issuable (in shares)			76,573
CryptoManufaktur \| Customer Relationships
Business Combination [Line Items]
Intangible assets					$ 7,200

DIGITAL ASSETS - Additional Detail Related to the Digital Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	$ 2,717,400	$ 1,997,400
Digital intangible assets, current	3,526,216	2,547,581
Digital financial assets	988,621	359,665
Digital intangible assets, non-current	26,824	20,979
Total digital assets	4,541,661	2,928,225	$ 1,088,171
Collateral posted with counterparties, digital asset and fiat borrowings	608,900	53,700
Digital assets associated with decentralized finance protocols, support borrowings	$ 74,200	$ 124,900
Debt instrument covenant loan to value ratio	80.00%	95.00%
Crypto Asset, Self-Custodied
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	$ 1,168,400	$ 1,480,900
Digital intangible assets, current	1,236,892	1,544,377
Digital financial assets	422,144	353,459
Digital intangible assets, non-current	591	75
Digital intangible assets	1,237,483	1,544,452
Digital financial assets	422,144	353,459
Total digital assets	1,659,627	1,897,911
Crypto Asset, Held With Third Parties
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	758,300	451,400
Digital intangible assets, current	840,960	523,002
Digital financial assets	8,304	1,392
Digital intangible assets, non-current	26,233	20,904
Digital intangible assets	867,193	543,906
Digital financial assets	8,304	1,392
Total digital assets	875,497	545,298
Crypto Asset, Collateral Posted With Counterparties
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	810,338	85,874
Digital financial assets	0	0
Digital intangible assets, non-current	0	0
Collateral posted with counterparties, fair value	779,400
Total digital assets	810,338	85,874
Crypto Asset, Decentralized Finance Protocols
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	638,026	394,328
Digital financial assets	558,173	4,814
Digital intangible assets, non-current	0	0
Total digital assets	$ 1,196,199	$ 399,142

EQUITY BASED COMPENSATION - Awarded Compensatory Equity Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 56,605	$ 75,017	$ 83,790
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	24,455	20,475	23,138
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	32,150	54,489	60,593
Profit Interest Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 0	$ 53	$ 59

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Income before Income Tax, Domestic and Foreign

OTHER ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Compensation and compensation related	$ 93,644	$ 71,553
Professional fees	6,725	5,684
Promissory note	0	96,933
Legal settlement	39,095	40,000
Construction and mining related payables and accrued liabilities	84,901	9,385
Payable for digital asset trades	3,223	20,970
Interest	13,216	15,530
Payable for investments and acquisitions	5,802	11,054
Accounts payable	17,570	6,910
Deferred revenue	441	358
Taxes payable	3,410	0
Other	9,636	3,154
Accounts payable and accrued liabilities	$ 277,663	$ 281,531

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

The components of income (loss) before income taxes were attributable to the following regions (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2023
Domestic	$	(359,322)	$	(181,051)	$	(98,293)
Foreign	88,643		510,834		342,721
Total income (loss) before income taxes	$	(270,679)	$	329,783	$	244,428

Schedule of Components of Income Tax Expense (Benefit)

Provision for (benefit from) income taxes consisted of the following (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2023
Current
Federal	$	(43,862)	$	—	$	—
State	(2,488)		(6,270)		1,920
Foreign	3,107		(2,283)		7,457
Total Current	(43,243)		(8,553)		9,377
Deferred
Federal	19,713		(1,333)		(251)
State	1,932		6,222		3,381
Foreign	(7,732)		(13,275)		3,407
Total Deferred	13,913		(8,386)		6,537
Total provision for (benefit from) income taxes	$	(29,330)	$	(16,939)	$	15,914

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):


(in thousands)	Year ended December 31, 2025
Provision for income taxes at U.S. federal statutory rate	$	(56,843)	21.00	%
State and local income taxes, net of federal benefit (1)	(6,573)		2.43	%
Foreign tax effects	(4,625)		1.71	%
Non-taxable or non-deductible items:
Share based compensation	(13,589)		5.02	%
Other nondeductible items	(529)		0.20	%
Other adjustments
Other adjustments	(8,676)		3.21	%
Noncontrolling interest	35,580		(13.14)	%
Impact of reorganization	25,925		(9.58)	%
Total tax provision and effective tax rate	$	(29,330)	10.84	%

________________

(1) State and Local taxes in New York, including New York City, make up a majority (greater than 50%) of the tax effect in this category.

the effective income tax rate differs from the Cayman statutory income tax rate of 0.0% as follows:


(in thousands)	Year Ended December 31, 2024				Year Ended December 31, 2023

Earnings before income taxes	$	329,783			$	244,428
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	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%
Total income tax expense and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024
Deferred Tax Assets
Net operating loss carryforward	$	208,121	$	68,432
Other	1,600		6,244
Total Deferred Tax Assets	209,721		74,676
Deferred Tax Liabilities	—
Investment basis differences/Net unrealized gains and losses	(29,857)		(52,557)
Other	—		(2,096)
Total Deferred Tax Liabilities	(29,857)		(54,653)
Net Deferred Tax Assets	$	179,864	$	20,023

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment

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

• Data center 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

The following table represents property and equipment balances and accumulated depreciation as of December 31, 2025 and 2024:


(in thousands)	December 31, 2025		December 31, 2024
Corporate assets (1)	$	15,084	$	11,093
Mining equipment	79,250		172,572
Data center infrastructure (2)	67,669		113,710
Land	35,272		12,809
WIP / Construction in progress (3)	1,344,211		35,777
Property and equipment, gross (4)	1,541,486		345,961
Less: Accumulated depreciation	(30,135)		(57,934)
Less: Impairment (5)	(88,238)		(50,989)
Property and equipment, net	$	1,423,113	$	237,038

__________________

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

infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.

(3)WIP/Construction in progress related to data center infrastructure under construction.

(4)Gross asset amounts are net of any asset disposals.

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

Schedule of Intangible Assets

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

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


(in thousands)	December 31, 2025		December 31, 2024
Software technology (1)	$	48,494	$	40,508
Other purchased finite-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	63,956		55,970
Less: Accumulated amortization	(34,458)		(18,619)
Intangible assets, net	$	29,498	$	37,351

_________________

(1)Includes capitalized equity based compensation of $4.6 million and $3.1 million as of December 31, 2025 and 2024. respectively.

BUSINESS COMBINATIONS - Assets and Liabilities Recognized in Relation to Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Nov. 25, 2025	Dec. 31, 2024	Dec. 09, 2024	Jul. 18, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 66,523		$ 58,037			$ 44,257
Alluvial Finance
Business Combination [Line Items]
Cash		$ 345
Other assets (net)		448
Intangible assets		2,470
Goodwill		3,864
Total assets		$ 7,127
Fierce Company
Business Combination [Line Items]
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 [Line Items]
Intangible assets					$ 7,213
Goodwill					5,193
Total assets					12,406
Accounts payable and accrued liabilities					21
Total liabilities					$ 22

REPORTABLE SEGMENTS - Schedule of Assets and Liabilities by Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 11,348,081	$ 7,119,855
Total liabilities	8,313,304	4,925,503
Digital Assets
Segment Reporting Information [Line Items]
Total assets	7,339,673	3,723,814
Total liabilities	6,238,722	3,163,499
Data Centers
Segment Reporting Information [Line Items]
Total assets	1,863,911	199,694
Total liabilities	1,098,739	0
Treasury and Corporate
Segment Reporting Information [Line Items]
Total assets	2,144,497	3,196,347
Total liabilities	$ 975,843	$ 1,762,004

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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VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Unfunded Commitments	$ 49,400	$ 69,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	427,906	541,531
Unfunded Commitments	49,422	69,019
Maximum Exposure	477,328	610,550
Sponsored Investment Funds \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	259,276	398,386
Unfunded Commitments	37,308	56,725
Maximum Exposure	296,584	455,111
Other VIE’s \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	168,630	143,145
Unfunded Commitments	12,114	12,294
Maximum Exposure	$ 180,744	$ 155,439

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.

Net income (loss) used in the calculation of basic income (loss) per share

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company calculates basic earnings per share by dividing net income attributable to the Class A common stock holders by the weighted-average number of Class A common stock outstanding during the period. Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post reorganization equity structure of the Company was in place at that time.


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Basic income (loss) per share	$	(0.53)	$	0.96	$	0.72
Net income (loss) used in the calculation of basic income (loss) per share	$	(84,863)	$	116,265	$	75,858
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	159,201,378		120,847,366		105,677,379

The following table sets forth the computation of diluted earnings per share:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Diluted income (loss) per share	$	(0.61)	$	0.84	$	0.60
Net income (loss) used in the calculation of diluted income (loss) per share	$	(221,857)	$	299,585	$	194,319
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	366,475,172		356,723,762		325,978,160

The following adjustments were made to the basic income (loss) per share as they were dilutive for the periods presented:


	Years Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net income (loss) used in the calculation of basic income (loss) per share	$	(84,863)	$	116,265	$	75,858
Noncontrolling interests	(136,994)		—		—
Exchangeable LP units	—		178,835		118,461
Exchangeable Notes	—		4,485		—

Net income (loss) used in the calculation of diluted income (loss) per share	$	(221,857)	$	299,585	$	194,319

Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	159,201,378		120,847,366		105,677,379
Noncontrolling interests	207,273,794		—		—
Compensatory LP units	—		11,791		—
Exchangeable LP units	—		215,883,528		215,921,721
Exchangeable notes	—		1,666,959		—
Compensatory awards	—		18,314,118		4,379,060
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	366,475,172		356,723,762		325,978,160

In addition, the following potentially dilutive shares were excluded from the diluted earnings per share calculation as they were anti-dilutive for the periods presented:


	Years Ended
	December 31, 2025	December 31, 2024	December 31, 2023
Compensatory LP units	—	—	—
Exchangeable LP units	—	—	—
Compensatory awards	16,392,010	—	—

Exchangeable notes	34,208,431	13,346,833	13,346,833
Total	50,600,441	13,346,833	13,346,833

EARNINGS PER SHARE - Basic Earnings per Share by Dividing Net Income (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Earnings Per Share, Basic

^[1],[2]

$ 75,858

Weighted average number of Class A Common Stock shares for the purposes of basic income (loss) per share (in share)

^[3]

159,201,378

120,847,366

105,677,379

Earnings Per Share, Diluted

Net income (loss) used in the calculation of diluted income (loss) per share

$ (221,857)

$ 299,585

$ 194,319

Weighted average number of Class A Common Stock for the purposes of diluted income (loss) per share (in shares)

^[3]

366,475,172

356,723,762

325,978,160

Class A Common Stock

Earnings Per Share, Basic

Basic income (loss) per share (in dollars per share)

^[2]

$ (0.53)

$ 0.96

$ 0.72

Net income (loss) used in the calculation of basic income (loss) per share

^[2]

$ (84,863)

$ 116,265

$ 75,858

Earnings Per Share, Diluted

Diluted income (loss) per share (in dollar per share)

^[2]

$ (0.61)

$ 0.84

$ 0.60

[1]	For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP.
[2]	For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH LP.
[3]	For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unit.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2025

BUSINESS COMBINATIONS

Alluvial Finance

On November 25, 2025, the Company acquired all shares of Alluvial Finance (“Alluvial”), a staking software development firm which was the development company for Liquid Collective, an enterprise-grade liquid staking protocol. The purchase price was $7.1 million, which was paid in cash. The Company accounted for the acquisition under ASC Topic 805, Business Combinations (“ASC 805”). The Company recognized the following assets and liabilities in relation to the acquisition of Alluvial:


(in thousands)	November 25, 2025
Cash	$	345
Other assets (net)	448
Intangible assets	2,470
Goodwill	3,864
Total assets	$	7,127

The Company recognized approximately $3.9 million of goodwill as a result of this acquisition, which was attributed to the Digital Assets segment. Goodwill was attributed to the expected synergies from combining Alluvial’s operations with the Company and the expected future cash flows of the combined business.

