0001859392-26-000054 | 10-Q | XBRL Viewer

DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED

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 March 31, 2026 and December 31, 2025, no digital asset loans receivable were past due.

Digital Asset Loans Receivable, Net of Allowance


(in thousands)	March 31, 2026		December 31, 2025
Digital asset loans receivable	$	664,930	$	1,070,125
Digital asset loans receivable - non-current	5,425		8,900
Less: Allowance for credit losses	(216)		(96)
Digital asset loans receivable, net	$	670,139	$	1,078,929

Collateral Payable Associated with Digital Asset Loans Receivable


(in thousands)	March 31, 2026		December 31, 2025
Collateral payable — Digital assets	$	771,251	$	1,322,442
Collateral payable — Cash	10,617		10,617
Collateral payable associated with digital asset loans receivable	$	781,868	$	1,333,059

Digital Assets Borrowed


(in thousands)	March 31, 2026		December 31, 2025
Digital assets borrowed — current	$	1,441,951	$	2,361,161
Digital assets borrowed — non-current	55,361		56,107
Digital assets borrowed	$	1,497,312	$	2,417,268

The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of March 31, 2026 were bitcoin, USDC, tether, and ether, including associated wrapped tokens, which represented approximately 91% of total Digital assets borrowed. 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.

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


(in thousands)	March 31, 2026		December 31, 2025
Assets posted as collateral — Digital assets	$	159,784	$	186,514

Less: Allowance for credit loss	(538)		(734)
Assets posted as collateral associated with digital assets borrowed	$	159,246	$	185,780

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.

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2026
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 $0 and $9.4 million were paid during the three months ended March 31, 2026 and March 31, 2025, 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 $149.4 million and $150.4 million as of March 31, 2026 and December 31, 2025, respectively, of which $71.4 million and $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 $10.1 million and $11.5 million as of March 31, 2026 and December 31, 2025, 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 three months ended March 31, 2025, the Company paid or accrued $0.9 million on behalf of GDH Ltd., which is included in General and administrative expenses on the Company’s condensed consolidated statements of operations. For the three months ended March 31, 2026, 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 of March 31, 2025, GDHI LLC had advanced $109.0 million to the Company. 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. 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 March 31, 2026 and December 31, 2025, the Company recognized $0.3 million and $0.2 million, respectively, of liabilities related to certain related parties interactions with the GalaxyOne platform. Other Related Party Transactions 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 three months ended March 31, 2026 and March 31, 2025, the associated advisory fees were $0.6 million and $0.6 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 three months ended March 31, 2026 and March 31, 2025, the Company incurred $0.2 million and $0.1 million, respectively, for such use negotiated on an arms-length basis in compliance with our aviation matters policy adopted in August 2022. In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to 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 three months ended March 31, 2026 and March 31, 2025. During the three months ended March 31, 2026 and March 31, 2025, the Company did not record 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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LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2026

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)	March 31, 2026		December 31, 2025
Loans payable	$	84,542	$	52,626

Interest expense related to the Company’s loans payable was $0.3 million and $3.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	March 31, 2026		December 31, 2025
Assets posted as collateral — Digital assets	$	13,871	$	13,317
Less: Allowance for credit losses	(62)		(62)
Assets posted as collateral associated with digital asset loans payable	$	13,809	$	13,255

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 condensed consolidated interim statements of changes in equity.

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 March 31, 2026 and December 31, 2025 was $37.2 million and $39.6 million, respectively. As of March 31, 2026 and December 31, 2025, there was $2.1 billion in principal outstanding of the Exchangeable Notes.

The interest expense from the Exchangeable Notes for the three months ended March 31, 2026 and March 31, 2025 was $17.6 million and $14.1 million, including coupon interest of $7.5 million and $5.9 million, respectively. The effective interest rates on the 2026, 2029, and 2031 Exchangeable Notes are 7.0%, 9.2%, and 0.9% respectively. During each of the three months ended March 31, 2026 and March 31, 2025, no Exchangeable Notes were exchanged.

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 March 31, 2026, the outstanding amount drawn on this facility was $1.1 billion, which is recognized within Notes payable in the Company’s condensed consolidated interim 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 March 31, 2026, the Company’s notes payable repayment obligation was as follows:


(in thousands)	Amount Due
2026	$	445,000
2027	—
2028	1,069,633
2029	402,500
2030	—
2031	1,300,000
Total	3,217,133

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.

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Revenue from Contract with Customer [Abstract]

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 05, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42655
Entity Registrant Name	Galaxy Digital Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0836313
Entity Address, Address Line One	300 Vesey Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10282
City Area Code	212
Local Phone Number	390-9216
Title of 12(b) Security	Class A Common Stock, $0.001 Par Value
Trading Symbol	GLXY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001859392
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		191,491,823
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		198,408,277

LOANS AND NOTES PAYABLE - Narrative (Details)		3 Months Ended
LOANS AND NOTES PAYABLE - Narrative (Details)	Aug. 15, 2025 USD ($)	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Debt Instrument [Line Items]
Interest expense		$ 300,000	$ 3,600,000
Notes interest expense		$ 17,576,000	14,071,000
Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		191,850,792		191,850,792
Common stock		$ 191,000		$ 192,000
Senior Notes
Debt Instrument [Line Items]
Promissory note		2,100,000,000		2,100,000,000
Unamortized debt issuance cost		37,200,000		$ 39,600,000
Interest expense, long-term debt		7,500,000	$ 5,900,000
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 (in 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 (in 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 (in percentage)		0.90%
2031 Exchangeable Notes \| Senior Notes \| Class A Common Stock
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares		17.9352
Senior Secured Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Promissory note	$ 1,400,000,000
Long-term debt, gross		$ 1,100,000,000
Minimum debt service coverage ratio	1.40
Debt instrument, covenant, maximum loan to cost ratio (in percentage)	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 (in percentage)	4.75%
Senior Secured Term Loan Facility \| Secured Debt \| Floor Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	2.50%

REVENUES

3 Months Ended

Mar. 31, 2026

REVENUES

The following tables provide additional details related to the Company’s Revenues by segment for the three months ended March 31, 2026 and 2025.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2026
Digital assets sales	$	9,964,643	$	—	$	—	$	9,964,643
Fees	23,291		—		(1,681)		21,610
Blockchain rewards	29,389		—		(1,773)		27,616
Proprietary mining	—		—		709		709
Revenues from contracts with customers	$	10,017,323	$	—	$	(2,745)	$	10,014,578

Blockchain rewards from non-customers (1)	132		—		—		132
Interest income	21,102		3,050		2,582		26,734
Total revenues	$	10,038,557	$	3,050	$	(163)	$	10,041,444


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

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

_______________

(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.

The following table presents the changes in the Company's contract liabilities for the periods ended March 31, 2026 and December 31, 2025.


(in thousands)	March 31, 2026		December 31, 2025
Balance, beginning of period	$	52,321	$	—
Additions	—		57,071
Less: Amounts recognized as revenue	(4,750)		(4,750)
Balance, end of period	$	47,571	$	52,321

The Company recognized revenue of $4.8 million and $0 related to its contract liabilities for the three months ended March 31, 2026 and 2025, respectively. The Company expects to recognize its contract liabilities as revenue on a straight-line basis through September 2028.

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

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GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 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.

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Balance, beginning of period	$ 66,523	$ 58,037
Additions due to acquisitions (Note 3)	0	8,486
Balance, end of period	$ 66,523	$ 66,523

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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LOANS RECEIVABLE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Receivables [Abstract]
Interest income related to loans receivable	$ 9.1	$ 12.6

LOANS RECEIVABLE

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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 March 31, 2026 or December 31, 2025.