Acquired intangible assets as a result of this acquisition consisted of intellectual property valued at $2.5 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 $0.1 million, related to professional and legal fees. The revenue and net income / (loss) included in the Company’s consolidated statements of operations contributed by Alluvial for the year ended December 31, 2025, from the date of the acquisition, were not material to the Company. The revenue and net income / (loss) in the Company’s consolidated statements of operations contributed by Alluvial for the years ended December 31, 2025, 2024, and 2023, had Alluvial been acquired at the beginning of each reporting period, respectively, was not materially different from the amounts reported.

Meridian Labs

On June 5, 2025, the Company completed its purchase of Meridian Labs LLC, a technology consulting firm focused on blockchain development. The purchase price was $4.2 million, inclusive of $3.1 million of estimated contingent consideration to be paid in equal amounts of cash and Class A common stock. The amount of contingent consideration payable is determined by whether the acquired business achieves certain operational milestones. The maximum amount of contingent consideration would be $5.0 million if all of operating milestones are achieved. The Company accounted for the acquisition under ASC 805. The Company recognized approximately $4.2 million of goodwill which was attributed to the Digital Assets segment as a result of this acquisition.

Fierce

On December 9, 2024, a subsidiary controlled by the Company acquired all shares of Fierce Technology, Inc. (“Fierce”), a financial application software provider, 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 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 shares of Class A common stock, 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)	December 9, 2024
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 as a result of this acquisition. 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 as a result of this acquisition 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.

In August 2025, the Financial Industry Regulatory Authority approved the Company’s acquisition of FIN2, LLC (“FIN2”), which the Company subsequently completed for $425,000. This acquisition was in connection with the Company’s December 2024 acquisition of Fierce. The full amount of the purchase has been allocated to goodwill.

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.

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)	July 18, 2024
Intangible assets	$	7,213
Goodwill	5,193

Total assets	$	12,406


Accounts payable and accrued liabilities	21
Total liabilities	$	22

The Company recorded $5.2 million of goodwill as a result of this acquisition which was attributed to the Digital Assets segment. 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 as a result of this acquisition 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 consolidated statements of operations contributed by CMF for the year ended December 31, 2024, from the date of the acquisition, were not material to the Company.

The entire disclosure for business combination.

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DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Assets Posted as Collateral Associated with Digital Assets Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Less: Allowance for credit loss	$ (734)	$ (826)
Assets posted as collateral associated with digital assets borrowed	185,780	83,395
Digital Intangible Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral — Digital assets	$ 186,514	$ 84,221

LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Interest income related to loans receivable	$ 54.0	$ 48.7	$ 36.5

OPERATING PARTNERSHIP FINANCIAL INFORMATION - Consolidated Interim Statements of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 1,246,240	$ 462,103
Digital assets	3,526,216	2,547,581
Digital assets receivable	3,778	53,608
Digital asset loans receivable, net of allowance	1,070,029	579,530
Investments	1,023,236	808,694
Assets posted as collateral, net of allowance	199,983	277,147
Loans receivable, net of allowance	554,449	476,620
Property and equipment, net	1,423,113	237,038
Other assets	276,275	107,105
Total assets	11,348,081	7,119,855
Liabilities and Equity
Digital assets borrowed	56,107	0
Loans payable	52,626	510,718
Collateral payable	1,980,171	1,399,655
Notes payable	2,432,510	845,186
Other liabilities	513,169	192,392
Total liabilities	8,313,304	4,925,503
Total liabilities and equity	11,348,081	7,119,855
Galaxy Digital Holdings, LP
Assets
Cash and cash equivalents	1,244,395	462,103
Digital assets	4,541,661	2,928,225
Digital assets receivable	8,497	60,720
Digital asset loans receivable, net of allowance	1,078,929	579,530
Investments	1,732,305	1,643,506
Assets posted as collateral, net of allowance	199,983	277,147
Loans receivable, net of allowance	562,376	476,620
Property and equipment, net	1,423,113	237,038
Other assets	397,651	454,966
Total assets	11,188,910	7,119,855
Liabilities and Equity
Digital assets borrowed	2,417,268	1,497,609
Loans payable	188,176	510,718
Collateral payable	1,980,171	1,399,655
Notes payable	2,861,055	845,186
Other liabilities	847,563	672,335
Total liabilities	8,294,233	4,925,503
Total equity	2,894,677	2,194,352
Total liabilities and equity	$ 11,188,910	$ 7,119,855

EQUITY BASED COMPENSATION - Compensation and Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Compensation and benefits excluding equity based compensation	$ 244,118	$ 191,435	$ 136,132
Equity based compensation	55,750	74,156	83,124
Total compensation and benefits	$ 299,868	$ 265,591	$ 219,256

LOANS RECEIVABLE

12 Months Ended

Dec. 31, 2025

Schedule of Deferred Lease Revenue is Recognized

LOANS RECEIVABLE

In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral. No loans receivable were on nonaccrual status as of December 31, 2025 or December 31, 2024.

Loans Receivable, Current and Non-current


(in thousands)	December 31, 2025		December 31, 2024
Loans receivable	$	554,622	$	476,620
Loans receivable, non-current	2,553		—
Less: allowance for credit loss	(173)		—
Loans receivable, current and non-current	$	557,002	$	476,620

Loans receivable are scheduled to be repaid during the following periods:


(in thousands)	Amounts

2026	$	554,622
2027	—
2028	2,553
2029	—
2030	—
Loans receivable, current and non-current	$	557,175

Balances represent loan principal and exclude accrued interest receivable on loans.

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


(in thousands)	December 31, 2025		December 31, 2024
Collateral payable — Digital assets	$	613,716	$	620,633
Collateral payable — Cash	1,192		—
Collateral payable associated with loans receivable, current and non-current	$	614,908	$	620,633

Interest income related to the Company’s Loans receivable was $54.0 million, $48.7 million and $36.5 million for the years ended December 31, 2025, 2024 and 2023 respectively

LOANS AND NOTES PAYABLE - Loans Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Loans payable	$ 52,626	$ 510,718

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 18.2	$ 31.2	$ 15.3
Mining equipment
Property, Plant and Equipment [Line Items]
Impairment of mining equipment	$ 87.3	$ 0.1	$ 0.5

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid in the measurement of operating lease liabilities	$ 5,625	$ 5,973	$ 7,838