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2026		December 31, 2025
Loans receivable	$	627,853	$	554,622
Loans receivable, non-current	7,050		2,553
Less: allowance for credit loss	(249)		(173)
Loans receivable, current and non-current	$	634,654	$	557,002

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


(in thousands)	Amounts

2026 (remaining)	$	612,639
2027	17,088
2028	3,688
2029	1,188
2030	300
2031	—
Loans receivable, current and non-current	$	634,903

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

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


(in thousands)	March 31, 2026		December 31, 2025
Collateral payable — Digital assets	$	563,330	$	613,716
Collateral payable — Cash	—		1,192
Collateral payable associated with loans receivable, current and non-current	$	563,330	$	614,908

Interest income related to the Company’s Loans receivable was $9.1 million and $12.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively

REVENUES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 10,014,578	$ 12,943,433
Interest income	26,734	27,409
Total revenues	10,041,444	12,976,206
Digital Assets
Disaggregation of Revenue [Line Items]
Total revenues	10,038,557	12,971,529
Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,017,323	12,944,848
Interest income	21,102	25,626
Total revenues	10,038,557	12,971,529
Data Centers
Disaggregation of Revenue [Line Items]
Total revenues	3,050	0
Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Interest income	3,050	0
Total revenues	3,050	0
Treasury and Corporate
Disaggregation of Revenue [Line Items]
Total revenues	(163)	4,677
Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(2,745)	(1,415)
Interest income	2,582	1,783
Total revenues	(163)	4,677
Digital assets sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,964,643	12,849,568
Digital assets sales \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,964,643	12,849,568
Digital assets sales \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Digital assets sales \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21,610	11,517
Fees \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	23,291	14,580
Fees \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Fees \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,681)	(3,063)
Blockchain rewards
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	27,616	71,112
Blockchain rewards \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	29,389	80,700
Blockchain rewards \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Blockchain rewards \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	(1,773)	(9,588)
Proprietary mining
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	709	11,236
Proprietary mining \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Proprietary mining \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Proprietary mining \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	709	11,236
Blockchain rewards from non-customers
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	132	5,364
Blockchain rewards from non-customers \| Digital Assets \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	132	1,055
Blockchain rewards from non-customers \| Data Centers \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	0	0
Blockchain rewards from non-customers \| Treasury and Corporate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 0	$ 4,309

DERIVATIVES - Schedule Of Collateral Payable Associated With Derivative Positions (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Collateral payable associated with derivatives	$ 205,778	$ 32,204
Assets posted as collateral associated with derivatives	677	948
Collateral payable — Digital assets
Derivative [Line Items]
Collateral payable associated with derivatives	195,499	24,747
Assets posted as collateral associated with derivatives	0	248
Collateral payable — Cash
Derivative [Line Items]
Collateral payable associated with derivatives	10,279	7,457
Assets posted as collateral – Cash	$ 677	$ 700

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Equity Securities without Readily Determinable Fair Value


			Impairment				Upward Adjustments
(in thousands)	Carrying Value		Period to date		Cumulative		Period to date		Cumulative
March 31, 2026	$	145,994	$	(3,461)	$	(75,805)	$	2,110	$	84,029
December 31, 2025	$	159,239	$	(19,178)	$	(73,207)	$	18,727	$	81,919

FAIR VALUE OPTION - Schedule of Fair Value Option (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 1,434,971	$ 1,615,972
Digital financial assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	921,017	988,621
Investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Total	$ 513,954	$ 627,351

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table represents property and equipment balances and accumulated depreciation as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Corporate assets (1)	$	15,357	$	15,084
Mining equipment	79,250		79,250
Data center infrastructure (2)	67,669		67,669
Land	36,306		35,272
WIP / Construction in progress (3)	1,700,020		1,344,211
Property and equipment, gross (4)	1,898,602		1,541,486
Less: Accumulated depreciation	(32,511)		(30,135)
Less: Impairment (5)	(88,238)		(88,238)
Property and equipment, net	$	1,777,852	$	1,423,113

__________________

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

(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 condensed consolidated interim statements of operations.

Depreciation expense of $2.4 million and $8.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively, is included in General and administrative expenses in the Company’s condensed consolidated interim 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. During the year ended December 31, 2025, the Company recognized an impairment of $87.3 million, of which $49.2 million was recognized during the three months ended March 31, 2025. Impairment was related to its 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.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Items measured on a recurring basis at fair value:


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	803,923	$	117,094	$	—	$	921,017
Digital intangible assets at fair value	1,738,314		134,421		—		1,872,735

Digital asset loans receivable, net of allowance — Financial assets	—		392,545		—		392,545
Digital assets receivable	—		11		5,042		5,053

Derivative assets	61,166		25,068		—		86,234
Embedded derivative — Collateral payable — Digital assets	—		268,167		—		268,167
Embedded derivative — Digital assets borrowed	—		422,223		—		422,223
Embedded derivative - Payable to customer	—		633		—		633
Investments(1)	687,884		8,437		420,284		1,116,605
	$	3,291,287	$	1,368,599	$	425,326	$	5,085,212
Liabilities
Investments sold short(2)	$	98,448	$	—	$	—	$	98,448

Derivative liabilities	88,552		10,701		—		99,253

Embedded derivative — Digital assets borrowed	—		4,211		—		4,211
Embedded derivative — Collateral payable	—		21,592		—		21,592

	$	187,000	$	36,504	$	—	$	223,504

__________________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $236.1 million and investments utilizing the measurement alternative of $146.0 million as they are without readily determinable fair values.

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


	As of December 31, 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	—		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 equity securities 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 condensed consolidated interim 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 $879.9 million and $808.8 million as of March 31, 2026 and December 31, 2025, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended March 31, 2026 and December 31, 2025, 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
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
Digital assets receivable
March 31, 2026	$	8,454	$	—	$	—	$	—	$	(3,340)	$	(72)	$	5,042
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
Investments
March 31, 2026	$	495,372	$	10,659	$	(6,326)	$	247	$	(34,340)	$	(45,328)	$	420,284
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
Embedded derivative — Notes payable
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(136,192)	$	—

Transfers in and out of Level 3 are considered to have occurred at the beginning of the period the transfer occurred. For the period ended March 31, 2026, gross transfers into Level 3 were $2.0 million and gross transfers out of Level 3 were $47.4 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. 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 were due to removal of restrictions. For the year 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. Transfers out of Level 3 for Investments related to a 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 the 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.

The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of March 31, 2026 and December 31, 2025, respectively:


Financial Instrument	Fair Value at March 31, 2026 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average

Digital assets receivable	$	5,042	Marketability discount	3.1% - 69.5%	41.5%
Investments	$	420,284	Time to liquidity event (years)	2.0 - 10.0	5.3
			Annualized equity volatility	70.0% - 90.0%	87.7%
			Risk free rate	3.5% - 4.3%	3.9%
			Market adjustment discount	25.0% - 90.0%	58.9%
			Market adjustment premium	—% - —%	—%
			Marketability discount	9.2% - 25.0%	24.2%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 7x	6.9x
			Enterprise value to projected revenue	2.5x - 5x	3.8x
			Enterprise value to annualized revenue	2.0x - 2.5x	2.1x
			Enterprise value to ARR	2.0x - 17.6x	11.9x
			Enterprise value to gross profit	6.0x	6.0x
			Recovery percentage	17.8% - 44.0%	41.8%


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	7.0x
			Enterprise value to ARR	3.0x - 13.0x	12.0x
			Enterprise value to gross profit	6.0x	6.0x
			Recovery percentage	36.0%	36.0%

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

Financial Instruments Not Measured at Fair Value

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


	As of March 31, 2026
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	910,691	$	910,691	$	910,691	$	—	$	—
Assets posted as collateral – Cash	677		677		—		677		—
Accounts receivable	103,192		103,192		—		103,192		—
Loans receivable	634,654		634,654		—		634,654		—
Total Assets	$	1,649,214	$	1,649,214	$	910,691	$	738,523	$	—
Accounts payable and accrued liabilities	$	269,979	$	269,979	$	—	$	269,979	$	—
Notes payable	3,058,426		2,909,471		—		1,839,838		1,069,633
Collateral payable — Cash	20,896		20,896		—		20,896		—
Payable to customers — Cash	57,954		57,954		—		57,954		—
Loans payable	84,542		84,542		—		84,542		—
Settlement liability	112,643		113,532		—		113,532		—
Total Liabilities	$	3,604,440	$	3,456,374	$	—	$	2,386,741	$	1,069,633


	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

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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Restructuring and Related Activities [Abstract]

LEASES - Narrative (Details) - USD ($)	3 Months Ended
LEASES - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 1,600,000	$ 1,500,000
Variable lease costs	0	0
Lease liabilities	$ 300,000	$ 300,000

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Schedule of Assets Posted as Collateral Associated with Digital Assets Borrowed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Less: Allowance for credit loss	$ (538)	$ (734)
Assets posted as collateral associated with digital assets borrowed	159,246	185,780
Digital intangible assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Assets posted as collateral — Digital assets	$ 159,784	$ 186,514

TRANSACTION EXPENSES

3 Months Ended

Mar. 31, 2026

TRANSACTION EXPENSES

The Company incurred the following Transaction expenses by segment for the three months ended March 31, 2026 and 2025.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2026
Digital assets sales costs	$	9,971,356	$	—	$	—	$	9,971,356
Blockchain reward distributions	21,295		—		(1,782)		19,513
Borrowing costs	18,963		—		(1,503)		17,460
Mining and hosting costs	—		—		779		779
Other transaction expenses (1)	3,800		—		3,837		7,637
Transaction expenses	$	10,015,414	$	—	$	1,331	$	10,016,745


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,920,860	$	—	$	26,150	$	12,947,010

_______________

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

LOANS RECEIVABLE - Schedule of Loans Receivable, Current And Non-Current (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Loans receivable	$ 627,853	$ 554,622
Loans receivable, non-current	7,050	2,553
Less: allowance for credit loss	(249)	(173)
Loans receivable, current and non-current	$ 634,654	$ 557,002

BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2026

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

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 three months ended March 31, 2026 and the year ended December 31, 2025 (from the date of 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 three months ended March 31, 2025, had Alluvial been acquired at the beginning of the reporting period, 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 Topic 805, Business Combinations (“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.