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	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 the Company and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated.
Change in Presentation	Change in Presentation Certain comparative figures in the Company’s consolidated statements of operations and other comprehensive income (loss) have been reclassified to conform to the current year’s presentation.
Consolidation	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 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	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.
Noncontrolling Interests	Noncontrolling Interests The Company, as holder of LP Units and sole general partner of GDH LP, has both (i) the power to direct GDH LP’s most significant activities; and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to GDH LP. The limited partnership interests in GDH LP that are not owned by the Company are presented as noncontrolling interests in the Company’s consolidated financial statements. The noncontrolling interests were initially measured at the proportional share of equity held by the noncontrolling interest holders on the date of the Reorganization Transaction, May 13, 2025. Each reporting period, the noncontrolling interests are adjusted for (i) the noncontrolling interest holders’ share of GDH LP’s net income / (loss) based on their relative ownership and (ii) distributions declared. Each LP Unit of GDH LP that represents a noncontrolling interest in the Company corresponds with a share of Class B common stock of the Company. Each share of Class B common stock, along with its paired LP Unit, are together exchangeable for a share of Class A common stock on a 1:1 basis. Such exchanges increase the Company’s ownership of GDH LP and are accounted for as equity transactions. Because the noncontrolling interests held through LP Units are economically equivalent to shares of Class A common stock, diluted EPS is calculated using the if-converted method, assuming all noncontrolling interests were exchanged for shares of Class A common stock as of the beginning of each period. 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.
Segment reporting	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 operating segments. All inter-segment transactions are eliminated in the Treasury and Corporate segment.
Use of Estimates	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 asset loans 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	Revenues and Gains / (Losses) from Operations The Company recognizes revenue from digital assets sales, investment management services, digital asset staking, technology licensing, advisory services, proprietary mining and hosting services, when the performance obligations related to those services are satisfied. The Company predominantly 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. Gains / (losses) from operations include the net realized and unrealized gains and losses recognized on the Company’s digital asset transactions, derivative instruments, and investments. Sales of digital financial assets are recognized on a net basis. The Company presents Gains / (losses) from operations net 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 Gains / (losses) from operations 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 accounts for fee revenues using the framework outlined in ASC 606. The Company may receive noncash consideration from customers, which could be digital assets or other financial assets. Such consideration is measured at the fair value of the assets received. Certain contracts with customers include multiple performance obligations. The Company allocates the transaction price to each performance obligation using the relative standalone selling price of each performance obligation determined by maximizing the use of observable inputs. 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 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. These agreements were all expired by December 31, 2025. 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. Since January 2023, the Company has participated 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 the Company may provide if neither the Company, 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.
Digital asset sales cost and impairment	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	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	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	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 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	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.
Cash Flow Hedge	Cash Flow Hedge The Company uses derivative instruments to manage exposure to variability in future cash flows associated with interest payments on the Company’s Credit Agreement (see Note 18 for a description of the Credit Agreement). These derivatives are designated as cash flow hedges in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivatives that are designated and qualify as effective cash flow hedges, the change in fair value is recorded in Other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the same period or periods during which the hedged cash flows affect earnings. Once reclassified into earnings, the impact will be recognized within General and administrative on the Company’s consolidated statements of operations and other comprehensive income (loss). If a derivative ceases to qualify for hedge accounting, or if the hedging relationship is discontinued, future changes in the fair value of the derivative are recognized in earnings. Amounts previously recorded in OCI are reclassified into earnings in the period when the forecasted transaction affects earnings, unless it is no longer probable that the forecasted transaction will occur, in which case the amounts are reclassified immediately into earnings.
Digital Assets	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 Stockholders’ equity. 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-custodial 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 Asset Loans 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 loans 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 asset loans 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 asset loan receivable, net of allowance is recognized in the Company’s consolidated statement of financial position. Digital asset loans receivable are 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 asset loans 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 asset loans 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 asset loans 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 asset loans 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 loans 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 the Company’s right to receive digital assets at a future date meets the definition of a derivative, the Company records changes in the fair value of the Digital assets receivable in Gains / (losses) from operations 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 Gains / (losses) from operations in the Company’s consolidated statements of operations.
Fair Value Measurements	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 that 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 12. 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.
Lessee	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	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 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 • Data center 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	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, 2025, 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	Intangible Assets— Finite Lived Intangible assets with a finite 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 finite 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 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.
Loans receivable	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	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 Gains / (losses) from operations 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	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 GDI post-reorganization. Equity-based compensation is accrued and charged to Operating expenses, with an offsetting credit to shareholders’ equity, 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	Income Taxes GDI is an LP unit holder and sole GP of GDH LP, which is the operating partnership that conducts all of the Company's business and is treated as a partnership for U.S. federal tax purposes. As the Company has a controlling financial interest in GDH LP, the Company consolidates GDH LP’s financial results. As a partnership, GDH LP in not subject to most applicable U.S. federal, state, and local income taxes. GDH LP is subject to entity level New York City unincorporated business tax (“UBT”) on income allocated or apportioned to New York City while GDH LP’s foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. Any taxable income or loss generated by GDH LP is passed through to and reported by its partners, including the Company, based on their respective allocable share. GDI is taxed as a corporation and pays applicable corporate federal, state, and local taxes on income allocated to it from GDH LP, as well as any stand-alone income or loss generated by GDI As the Company consolidates GDH LP but does not own all of the economic interest in GDH LP, the Company presents a noncontrolling interest related to the economic ownership of GDH LP held by its Class B common stockholders. The Company will not be taxed on the earnings attributed to the non-controlling interests. 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 2020. 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	Recent Accounting Developments In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances the transparency and decision usefulness of income tax disclosures by requiring additional qualitative and quantitative information, including, among other items, more detailed disaggregation of the effective tax rate reconciliation and expanded disclosures related to income taxes paid by jurisdiction. The Company adopted this ASU for the year ended December 31, 2025, and changes are reflected within the Income Taxes note (Note 26). In May 2025, the FASB issued ASU No. 2025-03, Business Combinations and Consolidation: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. This update revises the current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a Variable Interest Entity (“VIE”) that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. This update will be effective for all entities for annual reporting periods beginning after December 15, 2026. The Company does not expect this ASU to have a material impact on its financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software. This update was issued to modernize the accounting for software costs that are accounted for under the current guidance. This update improves the operability of the guidance by removing all references to software development project stages. As such, an entity is required to start capitalizing the software costs when both (1) management has authorized and committee to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 will be effective for annual periods commencing after December 15, 2027. The Company is still evaluating the impact of the adoption of this ASU. In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements. This update was issued to clarify certain aspects of the guidance on hedge accounting and to address several incremental hedge accounting issues arising from the global reference rate reform initiative. This update (1) expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge by changing the requirement to designate a group of individual forecasted transactions from having a shared risk exposure to having a similar risk exposure, (2) provide a model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable-rate debt instruments with contractual terms that permit the borrower to change the interest rate index and interest rate tenor upon which interest is accrued, (3) expand hedge accounting for forecasted purchases and sales of nonfinancial assets, permitting applying hedge accounting to eligible components of forecasted spot-market transactions, forward-market transactions, and subcomponents of explicitly referenced components in an agreement’s pricing formula, (4) eliminates the requirement to apply the net written option test to a compound derivative comprising a swap and a written option designated as the hedging instrument in a cash flow hedge or a fair value hedge of interest rate risk, and (5) eliminates the recognition and presentation mismatch related to a dual hedge strategy. requiring that an entity exclude the debt instrument’s fair value hedge basis adjustment from the net investment hedge effectiveness assessment. ASU 2025-09 will be effective for annual reporting periods commencing after December 15, 2026, and for interim periods within those annual reporting periods. The Company is still evaluating the impact of this ASU.

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

The following table summarizes the Company’s deferred lease revenue activity for the years ended December 31, 2025, 2024 and 2023:


(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Beginning balance	$	—	$	—	$	—
Lease billings in advance of performance obligation satisfaction	150,000		—		—
Revenue recognized during the period	—		—		—
Ending Balance	$	150,000	$	—	$	—

Schedule of Supplemental Cash Flow Information

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


(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,625	$	5,973	$	7,838

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)	December 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	10,337		$	8,223
Operating lease liabilities	12,479			10,229
Weighted average remaining lease term	3.0 years			3.6 years
Weighted average discount rate(1)	9		%	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 December 31, 2025:


(in thousands)	Lease liability
Year ending December 31,



2026	4,822
2027	4,837
2028	4,182
2029	429
Total future minimum lease payments	14,270
Less: Interest	1,791
Total lease liability	$	12,479

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

GDI is an LP unit holder and sole GP of GDH LP, which is the operating partnership that conducts all of the Company's business and is treated as a partnership for U.S. federal tax purposes. As the Company has a controlling financial interest in GDH LP, the Company consolidates GDH LP’s financial results. As a partnership, GDH LP is not subject to most applicable U.S. federal, state, and local income taxes. GDH LP is subject to entity level New York City unincorporated business tax (“UBT”) on income allocated or apportioned to New York City while GDH LP’s foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. Any taxable income or loss generated by GDH LP is passed through to and reported by its partners, including the Company, based on their respective allocable share. GDI is taxed as a corporation and pays applicable corporate federal, state, and local taxes on income allocated to it from GDH LP, as well as any stand-alone income or loss generated by GDI. As the Company consolidates GDH LP but does not own all of the economic interest in GDH LP, the Company presents a noncontrolling interest related to the economic ownership of GDH LP held by its Class B common stockholders. The Company will not be taxed on the earnings attributed to the non-controlling interests.

The components of income (loss) before income taxes were attributable to the following regions (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2023
Domestic	$	(359,322)	$	(181,051)	$	(98,293)
Foreign	88,643		510,834		342,721
Total income (loss) before income taxes	$	(270,679)	$	329,783	$	244,428

Provision for (benefit from) income taxes consisted of the following (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2023
Current
Federal	$	(43,862)	$	—	$	—
State	(2,488)		(6,270)		1,920
Foreign	3,107		(2,283)		7,457
Total Current	(43,243)		(8,553)		9,377
Deferred
Federal	19,713		(1,333)		(251)
State	1,932		6,222		3,381
Foreign	(7,732)		(13,275)		3,407
Total Deferred	13,913		(8,386)		6,537
Total provision for (benefit from) income taxes	$	(29,330)	$	(16,939)	$	15,914

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (in thousands, except percentages):


(in thousands)	Year ended December 31, 2025
Provision for income taxes at U.S. federal statutory rate	$	(56,843)	21.00	%
State and local income taxes, net of federal benefit (1)	(6,573)		2.43	%
Foreign tax effects	(4,625)		1.71	%
Non-taxable or non-deductible items:
Share based compensation	(13,589)		5.02	%
Other nondeductible items	(529)		0.20	%
Other adjustments
Other adjustments	(8,676)		3.21	%
Noncontrolling interest	35,580		(13.14)	%
Impact of reorganization	25,925		(9.58)	%
Total tax provision and effective tax rate	$	(29,330)	10.84	%

________________

(1) State and Local taxes in New York, including New York City, make up a majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 and the Reorganization Transactions, the effective income tax rate differs from the Cayman statutory income tax rate of 0.0% as follows:


(in thousands)	Year Ended December 31, 2024				Year Ended December 31, 2023

Earnings before income taxes	$	329,783			$	244,428
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	%
Foreign subsidiaries taxed at different rates	(15,558)		(4.72)	%	10,864		4.44	%
Total income tax expense and effective income tax rate	$	(16,939)	(5.14)	%	$	15,914	6.51	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):


(in thousands)	Year ended December 31, 2025		Year ended December 31, 2024
Deferred Tax Assets
Net operating loss carryforward	$	208,121	$	68,432
Other	1,600		6,244
Total Deferred Tax Assets	209,721		74,676
Deferred Tax Liabilities	—
Investment basis differences/Net unrealized gains and losses	(29,857)		(52,557)
Other	—		(2,096)
Total Deferred Tax Liabilities	(29,857)		(54,653)
Net Deferred Tax Assets	$	179,864	$	20,023

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. As of December 31, 2025 and 2024 the Company did not record a valuation allowance as it is more likely than not that all deferred tax assets will be fully realized.

Galaxy files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Galaxy is subject to examination by federal and certain state, local and foreign tax authorities. 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. As of December 31, 2025, the Company does not believe that there will be a significant change to the uncertain tax positions during the next 12 months. The Company recognized an income tax benefit of $6.9 million for previously accrued interest during the period ended December 31, 2025.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

GOODWILL AND OTHER INTANGIBLE ASSETS- Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 11,318
2027	8,369
2028	6,982
2029	547
2030	120
Total future amortization expense	$ 27,336

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED

12 Months Ended

Dec. 31, 2025

DIGITAL ASSET LOANS 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, 2025 and December 31, 2024, no Digital asset loans receivable were past due.

Digital Asset Loans Receivable, Net of Allowance


(in thousands)	December 31, 2025		December 31, 2024
Digital asset loans receivable	$	1,070,125	$	579,954
Digital asset loans receivable - non-current	8,900		—
Less: Allowance for credit losses	(96)		(424)

Digital asset loans receivable, net	$	1,078,929	$	579,530

Collateral Payable Associated with Digital Asset Loans Receivable


(in thousands)	December 31, 2025		December 31, 2024
Collateral payable — Digital assets	$	1,322,442	$	673,427
Collateral payable — Cash	10,617		44,535
Collateral payable associated with digital asset loans receivable	$	1,333,059	$	717,962

Digital Assets Borrowed


(in thousands)	December 31, 2025		December 31, 2024
Digital assets borrowed — current	$	2,361,161	$	1,497,609
Digital assets borrowed — non-current	56,107		—
Digital assets borrowed	$	2,417,268	$	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 December 31, 2025 were bitcoin, USDC, ether, tether, and SOL, including associated wrapped tokens, which represented approximately 95% 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, Current and Non-current


(in thousands)	December 31, 2025		December 31, 2024
Assets posted as collateral — Digital assets	$	186,514	$	84,221

Less: Allowance for credit loss	(734)		(826)
Assets posted as collateral associated with digital assets borrowed	$	185,780	$	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.

OPERATING PARTNERSHIP FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consolidated Statements of Operations

The following tables represent the consolidated statements of financial position and consolidated statements of operations of GDH LP, the Company’s operating partnership.

Galaxy Digital Holdings LP’s Consolidated Statements of Operations and Other Comprehensive Income (Loss)


	For the years ended
	December 31, 2025		December 31, 2024		December 31, 2023

Revenues	$	60,406,706	$	42,596,673	$	51,626,779
Gains / (losses) from operations	948,939		1,161,117		582,860
Revenues and gains / (losses) from operations	61,355,645		43,757,790		52,209,639
Operating expenses:
Transaction expenses	60,175,832		42,409,856		51,494,083
Impairment of digital assets	753,701		331,920		98,340
Other operating expenses	674,271		657,278		363,050
Total operating expenses	61,603,804		43,399,054		51,955,473

Other income / (expense):	(33,532)		(28,953)		(9,738)

Net income / (loss) before taxes	$	(281,691)	$	329,783	$	244,428
Income taxes expense / (benefit)	(8,653)		(16,939)		15,914
Net income / (loss)	$	(273,038)	$	346,722	$	228,514
Other comprehensive income (loss)	(4,506)		—		—
Comprehensive income (loss)	$	(277,544)	$	346,722	$	228,514

Schedule of Consolidated Statements of Other Comprehensive Income (Loss

The following tables represent the consolidated statements of financial position and consolidated statements of operations of GDH LP, the Company’s operating partnership.

Galaxy Digital Holdings LP’s Consolidated Statements of Operations and Other Comprehensive Income (Loss)


	For the years ended
	December 31, 2025		December 31, 2024		December 31, 2023

Revenues	$	60,406,706	$	42,596,673	$	51,626,779
Gains / (losses) from operations	948,939		1,161,117		582,860
Revenues and gains / (losses) from operations	61,355,645		43,757,790		52,209,639
Operating expenses:
Transaction expenses	60,175,832		42,409,856		51,494,083
Impairment of digital assets	753,701		331,920		98,340
Other operating expenses	674,271		657,278		363,050
Total operating expenses	61,603,804		43,399,054		51,955,473

Other income / (expense):	(33,532)		(28,953)		(9,738)

Net income / (loss) before taxes	$	(281,691)	$	329,783	$	244,428
Income taxes expense / (benefit)	(8,653)		(16,939)		15,914
Net income / (loss)	$	(273,038)	$	346,722	$	228,514
Other comprehensive income (loss)	(4,506)		—		—
Comprehensive income (loss)	$	(277,544)	$	346,722	$	228,514

Schedule of Consolidated Interim Statements of Financial Position

Galaxy Digital Holdings LP’s Consolidated Statements of Financial Position


	December 31, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	1,244,395	$	462,103
Digital assets	4,541,661		2,928,225
Digital assets receivable	8,497		60,720
Digital asset loans receivable, net of allowance	1,078,929		579,530
Investments	1,732,305		1,643,506
Assets posted as collateral, net of allowance	199,983		277,147
Loans receivable	562,376		476,620
Property and equipment, net	1,423,113		237,038
Other assets	397,651		454,966
Total assets	$	11,188,910	$	7,119,855
Liabilities and Equity
Digital assets borrowed	2,417,268		1,497,609
Loans payable	188,176		510,718
Collateral payable	1,980,171		1,399,655
Notes payable	2,861,055		845,186
Other liabilities	847,563		672,335
Total liabilities	8,294,233		4,925,503

Total equity	2,894,677		2,194,352

Total liabilities and equity	$	11,188,910	$	7,119,855

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company’s Derivatives Portfolio

The breakdown of the Company’s derivatives portfolio, as of December 31, 2025 and December 31, 2024 was as follows:


	December 31, 2025
(in thousands)	Notional Amounts (1)		Derivative Assets		Derivative Liabilities
Digital assets	$	1,967,358	$	72,815	$	(33,656)
Foreign currencies	391,680		1,484		(424)
Equity securities	4,758,135		1,307		(5,103)
Interest rates	1,372,860		465		(189)
Commodities	82,763		2,767		(1,110)



	8,572,796		78,838		(40,482)

Digital assets receivable	8,527		8,497		—
Embedded derivatives — Digital assets borrowed	2,728,919		321,651		(10,000)
Embedded derivatives — Collateral payable	2,283,590		358,743		(36,057)
Embedded derivatives — Payable to customer	84,235		854		—


	December 31, 2024
(in thousands)	Notional Amounts (1)		Derivative Assets		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)

_______________

Schedule Of Collateral Payable Associated With Derivative Positions

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


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




Collateral payable — Digital assets	$	24,747	$	30,600
Collateral payable — Cash	7,457		30,460
Collateral payable associated with derivatives	$	32,204	$	61,060

Assets posted as collateral — Digital assets	248		$	—
Assets posted as collateral — Cash	700		—
Assets posted as collateral associated with derivatives	$	948	$	—

Schedule of Derivatives Designated as Hedging Instruments

The breakdown of the Company's portfolio of derivatives designated as hedging instruments as December 31, 2025 was as follows:


	December 31, 2025
(in thousands)	Notional Amounts		Derivative Assets		Derivative Liabilities

Interest rates	1,400,000		4,969




Derivatives designated as cash flow hedges	$	1,400,000	$	4,969	$	—

Schedule of Derivatives Designated as Cash Flow Hedges And Derivative Hedges

The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges for the following periods:


	Years Ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Gain / (loss) recognized in OCI	(4,506)		—		—



Derivatives designated as cash flow hedges	$	(4,506)	$	—	$	—

DIGITAL ASSETS - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Crypto Asset [Roll Forward]
Digital asset beginning balance	$ 2,928,225	$ 1,088,171
Purchases and receipts	94,763,721	62,556,582
Sales or disbursements	(94,444,729)	(62,377,805)
Net transferred (borrow / loaned)	1,957,631	472,881
Crypto Asset, Impairments	(753,701)	(331,920)
Gains	2,839,853	3,297,421
Losses	(2,749,339)	(1,777,105)
Digital asset ending balance	4,541,661	2,928,225
Realized gains	2,700,000	3,200,000
Realized losses	2,500,000	1,600,000
Digital Intangible Assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	550,203	277,634
Purchases and receipts	23,639,878	13,951,687
Sales or disbursements	(23,450,239)	(13,788,542)
Net transferred (borrow / loaned)	144,597	(54,557)
Crypto Asset, Impairments	(753,701)	(331,920)
Gains	693,897	522,732
Losses	(15,789)	(26,831)
Digital asset ending balance	808,846	550,203
Digital intangible assets at fair value
Crypto Asset [Roll Forward]
Digital asset beginning balance	2,018,357	736,151
Purchases and receipts	53,304,380	36,373,625
Sales or disbursements	(53,157,410)	(36,833,231)
Net transferred (borrow / loaned)	1,171,514	717,704
Crypto Asset, Impairments	0	0
Gains	2,126,742	2,772,182
Losses	(2,719,389)	(1,748,074)
Digital asset ending balance	2,744,194	2,018,357
Digital financial assets
Crypto Asset [Roll Forward]
Digital asset beginning balance	359,665	74,386
Purchases and receipts	17,819,463	12,231,270
Sales or disbursements	(17,837,080)	(11,756,032)
Net transferred (borrow / loaned)	641,520	(190,266)
Crypto Asset, Impairments	0	0
Gains	19,214	2,507
Losses	(14,161)	(2,200)
Digital asset ending balance	$ 988,621	$ 359,665

OPERATING PARTNERSHIP FINANCIAL INFORMATION - Consolidated Interim Statements of Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Revenues	$ 60,406,728	$ 42,596,673	$ 51,626,779
Gains / (losses) from operations	948,939	1,161,117	582,860
Revenues and gains / (losses) from operations	61,355,667	43,757,790	52,209,639
Operating expenses:
Transaction expenses	60,175,832	42,409,856	51,494,083
Impairment of digital assets	753,701	331,920	98,340
Total operating expenses	61,593,507	43,399,054	51,955,473
Total other income / (expense)	(32,839)	(28,953)	(9,738)
Other income / (expense)	2,705	2,774	(135)
Earnings before income taxes	(270,679)	329,783	244,428
Income taxes expense / (benefit)	(29,330)	(16,939)	15,914
Net income / (loss) for the period	(241,349)	346,722	228,514
Other comprehensive income (loss)	(4,506)	0	0
Comprehensive income (loss)	(245,855)	346,722	228,514
Galaxy Digital Holdings, LP
Business Combination [Line Items]
Revenues	60,406,706	42,596,673	51,626,779
Gains / (losses) from operations	948,939	1,161,117	582,860
Revenues and gains / (losses) from operations	61,355,645	43,757,790	52,209,639
Operating expenses:
Transaction expenses	60,175,832	42,409,856	51,494,083
Impairment of digital assets	753,701	331,920	98,340
Other operating expenses	674,271	657,278	363,050
Total operating expenses	61,603,804	43,399,054	51,955,473
Total other income / (expense)	(33,532)	(28,953)	(9,738)
Earnings before income taxes	(281,691)	329,783	244,428
Income taxes expense / (benefit)	(8,653)	(16,939)
Net income / (loss) for the period	(273,038)	346,722	228,514
Other comprehensive income (loss)	(4,506)	0	0
Comprehensive income (loss)	$ (277,544)	$ 346,722	$ 228,514