The entire disclosure for business combination.

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EQUITY	3 Months Ended
EQUITY	Mar. 31, 2026
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 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 three months ended March 31, 2026 and March 31, 2025, no Class B common stock was cancelled in connection with exchanges of LP Units for shares of Class A common stock. During the three months ended March 31, 2026 and March 31, 2025, there were tax-related distributions of $0 and $9.4 million, respectively, made for the purpose of covering GDH LP Unitholders’ tax expense due to 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 21 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. 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.

LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid in the measurement of operating lease liabilities	$ 1,570	$ 1,483

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Schedule of Digital Assets Borrowed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Digital assets borrowed — current	$ 1,441,951	$ 2,361,161
Digital assets borrowed, non-current	55,361	56,107
Digital assets borrowed	$ 1,497,312	$ 2,417,268

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Schedule of Collateral Payable Associated with Digital Assets Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	$ 781,868	$ 1,333,059
Digital Assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	771,251	1,322,442
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with digital asset loans receivable	$ 10,617	$ 10,617

LOANS RECEIVABLE - Schedule of Collateral Payable Associated With Loans Receivable, Current (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 563,330	$ 614,908
Collateral payable — Digital assets
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	563,330	613,716
Collateral payable — Cash
Financing Receivable, Allowance for Credit Loss [Line Items]
Collateral payable associated with loans receivable, current and non-current	$ 0	$ 1,192

LOANS AND NOTES PAYABLE - Schedule of Repayment Obligation (Details) - Senior Notes $ in Thousands	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
2026	$ 445,000
2027	0
2028	1,069,633
2029	402,500
2030	0
2031	1,300,000
Total	$ 3,217,133

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.

REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues	$ 10,041,444	$ 12,976,206
Gains / (losses) from operations	171,781	(120,331)
Revenues And Gains (Losses) From Operations	10,213,225	12,855,875
Transaction expenses	10,016,745	12,947,010
Impairment of digital assets	284,402	112,429
Compensation and benefits	83,548	56,953
Notes interest expense	17,576	14,071
Depreciation and amortization	5,839	12,613
Other expenses	40,376	104,621
Total operating expenses	10,448,486	13,247,697
Unrealized gain / (loss) on notes payable - derivative	0	89,606
Other income / (expense), net	704	672
Total other income / (expense)	704	90,278
Net income / (loss) for the period, before taxes	(234,557)	(301,544)
Income taxes expense / (benefit)	(18,246)	(6,112)
Net income / (loss) for the period	(216,311)	(295,432)
Digital Assets
Segment Reporting Information [Line Items]
Revenues	10,038,557	12,971,529
Gains / (losses) from operations	310,276	92,370
Revenues And Gains (Losses) From Operations	10,348,833	13,063,899
Transaction expenses	10,015,414	12,920,860
Impairment of digital assets	284,402	78,308
Compensation and benefits	58,595	38,826
Notes interest expense	0	0
Depreciation and amortization	3,164	3,555
Other expenses	21,809	18,821
Total operating expenses	10,383,384	13,060,370
Unrealized gain / (loss) on notes payable - derivative	0	0
Other income / (expense), net	247	0
Total other income / (expense)	247	0
Net income / (loss) for the period, before taxes	(34,304)	3,529
Income taxes expense / (benefit)	0	0
Net income / (loss) for the period	(34,304)	3,529
Data Centers
Segment Reporting Information [Line Items]
Revenues	3,050	0
Gains / (losses) from operations	0	0
Revenues And Gains (Losses) From Operations	3,050	0
Transaction expenses	0	0
Impairment of digital assets	0	0
Compensation and benefits	3,103	1,263
Notes interest expense	0	0
Depreciation and amortization	0	1,251
Other expenses	1,494	385
Total operating expenses	4,597	2,899
Unrealized gain / (loss) on notes payable - derivative	0	0
Other income / (expense), net	0	0
Total other income / (expense)	0	0
Net income / (loss) for the period, before taxes	(1,547)	(2,899)
Income taxes expense / (benefit)	0	0
Net income / (loss) for the period	(1,547)	(2,899)
Treasury and Corporate
Segment Reporting Information [Line Items]
Revenues	(163)	4,677
Gains / (losses) from operations	(138,495)	(212,701)
Revenues And Gains (Losses) From Operations	(138,658)	(208,024)
Transaction expenses	1,331	26,150
Impairment of digital assets	0	34,121
Compensation and benefits	21,850	16,864
Notes interest expense	17,576	14,071
Depreciation and amortization	2,675	7,807
Other expenses	17,073	85,415
Total operating expenses	60,505	184,428
Unrealized gain / (loss) on notes payable - derivative	0	89,606
Other income / (expense), net	457	672
Total other income / (expense)	457	90,278
Net income / (loss) for the period, before taxes	(198,706)	(302,174)
Income taxes expense / (benefit)	(18,246)	(6,112)
Net income / (loss) for the period	$ (180,460)	$ (296,062)

FAIR VALUE OPTION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Realized and unrealized losses for digital assets	$ 1.2	$ 2.2

BUSINESS COMBINATIONS - Schedule of Assets and Liabilities Recognized in Relation to Acquisition (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Nov. 25, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill	$ 66,523	$ 66,523		$ 58,037
Alluvial Finance
Business Combination [Line Items]
Cash			$ 345
Other assets (net)			448
Intangible assets			2,470
Goodwill			3,864
Total assets			$ 7,127

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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DERIVATIVES - Schedule of Derivatives Designated as Cash Flow Hedges And Derivative Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Gain / (loss) recognized in OCI	$ 4,550	$ 0

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Recurring Basis at Fair Value

Items measured on a recurring basis at fair value:


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Digital financial assets	$	803,923	$	117,094	$	—	$	921,017
Digital intangible assets at fair value	1,738,314		134,421		—		1,872,735

Digital asset loans receivable, net of allowance — Financial assets	—		392,545		—		392,545
Digital assets receivable	—		11		5,042		5,053

Derivative assets	61,166		25,068		—		86,234
Embedded derivative — Collateral payable — Digital assets	—		268,167		—		268,167
Embedded derivative — Digital assets borrowed	—		422,223		—		422,223
Embedded derivative - Payable to customer	—		633		—		633
Investments(1)	687,884		8,437		420,284		1,116,605
	$	3,291,287	$	1,368,599	$	425,326	$	5,085,212
Liabilities
Investments sold short(2)	$	98,448	$	—	$	—	$	98,448

Derivative liabilities	88,552		10,701		—		99,253

Embedded derivative — Digital assets borrowed	—		4,211		—		4,211
Embedded derivative — Collateral payable	—		21,592		—		21,592

	$	187,000	$	36,504	$	—	$	223,504

__________________

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


	As of December 31, 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	—		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 condensed consolidated interim statements of financial position.

Schedule of Fair Value, Assets 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
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
Digital assets receivable
March 31, 2026	$	8,454	$	—	$	—	$	—	$	(3,340)	$	(72)	$	5,042
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
Investments
March 31, 2026	$	495,372	$	10,659	$	(6,326)	$	247	$	(34,340)	$	(45,328)	$	420,284
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
Embedded derivative — Notes payable
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(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
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	20,457	$	—	$	—	$	—	$	—	$	(20,457)	$	—
Digital assets receivable
March 31, 2026	$	8,454	$	—	$	—	$	—	$	(3,340)	$	(72)	$	5,042
December 31, 2025	$	60,492	$	2,250	$	—	$	—	$	(3,724)	$	(50,564)	$	8,454
Investments
March 31, 2026	$	495,372	$	10,659	$	(6,326)	$	247	$	(34,340)	$	(45,328)	$	420,284
December 31, 2025	$	524,573	$	500,456	$	(354,924)	$	169,999	$	(91,976)	$	(252,756)	$	495,372
Embedded derivative — Notes payable
March 31, 2026	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2025	$	136,192	$	—	$	—	$	—	$	—	$	(136,192)	$	—

Schedule of Significant Unobservable Inputs Used for Assets and Liabilities


Financial Instrument	Fair Value at March 31, 2026 (in thousands)		Significant Unobservable Inputs	Range	Weighted Average