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		2 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jul. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)	Feb. 26, 2026 USD ($)	Dec. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) contract company	Dec. 31, 2024 USD ($) contract company	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Number of VIE portfolio companies \| company							6	7,000,000
Unfunded Commitments							$ 49,400,000	$ 69,000,000.0
Legal provision accrued							$ 151,000,000.0
Discount rate for legal provision							4.30%
Undiscounted amount of the settlement							$ 160,000,000.0
Distributions							49,300,000	55,300,000	$ 22,400,000
Contributions to subsidiaries related to crypto asset activities	$ 20,000,000.0	$ 523,000,000.0					$ 634,800,000
Percentage of capital gains to be recognized							90.00%
Forecast
Other Commitments [Line Items]
Payments for legal settlement				$ 60,000,000.0	$ 60,000,000.0	$ 40,000,000.0
Indemnifications
Other Commitments [Line Items]
Loss contingency accrual							$ 0	0
Credit Facility Funding and Delayed Trading Settlements
Other Commitments [Line Items]
Other commitments							80,000,000.0	60,000,000.0
Amounts funded for other commitments							60,000,000.0	39,900,000
Facility Construction Improvements
Other Commitments [Line Items]
Other commitments							$ 529,800,000	$ 9,100,000
Subsequent Event
Other Commitments [Line Items]
Amount funded to VIEs			$ 0
Subleases
Other Commitments [Line Items]
Number of sublease contracts \| contract							3	3

Consolidated Statements of Financial Position - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets

Cash and cash equivalents

$ 1,246,240

$ 462,103

Digital intangible assets (includes $2,717.4 and $1,997.4 million measured at fair value)

3,526,216

2,547,581

Digital financial assets

988,621

359,665

Digital asset loans receivable, net of allowance

1,070,029

579,530

Investments

709,069

834,812

Assets posted as collateral, net of allowance

199,983

277,147

Derivative assets

83,807

207,653

Accounts receivable (includes $3.4 and $4.6 million due from related parties)

34,012

55,279

Digital assets receivable

3,778

53,608

Loans receivable, net of allowance

554,449

476,620

Prepaid expenses and other assets

99,734

26,892

Total current assets

8,515,938

5,880,890

Non-current assets

Digital assets receivable

4,719

7,112

Digital asset loans receivable, net of allowance, non-current

8,900

Investments (includes $864.0 and $745.5 million measured at fair value)

1,023,236

808,694

Digital intangible assets

26,824

20,979

Loans receivable, net of allowance, non-current

2,553

Property and equipment, net

1,423,113

237,038

Other non-current assets

276,275

107,105

Goodwill

66,523

58,037

Total non-current assets

2,832,143

1,238,965

Total assets

11,348,081

7,119,855

Current liabilities

Derivative liabilities

40,482

165,858

Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties)

277,663

281,531

Digital assets borrowed

2,361,161

1,497,609

Payable to customers

85,808

19,520

Loans payable

52,626

510,718

Collateral payable

1,980,171

1,399,655

Notes payable - current

428,545

Other current liabilities

85,062

13,034

Total current liabilities

5,311,518

3,887,925

Non-current liabilities

Notes payable

2,432,510

845,186

Digital assets borrowed, non-current

56,107

Other non-current liabilities (includes $72.3 and $0.0 million due to related parties)

513,169

192,392

Total non-current liabilities

3,001,786

1,037,578

Total liabilities

8,313,304

4,925,503

Commitments and contingencies (Note 17)

Equity

GDH LP Unit Holders

2,194,352

Additional Paid in Capital

1,614,660

Accumulated other comprehensive income (loss)

(2,038)

Retained Earnings

342,921

Total stockholders’ equity

^[1]

1,955,735

2,194,352

Noncontrolling interest

1,079,042

Total equity

3,034,777

2,194,352

Total liabilities and equity

11,348,081

7,119,855

Class A Common Stock

Equity

Common stock

192

Convertible Class B Common Stock

Equity

Common stock

$ 0

[1]	For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders’ Capital.

DERIVATIVES - Derivatives Designated as Cash Flow Hedges And Derivative Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Gain / (loss) recognized in OCI	$ (4,506)	$ 0	$ 0

BASIS OF PRESENTATION (Details)	12 Months Ended
BASIS OF PRESENTATION (Details)	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion ratio	1

DERIVATIVES - Schedule of Company’s Derivatives Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional Amounts	$ 8,572,796	$ 5,769,802
Derivative Assets	78,838	207,653
Derivative Liabilities	(40,482)	(165,858)
Digital Assets
Derivative [Line Items]
Notional Amounts	1,967,358	4,685,112
Derivative Assets	72,815	185,208
Derivative Liabilities	(33,656)	(145,493)
Foreign currencies
Derivative [Line Items]
Notional Amounts	391,680	19,259
Derivative Assets	1,484	12,064
Derivative Liabilities	(424)	(10,483)
Equity securities
Derivative [Line Items]
Notional Amounts	4,758,135	1,049,846
Derivative Assets	1,307	10,343
Derivative Liabilities	(5,103)	(9,683)
Interest rates
Derivative [Line Items]
Notional Amounts	1,372,860	5,002
Derivative Assets	465	19
Derivative Liabilities	(189)	(13)
Commodities
Derivative [Line Items]
Notional Amounts	82,763	10,583
Derivative Assets	2,767	19
Derivative Liabilities	(1,110)	(186)
Digital assets receivable
Derivative [Line Items]
Notional Amounts	8,527	3,911
Derivative Assets	8,497	60,720
Derivative Liabilities	0	0
Embedded derivatives — Digital assets borrowed
Derivative [Line Items]
Notional Amounts	2,728,919	1,269,013
Derivative Assets	321,651	24,039
Derivative Liabilities	(10,000)	(252,635)
Embedded derivatives — Collateral payable
Derivative [Line Items]
Notional Amounts	2,283,590	1,219,247
Derivative Assets	358,743	55,848
Derivative Liabilities	(36,057)	(161,261)
Embedded derivatives — Payable to customer
Derivative [Line Items]
Notional Amounts	84,235
Derivative Assets	854
Derivative Liabilities	$ 0
Embedded derivatives — Notes payable
Derivative [Line Items]
Notional Amounts		847,500
Derivative Assets		0
Derivative Liabilities		$ (136,192)

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Digital Assets Loan Receivable, Net of Allowance

Digital Asset Loans Receivable, Net of Allowance


(in thousands)	December 31, 2025		December 31, 2024
Digital asset loans receivable	$	1,070,125	$	579,954
Digital asset loans receivable - non-current	8,900		—
Less: Allowance for credit losses	(96)		(424)

Digital asset loans receivable, net	$	1,078,929	$	579,530

Schedule of Collateral Payable Associated with Digital Assets Loan Receivable

Collateral Payable Associated with Digital Asset Loans Receivable


(in thousands)	December 31, 2025		December 31, 2024
Collateral payable — Digital assets	$	1,322,442	$	673,427
Collateral payable — Cash	10,617		44,535
Collateral payable associated with digital asset loans receivable	$	1,333,059	$	717,962

Schedule of Digital Assets Borrowed

Digital Assets Borrowed


(in thousands)	December 31, 2025		December 31, 2024
Digital assets borrowed — current	$	2,361,161	$	1,497,609
Digital assets borrowed — non-current	56,107		—
Digital assets borrowed	$	2,417,268	$	1,497,609

Schedule of Assets Posted as Collateral Associated with Digital Assets Borrowed

Assets Posted as Collateral Associated with Digital Assets Borrowed, Current and Non-current


(in thousands)	December 31, 2025		December 31, 2024
Assets posted as collateral — Digital assets	$	186,514	$	84,221

Less: Allowance for credit loss	(734)		(826)
Assets posted as collateral associated with digital assets borrowed	$	185,780	$	83,395

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0

Amount of impairment loss from 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.

Revenue from Contract with Customer [Abstract]

REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Disaggregation of Revenue

The following tables provide additional details related to the Company’s Revenues by segment for the years ended December 31, 2025, 2024 and 2023.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		December 31, 2025
Digital assets sales	$	59,850,850	$	—	$	—	$	59,850,850
Fees	167,327		—		(8,756)		158,571
Blockchain rewards	237,135		—		(17,185)		219,950
Proprietary mining	—		—		14,489		14,489
Revenues from contracts with customers	$	60,255,312	$	—	$	(11,452)	$	60,243,860

Blockchain rewards from non-customers (1)	6,330		—		8,609		14,939
Interest income	123,716		8,433		15,780		147,929
Total revenues	$	60,385,358	$	8,433	$	12,937	$	60,406,728


(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 (1)	5,852		—		2,099		7,951
Interest income	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 (1)	982		—		—		982
Interest income	43,919		—		4,141		48,060
Total revenues	$	51,565,491	$	—	$	61,288	$	51,626,779

_______________

(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Provision for income taxes at U.S. federal statutory rate	$ (56,843)
State and local income taxes, net of federal benefit (1)	(6,573)
Foreign tax effects	(4,625)	$ (1,381)	$ 5,050
Share based compensation	(13,589)
Other nondeductible items	(529)
Other adjustments	(8,676)
Noncontrolling interest	35,580
Impact of reorganization	25,925
Earnings before income taxes	(270,679)	329,783	244,428
Foreign subsidiaries taxed at different rates		(15,558)	10,864
Total provision for (benefit from) income taxes	$ (29,330)	$ (16,939)	$ 15,914
Percent
Provision for income taxes at U.S. federal statutory rate	21.00%
State and local income taxes, net of federal benefit (1)	2.43%
Foreign tax effects	1.71%	(0.42%)	2.07%
Share based compensation	5.02%
Other nondeductible items	0.20%
Other adjustments	3.21%
Noncontrolling interest	(13.14%)
Impact of reorganization	(9.58%)
Foreign subsidiaries taxed at different rates		(4.72%)	4.44%
Total income tax expense and effective income tax rate	10.84%	(5.14%)	6.51%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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

• Data center 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

The following table represents property and equipment balances and accumulated depreciation as of December 31, 2025 and 2024:


(in thousands)	December 31, 2025		December 31, 2024
Corporate assets (1)	$	15,084	$	11,093
Mining equipment	79,250		172,572
Data center infrastructure (2)	67,669		113,710
Land	35,272		12,809
WIP / Construction in progress (3)	1,344,211		35,777
Property and equipment, gross (4)	1,541,486		345,961
Less: Accumulated depreciation	(30,135)		(57,934)
Less: Impairment (5)	(88,238)		(50,989)
Property and equipment, net	$	1,423,113	$	237,038

__________________

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

infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.

(3)WIP/Construction in progress related to data center infrastructure under construction.