Digital assets receivable	$	5,042	Marketability discount	3.1% - 69.5%	41.5%
Investments	$	420,284	Time to liquidity event (years)	2.0 - 10.0	5.3
			Annualized equity volatility	70.0% - 90.0%	87.7%
			Risk free rate	3.5% - 4.3%	3.9%
			Market adjustment discount	25.0% - 90.0%	58.9%
			Market adjustment premium	—% - —%	—%
			Marketability discount	9.2% - 25.0%	24.2%
			Expected dividend payout ratio	—%	—%
			Enterprise value to LTM revenue multiple	2.5x - 7x	6.9x
			Enterprise value to projected revenue	2.5x - 5x	3.8x
			Enterprise value to annualized revenue	2.0x - 2.5x	2.1x
			Enterprise value to ARR	2.0x - 17.6x	11.9x
			Enterprise value to gross profit	6.0x	6.0x
			Recovery percentage	17.8% - 44.0%	41.8%


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	7.0x
			Enterprise value to ARR	3.0x - 13.0x	12.0x
			Enterprise value to gross profit	6.0x	6.0x
			Recovery percentage	36.0%	36.0%

Schedule of Financial Instruments not Measured at Fair Value


	As of March 31, 2026
(in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	910,691	$	910,691	$	910,691	$	—	$	—
Assets posted as collateral – Cash	677		677		—		677		—
Accounts receivable	103,192		103,192		—		103,192		—
Loans receivable	634,654		634,654		—		634,654		—
Total Assets	$	1,649,214	$	1,649,214	$	910,691	$	738,523	$	—
Accounts payable and accrued liabilities	$	269,979	$	269,979	$	—	$	269,979	$	—
Notes payable	3,058,426		2,909,471		—		1,839,838		1,069,633
Collateral payable — Cash	20,896		20,896		—		20,896		—
Payable to customers — Cash	57,954		57,954		—		57,954		—
Loans payable	84,542		84,542		—		84,542		—
Settlement liability	112,643		113,532		—		113,532		—
Total Liabilities	$	3,604,440	$	3,456,374	$	—	$	2,386,741	$	1,069,633


	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

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.

Schedule of Earnings Per Share, Basic and Diluted

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post-reorganization equity structure of the Company during such period.


	Three Months Ended
	March 31, 2026		March 31, 2025
Basic income (loss) per share	$	(0.48)	$	(0.86)
Net income (loss) used in the calculation of basic income (loss) per share	$	(92,154)	$	(109,942)
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	192,074,376		127,863,254

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Diluted income (loss) per share	$	(0.49)	$	(0.86)
Net income (loss) used in the calculation of diluted income (loss) per share	$	(191,099)	$	(109,942)
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	390,482,653		127,863,254

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Net income (loss) used in the calculation of basic income (loss) per share	$	(92,154)	$	(109,942)
Noncontrolling interests	(98,945)		—



Net income (loss) used in the calculation of diluted income (loss) per share	$	(191,099)	$	(109,942)

Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	192,074,376		127,863,254
Noncontrolling interests	198,408,277		—




Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	390,482,653		127,863,254

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.


	Three Months Ended
	March 31, 2026	March 31, 2025

Exchangeable LP units	—	215,862,343
Compensatory awards	10,990,211	22,983,234

Exchangeable notes	53,563,706	30,247,946
Total	64,553,917	269,093,523

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Unfunded Commitments	$ 48,800	$ 49,400
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	360,039	427,906
Unfunded Commitments	48,822	49,422
Maximum Exposure	408,861	477,328
Sponsored Investment Funds \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	216,151	259,276
Unfunded Commitments	36,708	37,308
Maximum Exposure	252,859	296,584
Other VIE’s \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Fair Value of Investment	143,888	168,630
Unfunded Commitments	12,114	12,114
Maximum Exposure	$ 156,002	$ 180,744

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.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Condensed Consolidated Interim Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Digital intangible asset, fair value	$ 1,859,800	$ 2,717,400
Due from related parties	103,192	34,012
Fair value	729,100	864,000
Other non-current liabilities due to related parties	$ 447,414	$ 513,169
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)	191,850,792	191,850,792
Common stock, outstanding (in shares)	191,850,792	191,850,792
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	$ 4,200	$ 3,400
Other non-current liabilities due to related parties	$ 71,400	$ 72,300

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Company’s Derivatives Portfolio

The breakdown of the Company’s derivatives portfolio, as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026
(in thousands)	Notional Amounts (1)		Derivative Assets		Derivative Liabilities
Digital assets	$	2,636,262	$	63,418	$	(71,668)
Foreign currencies	233,245		3,760		(3,081)
Equity securities	5,106,807		7,429		(14,662)
Interest rates	8,027,808		2,054		(9,488)
Commodities	28,185		54		(354)



	16,032,307		76,715		(99,253)

Digital assets receivable	7,910		5,053		—
Embedded derivatives — Digital assets borrowed	1,915,324		422,223		(4,211)
Embedded derivatives — Collateral payable	1,776,655		268,167		(21,592)
Embedded derivatives — Payable to customer	25,458		633		—


	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		—

_______________

(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.

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 March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025




Collateral payable — Digital assets	$	195,499	$	24,747
Collateral payable — Cash	10,279		7,457
Collateral payable associated with derivatives	$	205,778	$	32,204

Assets posted as collateral — Digital assets	—		248
Assets posted as collateral — Cash	677		700
Assets posted as collateral associated with derivatives	$	677	$	948

Schedule of Derivatives Designated as Hedging Instruments

The breakdown of the Company's portfolio of derivatives designated as hedging instruments as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026				December 31, 2025
(in thousands)	Notional Amounts		Derivative Assets	Derivative Liabilities	Notional Amounts		Derivative Assets	Derivative Liabilities

Interest rates	1,400,000		9,519		1,400,000		4,969	—




Derivatives designated as cash flow hedges	$	1,400,000	9,519	—	$	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:


	Three months ended		Three months ended
(in thousands)	March 31, 2026		March 31, 2025
Gain / (loss) recognized in OCI	4,550		—



Derivatives designated as cash flow hedges	$	4,550	$	—

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 2.4	$ 8.7
Mining equipment
Property, Plant and Equipment [Line Items]
Impairment of mining equipment		$ 49.2	$ 87.3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 7,921
2027	9,275
2028	7,888
2029	547
2030	120
Total future amortization expense	$ 25,751

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

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

Noncontrolling interests

$ (98,945)

$ 0

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

$ (191,099)

$ (109,942)

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

^[1]

192,074,376

127,863,254

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

^[1]

390,482,653

127,863,254

Noncontrolling interests

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

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

198,408,277

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain on derivative	$ 105.4	$ 31.1

DERIVATIVES

3 Months Ended

Mar. 31, 2026

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 $105.4 million and $31.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The breakdown of the Company’s derivatives portfolio, as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026
(in thousands)	Notional Amounts (1)		Derivative Assets		Derivative Liabilities
Digital assets	$	2,636,262	$	63,418	$	(71,668)
Foreign currencies	233,245		3,760		(3,081)
Equity securities	5,106,807		7,429		(14,662)
Interest rates	8,027,808		2,054		(9,488)
Commodities	28,185		54		(354)



	16,032,307		76,715		(99,253)

Digital assets receivable	7,910		5,053		—
Embedded derivatives — Digital assets borrowed	1,915,324		422,223		(4,211)
Embedded derivatives — Collateral payable	1,776,655		268,167		(21,592)
Embedded derivatives — Payable to customer	25,458		633		—


	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		—

_______________

The table below represents the breakdown of collateral payable and assets posted as collateral associated with derivative positions as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025




Collateral payable — Digital assets	$	195,499	$	24,747
Collateral payable — Cash	10,279		7,457
Collateral payable associated with derivatives	$	205,778	$	32,204

Assets posted as collateral — Digital assets	—		248
Assets posted as collateral — Cash	677		700
Assets posted as collateral associated with derivatives	$	677	$	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 of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026				December 31, 2025
(in thousands)	Notional Amounts		Derivative Assets	Derivative Liabilities	Notional Amounts		Derivative Assets	Derivative Liabilities

Interest rates	1,400,000		9,519		1,400,000		4,969	—




Derivatives designated as cash flow hedges	$	1,400,000	9,519	—	$	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:


	Three months ended		Three months ended
(in thousands)	March 31, 2026		March 31, 2025
Gain / (loss) recognized in OCI	4,550		—



Derivatives designated as cash flow hedges	$	4,550	$	—

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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FAIR VALUE OPTION

3 Months Ended

Mar. 31, 2026

FAIR VALUE OPTION

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


(in thousands)	March 31, 2026		December 31, 2025
Assets
Digital financial assets	$	921,017	$	988,621
Investments	513,954		627,351
Total	$	1,434,971	$	1,615,972

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 condensed consolidated interim statements of operations. The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:


	Three Months Ended March 31,
	2026				2025
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	2,076	$	(84,300)	$	36,913	$	(94,894)

Realized and unrealized gains for digital assets classified as financial assets were $1.2 million and $2.2 million for the three months ended March 31, 2026 and March 31, 2025, 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.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

VARIABLE INTEREST ENTITIES

The Company holds investments in variable interest entities (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 condensed consolidated interim 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.


	March 31, 2026						December 31, 2025
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	216,151	$	36,708	$	252,859	$	259,276	$	37,308	$	296,584
Other VIE’s	143,888		12,114		156,002		168,630		12,114		180,744
Total	$	360,039	$	48,822	$	408,861	$	427,906	$	49,422	$	477,328

DIGITAL ASSETS - Schedule of Additional Detail Related to the Digital Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	$ 1,859,800	$ 2,717,400
Digital intangible assets, current	2,739,659	3,526,216
Digital financial assets	921,017	988,621
Digital intangible assets, non-current	12,943	26,824
Total digital assets	3,673,619	4,541,661
Collateral posted with counterparties, digital asset and fiat borrowings	431,000	608,900
Digital assets associated with decentralized finance protocols, support borrowings	$ 35,800	$ 74,200
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	$ 751,200	$ 1,168,400
Digital intangible assets, current	790,186	1,236,892
Digital financial assets	117,990	422,144
Digital intangible assets, non-current	158	591
Digital intangible assets	790,344	1,237,483
Digital financial assets	117,990	422,144
Total digital assets	908,334	1,659,627
Crypto Asset, Held With Third Parties
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value	531,400	758,300
Digital intangible assets, current	888,394	840,960
Digital financial assets	590,484	8,304
Digital intangible assets, non-current	12,785	26,233
Digital intangible assets	901,179	867,193
Digital financial assets	590,484	8,304
Total digital assets	1,491,663	875,497
Crypto Asset, Collateral Posted With Counterparties
Crypto Asset, Holding [Line Items]
Digital intangible asset, fair value		779,400
Digital intangible assets, current	560,457	810,338
Digital financial assets	0	0
Digital intangible assets, non-current	0	0
Total digital assets	560,457	810,338
Crypto Asset, Decentralized Finance Protocols
Crypto Asset, Holding [Line Items]
Digital intangible assets, current	500,622	638,026
Digital financial assets	212,543	558,173
Digital intangible assets, non-current	0	0
Total digital assets	$ 713,165	$ 1,196,199

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2026 and 2025, the effective tax rates were 7.78% and 2.04%, respectively. The three months ended March 31, 2026 effective tax rate differs from the statutory rate primarily due to amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes as well as tax attributed to foreign jurisdictions. There were no material changes to uncertain tax positions or valuation allowances against deferred tax assets for the three months ended March 31, 2026.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities	$ 269,979	$ 277,663
Payable to customers — Cash	82,803	85,808
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	910,691	1,246,240
Assets posted as collateral – Cash	0	0
Accounts receivable	0	0
Loans receivable	0	0
Total Assets	910,691	1,246,240
Accounts payable and accrued liabilities	0	0
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	0
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	677	700
Accounts receivable	103,192	34,012
Loans receivable	634,654	557,002
Total Assets	738,523	591,714
Accounts payable and accrued liabilities	269,979	277,663
Notes payable	1,839,838	1,986,123
Collateral payable — Cash	20,896	19,266
Payable to customers — Cash	57,954	2,359
Loans payable	84,542	52,626
Settlement liability	113,532	148,775
Total Liabilities	2,386,741	2,486,812
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	0	0
Total Assets	0	0
Accounts payable and accrued liabilities	0	0
Notes payable	1,069,633	877,987
Collateral payable — Cash	0	0
Payable to customers — Cash	0	0
Loans payable	0	0
Settlement liability	0	0
Total Liabilities	1,069,633	877,987
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	910,691	1,246,240
Assets posted as collateral – Cash	677	700
Accounts receivable	103,192	34,012
Loans receivable	634,654	557,002
Total Assets	1,649,214	1,837,954
Accounts payable and accrued liabilities	269,979	277,663
Notes payable	3,058,426	2,861,055
Collateral payable — Cash	20,896	19,266
Payable to customers — Cash	57,954	2,359
Loans payable	84,542	52,626
Settlement liability	112,643	151,034
Total Liabilities	3,604,440	3,364,003
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	910,691	1,246,240
Assets posted as collateral – Cash	677	700
Accounts receivable	103,192	34,012
Loans receivable	634,654	557,002
Total Assets	1,649,214	1,837,954
Accounts payable and accrued liabilities	269,979	277,663
Notes payable	2,909,471	2,864,110
Collateral payable — Cash	20,896	19,266
Payable to customers — Cash	57,954	2,359
Loans payable	84,542	52,626
Settlement liability	113,532	148,775
Total Liabilities	$ 3,456,374	$ 3,364,799

DERIVATIVES - Schedule of Company’s Derivatives Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Notional Amounts	$ 16,032,307	$ 8,572,796
Derivative Assets	76,715	78,838
Derivative Liabilities	(99,253)	(40,482)
Digital Assets
Derivative [Line Items]
Notional Amounts	2,636,262	1,967,358
Derivative Assets	63,418	72,815
Derivative Liabilities	(71,668)	(33,656)
Foreign currencies
Derivative [Line Items]
Notional Amounts	233,245	391,680
Derivative Assets	3,760	1,484
Derivative Liabilities	(3,081)	(424)
Equity securities
Derivative [Line Items]
Notional Amounts	5,106,807	4,758,135
Derivative Assets	7,429	1,307
Derivative Liabilities	(14,662)	(5,103)
Interest rates
Derivative [Line Items]
Notional Amounts	8,027,808	1,372,860
Derivative Assets	2,054	465
Derivative Liabilities	(9,488)	(189)
Commodities
Derivative [Line Items]
Notional Amounts	28,185	82,763
Derivative Assets	54	2,767
Derivative Liabilities	(354)	(1,110)
Digital assets receivable
Derivative [Line Items]
Notional Amounts	7,910	8,527
Derivative Assets	5,053	8,497
Derivative Liabilities	0	0
Embedded derivatives — Digital assets borrowed
Derivative [Line Items]
Notional Amounts	1,915,324	2,728,919
Derivative Assets	422,223	321,651
Derivative Liabilities	(4,211)	(10,000)
Embedded derivatives — Collateral payable
Derivative [Line Items]
Notional Amounts	1,776,655	2,283,590
Derivative Assets	268,167	358,743
Derivative Liabilities	(21,592)	(36,057)
Embedded derivatives — Payable to customer
Derivative [Line Items]
Notional Amounts	25,458	84,235
Derivative Assets	633	854
Derivative Liabilities	$ 0	$ 0

RISKS AND UNCERTAINTIES	3 Months Ended
RISKS AND UNCERTAINTIES	Mar. 31, 2026
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 March 31, 2026, three protocols, Aave, Morpho, and Spark represented 73% of the Company’s digital assets associated with decentralized finance protocols balance. 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 the date of this filing, the Company has not experienced any losses related to loss of access to its digital assets associated with decentralized finance protocols. 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 $546.6 million and $564.3 million of cash and cash equivalents at brokers and $44.4 million and $77.5 million of cash and cash equivalents on trading platforms as of March 31, 2026 and December 31, 2025, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of March 31, 2026 and December 31, 2025, no individual customer accounted for 10% or more of net accounts receivable. During the three months ended March 31, 2026, two digital asset trading platforms accounted for 32% of revenue and during the three months ended March 31, 2025, two digital asset trading platforms accounted for 43% of revenue. As of March 31, 2026, three counterparties and their related parties accounted for 44% of the Company’s Loans receivable and Digital asset loans receivable balance. As of December 31, 2025, three counterparties and their related parties accounted for 45% of the Company’s Loans receivable and Digital asset loans receivable balance. The Company held collateral exceeding 100% of the loan carrying value for each of these three counterparties as of both March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025, one individual lending counterparty accounted for greater than 5% of current liabilities at 9.8% and 9.4%, 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 March 31, 2026 and December 31, 2025, approximately 56% and 37%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. As of March 31, 2026, two centralized digital asset trading platforms held more than 10% of the Company’s digital assets at 16% and 14%, respectively. As of December 31, 2025, one centralized digital asset trading platform held more than 10% of the Company’s digital assets at 14%. 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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EQUITY (Details) - USD ($) $ in Millions	3 Months Ended
EQUITY (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Issuance of class A units, net of issuance cost (in shares)	0	0
Distributions	$ 0.0	$ 9.4