(4)Gross asset amounts are net of any asset disposals.

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy Our management and board of directors recognize the critical importance of maintaining the trust and confidence of our customers, partners, and employees, including the importance of managing cybersecurity risks, and we have integrated these policies and procedures into our overall risk management systems and processes. While everyone at our company is expected to play a part in managing cybersecurity risks, our board of directors, as discussed in more detail under “—Governance” below and key members of our senior management team, are involved in the oversight of our information security program. Our information security program is based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards, and is integrated into our overall enterprise risk management program. We utilize an overarching framework to address enterprise information security governance, which seeks to protect information assets and systems against attacks and incidents while establishing appropriate security as a priority for our information technology infrastructure and throughout the product development process. Our information security team, including a team of dedicated engineers, and certain cross-functional employees routinely assess material risks from cybersecurity threats, and assess and update our cybersecurity risk management program in response to emerging trends and changes in our operations. We also engage third parties, including consultants and auditors, to evaluate the effectiveness of our risk management program, control environment, and cybersecurity practices through security audits, penetration testing, and other engagements. Our information security program is managed by our Chief Technology Officer (“CTO”), who reports to our Chief Operating Officer and oversees a team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture, and processes. Our foundational security engineering, governance risk and compliance, product security and security operations teams report to our CTO and provide regular updates on significant or potentially significant threats and incidents. Our CTO has over 25 years of experience serving in information security and technology roles at financial services and technology companies. Our information security program includes an incident response program that coordinates activities across multiple teams in responding to cybersecurity incidents in accordance with a defined Incident Management Policy. This program is designed to detect, analyze, and escalate cybersecurity events, and includes a cybersecurity incident response team responsible for containment and recovery activities, and a crisis response team to liaise with business stakeholders, secure priority resources, and validate completion of any post-incident activities. In addition, we have established an executive security risk management committee composed of senior representatives of our legal, finance, information security, product, and marketing teams, which meets on a quarterly basis to review our information security program and any noteworthy developments in the quarter. Finally, we coordinate internal simulations of cybersecurity incidents periodically to test the processes we have established. We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. We conduct initial due diligence on the cybersecurity profile of our vendors as they are onboarded and provide continuous monitoring of critical third-party infrastructure and monitor any known breaches of those third-party systems. We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. We also provide regular, mandatory training for our personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats and to communicate our evolving information security policies, standards, processes and practices. Although we are subject to ongoing and evolving cybersecurity threats, over the past fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents we have experienced from time to time, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, operating results, or financial condition. We will continue to monitor and assess our cybersecurity risk management program as well as invest in and seek to improve such systems and processes as appropriate. If we were to experience a material cybersecurity incident in the future, such incident may have a material effect, including on our operations, business strategy, operating results, or financial condition. For more information regarding cybersecurity risks that we face and potential impacts on our business related thereto, see the section titled “Risk Factors” in Part I, Item 1A of this Annual Report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our management and board of directors recognize the critical importance of maintaining the trust and confidence of our customers, partners, and employees, including the importance of managing cybersecurity risks, and we have integrated these policies and procedures into our overall risk management systems and processes. While everyone at our company is expected to play a part in managing cybersecurity risks, our board of directors, as discussed in more detail under “—Governance” below and key members of our senior management team, are involved in the oversight of our information security program. Our information security program is based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards, and is integrated into our overall enterprise risk management program. We utilize an overarching framework to address enterprise information security governance, which seeks to protect information assets and systems against attacks and incidents while establishing appropriate security as a priority for our information technology infrastructure and throughout the product development process. Our information security team, including a team of dedicated engineers, and certain cross-functional employees routinely assess material risks from cybersecurity threats, and assess and update our cybersecurity risk management program in response to emerging trends and changes in our operations. We also engage third parties, including consultants and auditors, to evaluate the effectiveness of our risk management program, control environment, and cybersecurity practices through security audits, penetration testing, and other engagements.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance With oversight from our board of directors, the Audit Committee is primarily responsible for assisting our board of directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and management, including relating to cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including processes and policies for determining risk tolerance, and reviews management’s strategies for adequately mitigating and managing identified risks, including risks relating to cybersecurity threat The Audit Committee receives updates from members of management, including our CTO, on our cybersecurity risks periodically, and reviews metrics about cyber threat response preparedness, program maturity milestones, risk mitigation status, and the current and emerging threat landscape. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity threats or incidents, as well as any incidents with lesser impact potential. The Audit Committee reports periodically to our board of directors regarding its activities, including those related to key cybersecurity risks, mitigation strategies, and ongoing developments. The board of directors also receives updates from our CTO on our cyber risk management program and other matters relating to our data privacy and cybersecurity approach, including risk mitigations to bolster and enhance our data protection and data governance framework. Members of our board of directors receive presentations that include cybersecurity topics and the management of key cybersecurity risks from our CTO as part of the continuing education of our board of directors on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	With oversight from our board of directors, the Audit Committee is primarily responsible for assisting our board of directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and management, including relating to cybersecurity and other information technology risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including processes and policies for determining risk tolerance, and reviews management’s strategies for adequately mitigating and managing identified risks, including risks relating to cybersecurity threat
Cybersecurity Risk Role of Management [Text Block]	With oversight from our board of directors, the Audit Committee is primarily responsible for assisting our board of directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and management, including relating to cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program, including processes and policies for determining risk tolerance, and reviews management’s strategies for adequately mitigating and managing identified risks, including risks relating to cybersecurity threat The Audit Committee receives updates from members of management, including our CTO, on our cybersecurity risks periodically, and reviews metrics about cyber threat response preparedness, program maturity milestones, risk mitigation status, and the current and emerging threat landscape. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity threats or incidents, as well as any incidents with lesser impact potential. The Audit Committee reports periodically to our board of directors regarding its activities, including those related to key cybersecurity risks, mitigation strategies, and ongoing developments. The board of directors also receives updates from our CTO on our cyber risk management program and other matters relating to our data privacy and cybersecurity approach, including risk mitigations to bolster and enhance our data protection and data governance framework. Members of our board of directors receive presentations that include cybersecurity topics and the management of key cybersecurity risks from our CTO as part of the continuing education of our board of directors on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee receives updates from members of management, including our CTO, on our cybersecurity risks periodically, and reviews metrics about cyber threat response preparedness, program maturity milestones, risk mitigation status, and the current and emerging threat landscape. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity threats or incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO has over 25 years of experience serving in information security and technology roles at financial services and technology companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee reports periodically to our board of directors regarding its activities, including those related to key cybersecurity risks, mitigation strategies, and ongoing developments. The board of directors also receives updates from our CTO on our cyber risk management program and other matters relating to our data privacy and cybersecurity approach, including risk mitigations to bolster and enhance our data protection and data governance framework. Members of our board of directors receive presentations that include cybersecurity topics and the management of key cybersecurity risks from our CTO as part of the continuing education of our board of directors on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

FAIR VALUE OPTION - Schedule of Realized and Net Change in Unrealized Gains Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Realized Gains / (Losses)	$ 111,919	$ 83,441	$ (833)
Net Change in Unrealized Gains / (Losses)	$ (247,749)	$ 130,980	$ 88,757

EQUITY BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY BASED COMPENSATION

Equity Based Compensation

For the years ended December 31, 2025, 2024 and 2023, the total compensation and benefits include cash based payments and equity based payments as follows:


	Year ended
(in thousands)	December 31, 2025		December 31, 2024		December 31, 2023
Compensation and benefits excluding equity based compensation	$	244,118	$	191,435	$	136,132
Equity based compensation (1)	55,750		74,156		83,124
Total compensation and benefits (2)	$	299,868	$	265,591	$	219,256

__________________

(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, 2025		December 31, 2024		December 31, 2023
Stock options (1)	$	24,455	$	20,475	$	23,138
Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units) (2)	32,150		54,489		60,593
Compensatory limited partnership units

Profit Interest Units	—		53		59
	$	56,605	$	75,017	$	83,790

__________________

(1)Includes Stock Appreciation Rights in year ended December 31, 2025

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

Equity Plans

Prior to May 2021, the Company granted stock options to employees, officers, directors and consultants of the Company under the GDH Ltd. stock option plan (the “Plan”), which was 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 ordinary shares at the date of grant. Options granted under the Plan had a term not to exceed 5 years and were subject to vesting provisions determined by the board of directors of GDH Ltd., who administered the Plan. Prior to the Reorganization Transactions, upon exercise of an option, the holder would receive one ordinary share of GDH Ltd. and GDH LP would 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 ordinary shares of GDH Ltd. Following the approval of the GDH Ltd. Long Term Incentive Plan (“LTIP”) described below, the Company no longer makes grants under the Plan and grants are made from the LTIP. The Plan reserve has been rolled over into the LTIP.

In May 2021, the board of directors of GDH Ltd. approved the LTIP (which was subsequently amended and restated in May 2025 in connection with the Reorganization Transactions) 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 the Company (GDH Ltd. prior to the Reorganization Transactions) and its affiliates, and deferred share units to non-employee directors of the Company (GDH Ltd. prior to the Reorganization Transactions) and, prior to the Reorganization Transactions, to non-employee managers of the Board of Managers of then General Partner, GDH GP LLC. Under the LTIP, the exercise price of each option may not be less than the market price of the Company’s (GDH Ltd. prior to the Reorganization Transactions) 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 the Company (GDH Ltd. prior to the Reorganization Transactions), who administer the LTIP. Prior to the Reorganization Transactions, upon exercise of an option, the holder would receive one ordinary share of GDH Ltd. and GDH LP would 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 Class A common stock.