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 3,673,619	$ 4,541,661
Transfers in of Level 3	2,000	13,100
Transfers out of Level 3	$ 47,400	473,100
Digital intangible assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value		$ 808,800

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Schedule of Digital Assets Loan Receivable, Net of Allowance (Details) - Crypto Assets Loans Receivable - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital asset loans receivable	$ 664,930	$ 1,070,125
Digital asset loans receivable - non-current	5,425	8,900
Less: Allowance for credit losses	(216)	(96)
Digital asset loans receivable, net	$ 670,139	$ 1,078,929

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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LOANS AND NOTES PAYABLE - Schedule of Assets Posted as Collateral (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Assets posted as collateral — Digital assets	$ 13,871	$ 13,317
Less: Allowance for credit losses	(62)	(62)
Assets posted as collateral associated with digital asset loans payable	$ 13,809	$ 13,255

DERIVATIVES - Schedule of Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Notional Amounts	$ 16,032,307	$ 8,572,796
Derivative Assets	76,715	78,838
Derivative liabilities	99,253	40,482
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Notional Amounts	1,400,000	1,400,000
Derivative Assets	9,519	4,969
Derivative liabilities	0	0
Interest rates
Derivative [Line Items]
Notional Amounts	8,027,808	1,372,860
Derivative Assets	2,054	465
Derivative liabilities	9,488	189
Interest rates \| Designated as Hedging Instrument \| Derivatives designated as cash flow hedges
Derivative [Line Items]
Notional Amounts	1,400,000	1,400,000
Derivative Assets	9,519	4,969
Derivative liabilities		$ 0

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

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Share, Basic

^[1]

192,074,376

127,863,254

Earnings Per Share, Diluted

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

$ (191,099)

$ (109,942)

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

^[1]

390,482,653

127,863,254

Class A Common Stock

Earnings Per Share, Basic

Basic income (loss) (in dollars per share)

^[2]

$ (0.48)

$ (0.86)

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

^[2]

$ (92,154)

$ (109,942)

Earnings Per Share, Diluted

Diluted income (loss) (in dollar per share)

^[2]

$ (0.49)

$ (0.86)

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

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

Restructuring and Related Activities [Abstract]

TRANSACTION EXPENSES (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Transaction Expenses

The Company incurred the following Transaction expenses by segment for the three months ended March 31, 2026 and 2025.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2026
Digital assets sales costs	$	9,971,356	$	—	$	—	$	9,971,356
Blockchain reward distributions	21,295		—		(1,782)		19,513
Borrowing costs	18,963		—		(1,503)		17,460
Mining and hosting costs	—		—		779		779
Other transaction expenses (1)	3,800		—		3,837		7,637
Transaction expenses	$	10,015,414	$	—	$	1,331	$	10,016,745


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2025
Digital assets sales costs	$	12,839,085	$	—	$	—	$	12,839,085
Blockchain reward distributions	67,766		—		(11,320)		56,446
Borrowing costs	5,789		—		28,049		33,838
Mining and hosting costs	—		—		5,534		5,534
Other transaction expenses (1)	8,220		—		3,887		12,107
Transaction expenses	$	12,920,860	$	—	$	26,150	$	12,947,010

_______________

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

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands	Nov. 25, 2025	Jun. 05, 2025	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill			$ 66,523	$ 66,523	$ 58,037
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

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	3 Months Ended
TRANSACTION EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	$ 9,971,356	$ 12,839,085
Blockchain reward distributions	19,513	56,446
Borrowing costs	17,460	33,838
Mining and hosting costs	779	5,534
Other transaction expenses	7,637	12,107
Transaction expenses	10,016,745	12,947,010
Digital Assets
Restructuring Cost and Reserve [Line Items]
Transaction expenses	10,015,414	12,920,860
Digital Assets \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	9,971,356	12,839,085
Blockchain reward distributions	21,295	67,766
Borrowing costs	18,963	5,789
Mining and hosting costs	0	0
Other transaction expenses	3,800	8,220
Transaction expenses	10,015,414	12,920,860
Data Centers
Restructuring Cost and Reserve [Line Items]
Transaction expenses	0	0
Data Centers \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0
Blockchain reward distributions	0	0
Borrowing costs	0	0
Mining and hosting costs	0	0
Other transaction expenses	0	0
Transaction expenses	0	0
Treasury and Corporate
Restructuring Cost and Reserve [Line Items]
Transaction expenses	1,331	26,150
Treasury and Corporate \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Digital assets sales costs	0	0
Blockchain reward distributions	(1,782)	(11,320)
Borrowing costs	(1,503)	28,049
Mining and hosting costs	779	5,534
Other transaction expenses	3,837	3,887
Transaction expenses	$ 1,331	$ 26,150

FAIR VALUE OPTION - Schedule of Realized and Net Change in Unrealized Gains Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Realized Gains / (Losses)	$ 2,076	$ 36,913
Net Change in Unrealized Gains / (Losses)	$ (84,300)	$ (94,894)

LOANS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2026		December 31, 2025
Loans receivable	$	627,853	$	554,622
Loans receivable, non-current	7,050		2,553
Less: allowance for credit loss	(249)		(173)
Loans receivable, current and non-current	$	634,654	$	557,002


(in thousands)	March 31, 2026		December 31, 2025
Loans payable	$	84,542	$	52,626

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	March 31, 2026		December 31, 2025
Assets posted as collateral — Digital assets	$	13,871	$	13,317
Less: Allowance for credit losses	(62)		(62)
Assets posted as collateral associated with digital asset loans payable	$	13,809	$	13,255

Schedule of Outstanding Loans Receivable to be Repaid

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


(in thousands)	Amounts

2026 (remaining)	$	612,639
2027	17,088
2028	3,688
2029	1,188
2030	300
2031	—
Loans receivable, current and non-current	$	634,903

Schedule of Collateral Payable Associated With Loans Receivable, Current

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


(in thousands)	March 31, 2026		December 31, 2025
Collateral payable — Digital assets	$	563,330	$	613,716
Collateral payable — Cash	—		1,192
Collateral payable associated with loans receivable, current and non-current	$	563,330	$	614,908

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Apr. 26, 2026 USD ($)	Mar. 31, 2026 USD ($) contract company	Mar. 31, 2025 USD ($)	Dec. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2025 USD ($) contract company
Other Commitments [Line Items]
Number of VIE portfolio companies \| company		6				6
Unfunded Commitments		$ 48.8				$ 49.4
Legal provision accrued		$ 112.6
Discount rate for legal provision (in percentage)		4.26%
Undiscounted amount of the settlement		$ 120.0
Distributions		0.0	$ 9.4
Forecast
Other Commitments [Line Items]
Payments for legal settlement				$ 60.0	$ 60.0
Indemnifications
Other Commitments [Line Items]
Legal provision accrued		0.0				0.0
Subsequent Event
Other Commitments [Line Items]
Amount funded to VIEs	$ 0.0
Credit Facility Funding and Delayed Trading Settlements
Other Commitments [Line Items]
Other commitments		80.0				60.0
Facility Construction Improvements
Other Commitments [Line Items]
Other commitments		$ 706.5				$ 529.8
Subleases
Other Commitments [Line Items]
Number of sublease contracts \| contract		3				3

Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Income / (loss) for the period	$ (216,311)	$ (295,432)
Adjustments for:
Digital assets sales revenue	(4,679,491)	(5,535,721)
Digital assets sales cost	4,644,663	5,552,501
Impairment of digital assets	132,929	49,070
Depreciation and amortization	5,839	12,613
Other impairment loss	0	49,222
Equity based compensation	18,378	13,738
Noncash borrowing costs	15,578	25,327
Noncash interest and net staking income	(16,627)	(34,839)
Net (gains) / losses from operations	(171,781)	120,331
Net unrealized (gain) / loss on notes payable – derivative	0	(89,606)
Noncash notes interest expense	17,576	14,071
Taxes	(5,658)	(7,152)
Other noncash adjustments	996	(230)
Changes in operating assets and liabilities:
Digital assets	135,843	198,148
Digital assets receivable	0	41,528
Investments	(52,097)	0
Derivative assets / liabilities	166,248	34,203
Accounts receivable	(72,562)	24,753
Prepaid expenses and other assets	12,352	(3,562)
Other non-current assets	(11,359)	0
Collateral receivable / payable	1,652	(25,577)
Accounts payable and accrued liabilities	(14,205)	(15,069)
Other current liabilities	70,448	65,911
Other non-current liabilities	(65,760)	(34,815)
Net cash provided by / (used in) operating activities	(83,349)	159,413
Investing activities
Proceeds from repayments and maturities of loans receivable	141,492	64,072
Origination of loans receivable	(257,253)	(52,593)
Purchase of property, equipment and intangible assets	(337,884)	(91,642)
Disposal of property and equipment	0	7,954
Purchase of investments	(17,494)	(645,333)
Proceeds and distributions from investments	41,625	781,642
Net cash provided by / (used in) investing activities	(429,514)	64,100
Financing activities
Payable to customers	55,552	(232)
Proceeds from loans payable	6,161	61,921
Repayments of loans payable	(3,345)	(32,470)
Margin loans payable, net	29,100	(194,920)
Proceeds from notes payable, net of issuance costs	166,241	0
Share issuance, net of costs	3,596	2,247
Distributions	0	(9,436)
Repurchase and cancellation of Class A Units withheld	(79,991)	(3,288)
Net cash provided by / (used in) financing activities	177,314	(176,178)
Net increase / (decrease) in cash and cash equivalents	(335,549)	47,335
Cash and cash equivalents, beginning of period	1,246,240	462,103
Cash and cash equivalents, end of period	910,691	509,438
Cash paid during the period for:
Interest	2,094	10,931
Taxes	6,725	2,314
Significant noncash investing and financing activities:
Digital assets loan receivable, net of allowance	408,671	299,709
Payables to customers - digital assets	58,556	0
Assets posted as collateral	26,424	231,217
Digital assets borrowed	919,957	269,449
Collateral payable	430,824	430,565
Purchase of investments with noncash contributions	8,770	9,352
Proceeds from investments included in receivables	0	70
Proceeds from investments received as non-cash contributions	24,969	96,461
Additions to property, plant and equipment and intangible assets	21,758	753
Disposals of property, plant and equipment and intangible assets	0	1,370
Reclassification between investments and investments used in operating activities	9,000	0
Repayment of loans receivable with non-cash contributions	$ 38,032	$ 0

REPORTABLE SEGMENTS - Schedule of Assets and Liabilities by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Assets	$ 9,991,981	$ 11,348,081
Total liabilities	7,213,366	8,313,304
Digital Assets
Segment Reporting Information [Line Items]
Assets	6,044,224	7,339,673
Total liabilities	5,137,591	6,238,722
Data Centers
Segment Reporting Information [Line Items]
Assets	2,103,624	1,863,911
Total liabilities	1,330,343	1,098,739
Treasury and Corporate
Segment Reporting Information [Line Items]
Assets	1,844,133	2,144,497
Total liabilities	$ 745,432	$ 975,843

Amount of asset recognized for present right to economic benefit.

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Deferred Lease Revenue is Recognized

REPORTABLE SEGMENTS - Narrative (Details)	3 Months Ended
REPORTABLE SEGMENTS - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim 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. We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 and the interim reporting requirements of Regulation S-X for the three months ended March 31, 2026. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with Company’s audited consolidated financial statements for the year ended December 31, 2025. The Company’s interim results are not necessarily indicative of its results for a full year.

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in Note 2 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

LEASES

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026 and March 31, 2025:


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Beginning balance	$	150,000	$	—
Lease billings in advance of performance obligation	—		—
Revenue recognized during the period	—		—
Ending Balance	$	150,000	$	—

Lessee

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

Operating lease costs were $1.6 million and $1.5 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Variable lease costs, which are included in operating lease costs, were not material for the three months ended March 31, 2026 and March 31, 2025.

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


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,570	$	1,483

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


(in thousands, except lease term and discount rate)	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	9,339		$	10,337
Operating lease liabilities	11,565			12,479
Weighted average remaining lease term (years)	2.7			3.0
Weighted average discount rate(1)	9		%	9		%

__________________

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

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2026:


(in thousands)	Lease liability
Year ending December 31,


2026	$	3,660
2027	4,807
2028	4,161
2029	429

Total future minimum lease payments	13,056
Less: Interest	1,491
Total lease liability	$	11,565

Interest expense on the Company’s lease liabilities was $0.3 million for the three months ended March 31, 2026 and March 31, 2025.

LEASES

Lessor


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Beginning balance	$	150,000	$	—
Lease billings in advance of performance obligation	—		—
Revenue recognized during the period	—		—
Ending Balance	$	150,000	$	—

Lessee

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

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


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,570	$	1,483

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


(in thousands, except lease term and discount rate)	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	9,339		$	10,337
Operating lease liabilities	11,565			12,479
Weighted average remaining lease term (years)	2.7			3.0
Weighted average discount rate(1)	9		%	9		%

__________________

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

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2026:


(in thousands)	Lease liability
Year ending December 31,


2026	$	3,660
2027	4,807
2028	4,161
2029	429

Total future minimum lease payments	13,056
Less: Interest	1,491
Total lease liability	$	11,565

Interest expense on the Company’s lease liabilities was $0.3 million for the three months ended March 31, 2026 and March 31, 2025.

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

The following table summarizes the Company’s deferred lease revenue activity for the three months ended March 31, 2026 and March 31, 2025:


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Beginning balance	$	150,000	$	—
Lease billings in advance of performance obligation	—		—
Revenue recognized during the period	—		—
Ending Balance	$	150,000	$	—

Schedule of Supplemental Cash Flow Information

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


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,570	$	1,483

Schedule of Lease Assets And Liabilities

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


(in thousands, except lease term and discount rate)	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	9,339		$	10,337
Operating lease liabilities	11,565			12,479
Weighted average remaining lease term (years)	2.7			3.0
Weighted average discount rate(1)	9		%	9		%

__________________

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

Schedule of Future Minimum Lease Payments

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2026:


(in thousands)	Lease liability
Year ending December 31,


2026	$	3,660
2027	4,807
2028	4,161
2029	429

Total future minimum lease payments	13,056
Less: Interest	1,491
Total lease liability	$	11,565

OPERATING PARTNERSHIP FINANCIAL INFORMATION - Schedule of Consolidated Interim Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Revenues	$ 10,041,444	$ 12,976,206
Gains / (losses) from operations	171,781	(120,331)
Revenues And Gains (Losses) From Operations	10,213,225	12,855,875
Operating expenses:
Transaction expenses	10,016,745	12,947,010
Impairment of digital assets	284,402	112,429
Total operating expenses	10,448,486	13,247,697
Other income / (expense)	704	672
Net income / (loss) before taxes	(234,557)	(301,544)
Income taxes expense / (benefit)	(18,246)	(6,112)
Net income / (loss) for the period	(216,311)	(295,432)
Other comprehensive income (loss)	4,550	0
Comprehensive income (loss)	(211,761)	(295,432)
Galaxy Digital Holdings, LP
Business Combination [Line Items]
Revenues	10,041,444	12,976,206
Gains / (losses) from operations	171,781	(120,331)
Revenues And Gains (Losses) From Operations	10,213,225	12,855,875
Operating expenses:
Transaction expenses	10,016,745	12,947,010
Impairment of digital assets	284,402	112,429
Other operating expenses	149,348	188,258
Total operating expenses	10,450,495	13,247,697
Other income / (expense)	704	90,278
Net income / (loss) before taxes	(236,566)	(301,544)
Income taxes expense / (benefit)	9,794	(6,112)
Net income / (loss) for the period	(246,360)	(295,432)
Other comprehensive income (loss)	4,550	0
Comprehensive income (loss)	$ (241,810)	$ (295,432)

REVENUES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables provide additional details related to the Company’s Revenues by segment for the three months ended March 31, 2026 and 2025.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		March 31, 2026
Digital assets sales	$	9,964,643	$	—	$	—	$	9,964,643
Fees	23,291		—		(1,681)		21,610
Blockchain rewards	29,389		—		(1,773)		27,616
Proprietary mining	—		—		709		709
Revenues from contracts with customers	$	10,017,323	$	—	$	(2,745)	$	10,014,578

Blockchain rewards from non-customers (1)	132		—		—		132
Interest income	21,102		3,050		2,582		26,734
Total revenues	$	10,038,557	$	3,050	$	(163)	$	10,041,444


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

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

_______________

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

Schedule of Company Contract Liabilities

The following table presents the changes in the Company's contract liabilities for the periods ended March 31, 2026 and December 31, 2025.