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 and stock appreciation rights, is set forth in the following table:


Description	Number of Options	Weighted Average Exercise Price (C$/$)(1)		Weighted-Average Remaining Terms (Years)	Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2022	27,652,543	C$	8.56	2.62	$	9,594
Granted	10,963,780	C$	6.30
Stock options replaced by replacement awards	(1,875,000)	C$	23.08
Exercised	(5,847,020)	C$	3.73
Forfeited	(5,485,996)	C$	9.23
Expired / Canceled / Repurchased	(3,144,334)	C$	14.04
Balance, December 31, 2023	22,263,973	C$	6.56	2.98	$	76,893
Granted	2,913,051	C$	16.66
Exercised	(3,546,327)	C$	3.16
Forfeited	(1,521,299)	C$	6.63
Canceled	(244,390)	C$	11.55
Balance, December 31, 2024	19,865,008	C$	8.58	3.44	$	230,641
Granted (2)	5,453,804	$	14.10
Exercised	(9,212,436)	$	4.65
Forfeited	(1,884,877)	$	7.68
Canceled	(182,185)	$	2.87
Balance, December 31, 2025	14,039,314	$	10.02	3.02	$	178,713
Vested and expected to vest as of December 31, 2025	14,039,314	$	10.02	3.02	$	178,713
Options exercisable as of December 31, 2025	5,209,896	$	8.07	2.17	$	137,328
Vested and expected to vest as of December 31, 2024	19,865,008	C$	8.58	3.44	$	230,641
Options exercisable as of December 31, 2024	10,691,460	C$	7.37	1.66	$	132,653
Vested and expected to vest as of December 31, 2023	22,263,973	C$	6.56	2.98	$	76,893
Options exercisable as of December 31, 2023	9,712,157	C$	5.80	1.82	$	40,427

__________________

(1)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

(2)Includes Stock Appreciation Rights for year ended December 31, 2025.

The weighted average grant date fair value of options granted to employees was $10.86, $6.99 and 4.04 per share for the years ended December 31, 2025, 2024 and 2023, respectively. The total intrinsic value of the 9,212,436, 3,546,327 and 5,847,020 options exercised during the years ended December 31, 2025, 2024 and 2023 was $201.6 million, $39.9 million and $14.0 million, respectively. The intrinsic value prior to the completion of the Reorganization Transactions is the difference between the estimated fair value of the GDH LP’s units at the time of exercise and the exercise price of the stock options. After the Reorganization Transactions, the intrinsic value is the difference between the trading price of the Company’s Class A Common Stock and the exercise price of the stock options.

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 Company’s Class A Common Stock on December 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 December 31, 2025.

The fair value of options vested during the periods ended December 31, 2025, 2024 and 2023 was $30.4 million, $20.3 million and $17.2 million, respectively.

As of December 31, 2025, the total unamortized stock-based compensation expense related to the stock options was $46.9 million, which will be recognized over a weighted-average period of approximately 2.6 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, 2025	December 31, 2024	December 31, 2023
Share price	$10.85 - $31.79	C$12.41 - C$27.45	C$4.77-C$7.43
Exercise price	$4.83 - $33.49	C$10.00 - C$37.38	C$4.19-C$8.06
Expected term (in years)	2.5 - 7	5	5
Expected volatility	85% - 90%	85% - 90%	80.0% - 90.0%
Risk-free interest rate	2.6% - 4.4%	2.8% - 3.8%	3.0% - 4.0%%
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 shares of Class A Common Stock (GDH Ltd. ordinary shares prior to the Reorganization Transactions) 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 the Company’s shares of Class A common stock (GDH Ltd. ordinary shares prior to the Reorganization Transactions), 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. GDI (GDH Ltd. prior to the Reorganization Transactions) 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 Limited Partnership Unit Awards

The Company has awarded LP Units (Class B Units prior to the Reorganization Transactions) to eligible officers and employees. The LP Units granted are typically comprised of subtype R units (“Standard Units”) and subtype P units (“Profit Interest Units”). LP 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 LP Units during the respective periods:


Description	LP Units	Weighted-Average Grant Date Fair Value (C$/$)(1)
Balance, December 31, 2022	10,792,944	C$	1.49
Granted/ Transferred	—	—
Exchanged	—	—
Forfeited	—	—
Balance, December 31, 2023	10,792,944	C$	1.44
Granted / Transferred	—	—
Exchanged	(81,357)	C$	1.65
Forfeited	—	—
Balance, December 31, 2024	10,711,587	C$	1.49
Granted / Transferred	—	—
Exchanged	(4,473,169)	$	1.56
Forfeited	—	—
Balance December 31, 2025	6,238,418	$	1.44

Class B Units exercisable, December 31, 2025	6,238,418	$	1.44
Class B Units exercisable, December 31, 2024	10,711,587	C$	1.49

________________

(1)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

All LP Units were vested as of December 31, 2024. The fair values of units vested during the year ended December 31, 2024 and 2023 was $0.3 million and $0.1 million, respectively.

Standard Units Valuation Assumptions

The fair value of the Standard Units has been determined to be the closing stock price of shares of Class A common stock (GDH Ltd. ordinary shares prior to the Reorganization Transactions) on the date of grant.

Profit 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 the Company 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 share of Class A common stock (or an ordinary share or GDH Ltd. prior to the Reorganization Transactions).

There were no LP units (Class B Units prior to the Reorganization Transactions) granted during the periods ended December 31, 2025, 2024 and 2023.

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$)
Balance, December 31, 2022	1,643,590	C$	10.07

Vested	(736,782)	C$	10.61
Forfeited	(625,000)	C$	5.35
Balance, December 31, 2023	281,808	C$	19.11
Vested	(281,808)	C$	19.11
Forfeited	—	—
Balance, December 31, 2024	—	—

Vested	—	—
Forfeited	—	—
Balance, December 31, 2025	—	—

As of December 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$/$)(2)
Balance, December 31, 2022	11,462,917	C$	20.50
Granted(1)	4,983,339	C$	4.92
Exercised	(3,036,166)	C$	19.20
Forfeited / Cancelled	(2,206,466)	C$	18.31
Balance, December 31, 2023	11,203,624	C$	14.36
Granted(1)	3,439,035	C$	14.85
Exercised	(3,668,309)	C$	15.44
Forfeited / Cancelled	(964,777)	C$	14.17
Balance, December 31, 2024	10,009,573	C$	14.15
Granted(1)	3,807,689	$	20.00
Exercised	(5,922,203)	$	11.58
Forfeited / Cancelled	(773,791)	$	9.53
Balance, December 31, 2025	7,121,268	$	14.25

Units vested as of December 31, 2025	5,922,203	$	11.58
Units vested as of December 31, 2024	4,066,372	C$	15.07

__________________

(1)Includes deferred share units granted to the directors as part of annual compensation and, for year ended December 31, 2025, includes Non-Treasury Share Unit Plans.

(2)Post reorganization, exercise prices have been converted from Canadian dollars to U.S. dollars at the daily exchange rate published by the Bank of Canada as of May 15, 2025.

As of December 31, 2025, there was $75.2 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 2.8 years.

During the years ended December 31, 2025, 2024 and 2023, the Company granted 125,691, 240,164 and 375,783 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 $1.5 million, $2.7 million and $1.2 million at grant date, respectively. The outstanding liability related to cash settled units as of December 31, 2025, 2024, and 2023 was $1.0 million, $10.2 million, and $4.3 million, respectively. Upon the completion of the Tender Offer, the majority of the NTSUP RSUs were converted to LTIP RSUs.

On August 1, 2025, subsequent to Board approval, the Company amended its existing SARs to convert them from cash-settled to share-settled under the LTIP (see Note 20).

EQUITY BASED COMPENSATION - Activity Related to Restricted Share Units (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2025 $ / shares $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Number of Options
Beginning balance (in shares)	10,009,573	10,009,573	11,203,624	11,462,917
Granted (in shares)	3,807,689	3,807,689	3,439,035	4,983,339
Exercised (in Shares)	(5,922,203)	(5,922,203)	(3,668,309)	(3,036,166)
Forfeited / Cancelled (in shares)	(773,791)	(773,791)	(964,777)	(2,206,466)
Ending balance (in shares)	7,121,268	7,121,268	10,009,573	11,203,624
Number of units, units vested (in shares)	5,922,203	5,922,203	4,066,372
Weighted Average Grant Price (C$)
Beginning balance (in usd and cad per share) \| $ / shares		$ 14.15	$ 14.36	$ 20.50
Granted (in usd and cad per share) \| (per share)	$ 20.00		14.85	4.92
Exercised (in usd and cad per share) \| (per share)	11.58		15.44	19.20
Forfeited / Cancelled (in usd and cad per share) \| (per share)	9.53		14.17	18.31
Ending balance (in usd and cad per share) \| (per share)	14.25		14.15	$ 14.36
Weighted average grant price, unit vested (in usd per shares) \| (per share)	$ 11.58	$ 11.58	$ 15.07

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Borrowed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed — current	$ 2,361,161	$ 1,497,609
Digital assets borrowed — non-current	56,107	0
Digital assets borrowed	$ 2,417,268	$ 1,497,609
Bitcoin, USDC, Tether, Ether, And SOL
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage	95.00%
Bitcoin, Ether, DAI, and SOL
Securities Borrowed, Allowance for Credit Loss [Line Items]
Digital assets borrowed, percentage		87.00%

DERIVATIVES - Collateral Payable Associated With Derivative Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Collateral payable associated with derivatives	$ 32,204	$ 61,060
Assets posted as collateral associated with derivatives	948	0
Digital Assests
Derivative [Line Items]
Collateral payable associated with derivatives	24,747	30,600
Assets posted as collateral associated with derivatives	248	0
Cash
Derivative [Line Items]
Collateral payable associated with derivatives	7,457	30,460
Assets posted as collateral associated with derivatives	$ 700	$ 0

SIGNIFICANT ACCOUNTING POLICIES - Property Plant and Equipment (Details)	Dec. 31, 2025
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
Data center infrastructure \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Data center 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

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases As of December 31, 2025 and 2024, the Company had commitments primarily under three leases. Refer to Note 15 for further information on lease commitments. Investment and Loan Commitments As of December 31, 2025 and 2024, the Company was obligated to six and seven portfolio companies, respectively, all of which are non-consolidated variable interest entities (VIEs), to fund up to $49.4 million and $69.0 million, respectively. Subsequent to the year ended December 31, 2025, none of this amount has been funded. Refer to Note 10 for further information on VIEs. As of December 31, 2025 and 2024, the 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 December 31, 2025 and 2024, respectively. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end. Safeguarding of Customer Digital Assets The Company is obligated to safeguard certain digital assets held on behalf of its customers, which are not recognized on the Company's consolidated statement of financial position. As such, the Company may be liable to its customers for losses arising from the Company’s failure to safeguard those digital assets from loss. The Company has not incurred any losses related to such obligations and therefore has not accrued any liabilities as of December 31, 2025 and 2024. Contractual Commitments As of December 31, 2025 and 2024, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $529.8 million and $9.1 million, respectively. 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, 2025 and 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. 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, 2025, the Company had accrued a legal provision of $151.0 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 was $160.0 million as of December 31, 2025 and payable between 2026 and 2028, with a payment of $40.0 million in 2026, and a payment of $60.0 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 (“CEO”) 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. The plaintiff’s motion for leave and certification is scheduled to be heard in June 2026. 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. Tax Distributions The GDH LP 7th Amended and Restated Limited Partnership Agreement (the “LPA”), executed in connection with the Reorganization Transactions in May 2025, provides for pro rata cash distributions to the holders of LP Units for purposes of funding partner tax obligations in respect of the taxable income of GDH LP that is allocated to them. Generally, these tax distributions are computed based on GDH LP’s estimate of the net taxable income of GDH LP allocable to each holder of LP Units multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident of New York, New York (taking into account the non-deductibility of certain expenses and the character of GDH LP’s income). Amounts distributed pursuant to such tax distribution provision were treated as an advance against, and reduced (on a dollar for dollar basis), future amounts that would otherwise be distributable to such holders of LP Units. Prior to the Reorganization Transactions, GDH LP’s then-effective limited partnership agreement permitted the prior general partner of GDH LP, Galaxy Digital Holdings GP LLC (“GDH GP LLC”), to direct GDH LP to make tax distributions to the holders of LP Units. Tax-related distributions of $49.3 million, $55.3 million and $22.4 million were paid during the years ended December 31, 2025, 2024 and 2023. In December 2021, July 2024, and during the year ended December 31, 2025, the Company contributed approximately $523.0 million, $20.0 million, and $634.8 million, respectively, into wholly-owned subsidiaries through which the Company operates bitcoin mining, qualified digital assets and blockchain related activities, and AI/HPC leasing 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 the limited partner unit holders of GDH LP including the noncontrolling interest holders of the Company, 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 noncontrolling interest holders.

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Cumulative effect of change in accounting principles	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-Controlling Interests	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock Common Stock	Capital Units Class A Unit Capital	Capital Units Class A Unit Capital Cumulative effect of change in accounting principles	Capital Units Class B Unit Capital	Capital Units Class B Unit Capital Cumulative effect of change in accounting principles
Beginning balance (in shares) at Dec. 31, 2022										104,811,539		215,943,369
Beginning balance at Dec. 31, 2022										$ 610,374	$ 1,533	$ 805,820	$ 3,209
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation	$ 83,790									27,558		56,232
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)
Exchange of Class B Units										$ 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)										8,679,471
Issuance of Class A Units, net of issuance cost	11,107									$ 11,107
Other	(103)									(121)		18
Income / (loss) for the period	228,514									$ 75,858		$ 152,656
Ending balance (in shares) at Dec. 31, 2023										109,299,332		215,928,474
Ending balance at Dec. 31, 2023										$ 708,481		$ 1,002,690
Beginning balance (in shares) at Dec. 31, 2022								0	0
Beginning balance at Dec. 31, 2022	1,416,194	$ 4,742	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income / (loss) for the period	228,514									75,858		152,656
Ending balance (in shares) at Dec. 31, 2023								0	0
Ending balance at Dec. 31, 2023	1,711,171		0	0	0	0		$ 0	$ 0
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)
Exchange of Class B Units										$ 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)										20,029,493
Issuance of Class A Units, net of issuance cost	137,184									$ 137,184
Other	32									404		(372)
Income / (loss) for the period	346,722									$ 116,265		$ 230,457
Ending balance (in shares) at Dec. 31, 2024										127,577,780		215,862,343
Ending balance at Dec. 31, 2024										$ 949,730		$ 1,244,622
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Income / (loss) for the period	346,722									116,265		230,457
Ending balance (in shares) at Dec. 31, 2024							192,695,681	0	0
Ending balance at Dec. 31, 2024	2,194,352		0	0	0	0		$ 0	$ 0
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation	20,202									7,547		12,655
Distributions	(39,881)									$ (15,017)		(24,864)
Cancellation of Class A Units (in shares)										(2,208,707)
Cancellation of Class A Units	(26,649)									$ (26,649)
Issuance of class A units, net of issuance cost (in shares)										5,533,779
Issuance of Class A Units, net of issuance cost	2,294									$ 2,294
Income / (loss) for the period	(326,337)									$ (121,592)		$ (204,745)
Impact of Reorganization Transactions (in shares)								130,902,852	215,862,343	(130,902,852)		(215,862,343)
Impact of Reorganization Transactions	248,699		631,523		306,192	1,134,298		$ 131		$ (796,053)		$ (1,027,392)
Other										$ (260)		$ (276)
Income / (loss) for the period	(241,349)
Ending balance (in shares) at Dec. 31, 2025										0		0
Ending balance at Dec. 31, 2025										$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of Reorganization Transactions (in shares)								130,902,852	215,862,343	(130,902,852)		(215,862,343)
Impact of Reorganization Transactions	248,699		631,523		306,192	1,134,298		$ 131		$ (796,053)		$ (1,027,392)
Equity based compensation	36,403		16,978			19,425
Distribution	(9,427)					(9,427)
Cancellation of Class A common stock (in shares)								(1,608,914)
Cancellation of Class A Units, net of issuance cost	(24,748)		(24,746)					$ (2)
Issuance of Class A common stock, net of issuance cost (in shares)								45,947,677
Issuance of Class A common stock, net of issuance cost	848,879		848,833					$ 46
Exchange of Class B common stock (in shares)								17,454,066	(17,454,066)
Exchange of Class B common stock	0		111,029			(111,046)		$ 17
Other	30,507		31,043			0
Income / (loss) for the period	(241,349)
Income / (loss) for the period	84,989				36,729	48,260
Other comprehensive income (loss)	(4,506)			(2,038)		(2,468)
Ending balance (in shares) at Dec. 31, 2025							192,695,681	192,695,681	198,408,277
Ending balance at Dec. 31, 2025	$ 3,034,777		$ 1,614,660	$ (2,038)	$ 342,921	$ 1,079,042		$ 192	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 4,541,661	$ 2,928,225
Transfers out of Level 3	473,100	48,700
Transfers in of Level 3	13,100	21,200
Digital Intangible Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 808,800	$ 550,200

LOANS AND NOTES PAYABLE - Repayment Obligation (Details) - Senior Notes $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 445,000
2027	0
2028	877,987
2029	402,500
2030	0
2031	1,300,000
Total	$ 3,025,487

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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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Schedule of Loans Receivable, Current And Non-Current

RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	12 Months Ended
RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,246,240	$ 462,103
Brokers
Concentration Risk [Line Items]
Cash and cash equivalents	564,300	19,700
Trading Platforms
Concentration Risk [Line Items]
Cash and cash equivalents	$ 77,500	$ 64,700
Revenue Benchmark \| Customer Concentration Risk \| Two Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage	38.00%	40.00%
Loans Receivable \| Credit Concentration Risk \| Three Counterparties
Concentration Risk [Line Items]
Concentration risk percentage	45.00%
Loans Receivable \| Credit Concentration Risk \| Two Counterparties
Concentration Risk [Line Items]
Concentration risk percentage		27.00%
Current Liabilities \| Liquidity Concentration Risk \| One Counterparty
Concentration Risk [Line Items]
Concentration risk percentage	9.40%	8.50%
Crypto Assets \| Credit Concentration Risk \| Third Parties
Concentration Risk [Line Items]
Concentration risk percentage	37.00%	22.00%
Crypto Assets \| Credit Concentration Risk \| One Centralized Digital Asset Trading Platform
Concentration Risk [Line Items]
Concentration risk percentage	14.00%
Three Protocols \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	70.00%
Four Protocols \| Crypto Asset, Decentralized Finance Protocols \| Protocol Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		77.00%

LOANS AND NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Loans Receivable, Current and Non-current


(in thousands)	December 31, 2025		December 31, 2024
Loans receivable	$	554,622	$	476,620
Loans receivable, non-current	2,553		—
Less: allowance for credit loss	(173)		—
Loans receivable, current and non-current	$	557,002	$	476,620


(in thousands)	December 31, 2025		December 31, 2024
Loans payable	$	52,626	$	510,718


(in thousands)	December 31, 2025		December 31, 2024
Assets posted as collateral — Digital assets	$	13,317	$	194,306
Less: Allowance for credit losses	(62)		(554)
Assets posted as collateral associated with digital asset loans payable	$	13,255	$	193,752

Schedule of Contractual Obligation, Fiscal Year Maturity

As of December 31, 2025, the Company’s notes payable repayment obligation was as follows:


(in thousands)						Amount Due

2026						445,000
2027						—
2028						877,987
2029						402,500
2030						—
2031						1,300,000
Total						3,025,487

RISKS AND UNCERTAINTIES	12 Months Ended
RISKS AND UNCERTAINTIES	Dec. 31, 2025
Risks and Uncertainties [Abstract]
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 December 31, 2025, three protocols, Aave, Kamino, and Spark, represented 70% of the Company’s digital assets associated with decentralized finance protocols balance. As of December 31, 2024, four protocols, Sky DAO (f.k.a. Maker DAO), Coinbase (via wrapped tokens), 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 $564.3 million and $19.7 million of cash and cash equivalents at brokers and $77.5 million and $64.7 million of cash and cash equivalents on trading platforms as of December 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 December 31, 2025 and December 31, 2024, no individual customer accounted for 10% or more of net accounts receivable. During the year ended December 31, 2025, two digital asset trading platforms accounted for 38% of revenue; and during the year ended December 31, 2024, two digital asset trading platforms accounted for 40% of revenue. As of December 31, 2025, three counterparties and their related parties accounted for 45% of the Company’s Loans receivable and Digital assets loan receivable balance. The Company held collateral exceeding 100% of the loan carrying value for each of these three counterparties. As of December 31, 2024, two counterparties and their related parties accounted for 27% of the Company’s Loans receivable and Digital asset loans 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 typically 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, 2025 and December 31, 2024, one individual lending counterparty accounted for greater than 5% of current liabilities at 9.4% and 8.5%, 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 on which it transacts, 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, 2025 and December 31, 2024, approximately 37% and 22%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. As of December 31, 2025, one centralized digital asset trading platform held more than 10% of the Company’s digital assets at 14%. As of December 31, 2024, no centralized digital asset trading platform held more than 10% of the Company’s digital assets. The Company is undertaking the construction of a data center at its Helios campus specifically designed to support AI/HPC applications. This initiative is subject to a variety of risks and uncertainties that could materially affect the Company's financial position, results of operations, and future prospects. These currently include, but are not limited to, construction and development risks, operational and performance risks, tenant credit risk, and financing and liquidity risks. The Company continually monitors these and other potential risks and uncertainties. There can be no assurance that the Company will successfully mitigate these risks or that the construction and operation of the data center will proceed as planned. 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 and / or conducts 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.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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