(in thousands)	March 31, 2026		December 31, 2025
Balance, beginning of period	$	52,321	$	—
Additions	—		57,071
Less: Amounts recognized as revenue	(4,750)		(4,750)
Balance, end of period	$	47,571	$	52,321

RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
RISKS AND UNCERTAINTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Concentration Risk [Line Items]
Cash and cash equivalents	$ 910,691		$ 1,246,240
Brokers
Concentration Risk [Line Items]
Cash and cash equivalents	546,600		564,300
Trading Platforms
Concentration Risk [Line Items]
Cash and cash equivalents	$ 44,400		$ 77,500
Revenue Benchmark \| Customer Concentration Risk \| Two Digital Asset Trading Platforms
Concentration Risk [Line Items]
Concentration risk percentage	32.00%	43.00%
Loans Receivable \| Credit Concentration Risk \| Two Counterparties
Concentration Risk [Line Items]
Concentration risk percentage	44.00%		45.00%
Current Liabilities \| Liquidity Concentration Risk \| One Counterparty
Concentration Risk [Line Items]
Concentration risk percentage	9.80%		9.40%
Crypto Assets \| Credit Concentration Risk \| Third Parties
Concentration Risk [Line Items]
Concentration risk percentage	56.00%		37.00%
Crypto Assets \| Credit Concentration Risk \| Two Centralized Digital Asset Trading Platform
Concentration Risk [Line Items]
Concentration risk percentage	16.00%		14.00%
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	73.00%		70.00%

FAIR VALUE OPTION (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value Option

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


(in thousands)	March 31, 2026		December 31, 2025
Assets
Digital financial assets	$	921,017	$	988,621
Investments	513,954		627,351
Total	$	1,434,971	$	1,615,972

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:


	Three Months Ended March 31,
	2026				2025
(in thousands)	Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)		Realized Gains / (Losses)		Net Change in Unrealized Gains / (Losses)
Investments	$	2,076	$	(84,300)	$	36,913	$	(94,894)

DIGITAL ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2026
Digital intangible assets (includes $751.2 million measured at fair value)	$	790,186	$	—	$	158	$	790,344
Digital financial assets	—		117,990		—		117,990
Total self-custodied (1)	790,186		117,990		158		908,334

Digital intangible assets (includes $531.4 million measured at fair value)	888,394		—		12,785		901,179
Digital financial assets	—		590,484		—		590,484
Total held with third parties, including centralized trading platforms (1)	888,394		590,484		12,785		1,491,663

Collateral posted with counterparties (2) (measured at fair value)	560,457		—		—		560,457



Digital assets associated with decentralized finance protocols (2)(3)	500,622		212,543		—		713,165
Total digital assets	$	2,739,659	$	921,017	$	12,943	$	3,673,619


(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

_______________

(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 $431.0 million and $608.9 million as of March 31, 2026 and December 31, 2025, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $35.8 million and $74.2 million as of March 31, 2026 and December 31, 2025, 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.

The following tables show the Company’s most significant gross digital asset holdings as of March 31, 2026 and December 31, 2025:


	March 31, 2026
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	18,380	$	1,258,528	$	1,254,669
USDC	667,727,417	668,622		667,727
Ether	169,489	357,066		356,739
HYPE	2,226,355	72,830		81,482
AETHUSDC	80,000,982	79,997		80,001
GTSY	50,012,741	50,378		50,455
SOL	586,193	96,657		48,757
Other	not meaningful	316,797		253,920
Digital assets measured at fair value		2,900,875		2,793,752
Digital assets not measured at fair value	not meaningful	899,639		879,867
Total digital assets		$	3,800,514	$	3,673,619


	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

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Distributions	$ 0	$ 9,400
Receivable agreement liability, noncurrent	149,400		$ 150,400
General and administrative	20,421	86,575
Related Party
Related Party Transaction [Line Items]
Tax receivable agreement liability, noncurrent	71,400		72,300
Fair value of investments	10,100		11,500
Related Party, Payables	300		$ 200
Advisory fees	600	600
Use of aircraft, expense	$ 200	100
Related Party \| Galaxy Digital Holdings, LP
Related Party Transaction [Line Items]
General and administrative		900
Related Party \| Galaxy Digital Holdings, LP \| Promissory Note
Related Party Transaction [Line Items]
Promissory note		$ 109,000

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Net realized gains / (losses) related to sales of investments	$ 26.1	$ 153.0
Net change in unrealized gains / (losses) related to investments	$ (238.6)	$ (286.1)

FAIR VALUE MEASUREMENTS - Schedule of 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, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	$ (47,400)	$ (473,100)
Transfers in of Level 3	2,000	13,100
Level 3 \| Embedded derivative — Notes payable
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	0	136,192
Purchases	0	0
Sales /Distributions	0	0
Net Realized Gain / (Loss)	0	0
Net Unrealized Gain / (Loss)	0	0
Transfers in /(out) of Level 3	0	(136,192)
Fair value, Ending Balance	0	0
Digital intangible assets \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	0	20,457
Purchases	0	0
Sales /Distributions	0	0
Net Realized Gain / (Loss)	0	0
Net Unrealized Gain / (Loss)	0	0
Transfers out of Level 3	0	(20,457)
Fair value, Ending Balance	0	0
Digital assets receivable \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	8,454	60,492
Purchases	0	2,250
Sales /Distributions	0	0
Net Realized Gain / (Loss)	0	0
Net Unrealized Gain / (Loss)	(3,340)	(3,724)
Transfers out of Level 3	(72)	(50,564)
Fair value, Ending Balance	5,042	8,454
Investments \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning Balance	495,372	524,573
Purchases	10,659	500,456
Sales /Distributions	(6,326)	(354,924)
Net Realized Gain / (Loss)	247	169,999
Net Unrealized Gain / (Loss)	(34,340)	(91,976)
Transfers out of Level 3	(45,328)
Transfers in of Level 3		(252,756)
Fair value, Ending Balance	$ 420,284	$ 495,372

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate (in percentage)	7.78%	2.04%

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases As of March 31, 2026 and December 31, 2025, the Company had commitments primarily under three leases. Refer to Note 15 for further information on lease commitments. Investment and Loan Commitments As of March 31, 2026 and December 31, 2025, the Company was obligated to six portfolio companies, all of which are non-consolidated VIEs, to fund up to $48.8 million and $49.4 million, respectively. Subsequent to the period ended March 31, 2026, none of this amount has been funded. Refer to Note 10 for further information on VIEs. As of March 31, 2026 and December 31, 2025, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million, and had funded $60.0 million in relation to these facilities. 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 condensed consolidated interim statements 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 March 31, 2026 and December 31, 2025. Contractual Commitments As of March 31, 2026 and December 31, 2025, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $706.5 million and $529.8 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026, the Company had accrued a legal provision of $112.6 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.26%. The undiscounted amount of the settlement was $120.0 million as of March 31, 2026, with equal payments of $60.0 million due in 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 $0 and $9.4 million were paid during the three months ended March 31, 2026 and March 31, 2025, respectively.

REVENUES - Schedule of Company Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Balance, beginning of period	$ 52,321	$ 0	$ 0
Additions	0		57,071
Less: Amounts recognized as revenue			(4,750)
Less: Amounts recognized as revenue	4,750	$ 0
Balance, end of period	$ 47,571		$ 52,321

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Digital Asset Loan Receivable, Net of Allowance

Digital Asset Loans Receivable, Net of Allowance


(in thousands)	March 31, 2026		December 31, 2025
Digital asset loans receivable	$	664,930	$	1,070,125
Digital asset loans receivable - non-current	5,425		8,900
Less: Allowance for credit losses	(216)		(96)
Digital asset loans receivable, net	$	670,139	$	1,078,929

Schedule of Collateral Payable Associated with Digital Assets Loans Receivable

Collateral Payable Associated with Digital Asset Loans Receivable


(in thousands)	March 31, 2026		December 31, 2025
Collateral payable — Digital assets	$	771,251	$	1,322,442
Collateral payable — Cash	10,617		10,617
Collateral payable associated with digital asset loans receivable	$	781,868	$	1,333,059

Schedule of Digital Assets Borrowed

Digital Assets Borrowed


(in thousands)	March 31, 2026		December 31, 2025
Digital assets borrowed — current	$	1,441,951	$	2,361,161
Digital assets borrowed — non-current	55,361		56,107
Digital assets borrowed	$	1,497,312	$	2,417,268

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)	March 31, 2026		December 31, 2025
Assets posted as collateral — Digital assets	$	159,784	$	186,514

Less: Allowance for credit loss	(538)		(734)
Assets posted as collateral associated with digital assets borrowed	$	159,246	$	185,780

INVESTMENTS - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Carrying Value	$ 145,994	$ 159,239
Period to date	(3,461)	(19,178)
Cumulative	(75,805)	(73,207)
Period to date	2,110	18,727
Cumulative	$ 84,029	$ 81,919

DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED - Narrative (Details)	Mar. 31, 2026	Dec. 31, 2025
Bitcoin, Ether, SOL, USDC, And Tether
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital assets borrowed (in percentage)	91.00%
Bitcoin, USDC, Tether, Ether, And SOL
Financing Receivable, Allowance for Credit Loss [Line Items]
Digital assets borrowed (in percentage)		95.00%

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	64,553,917	269,093,523
Exchangeable LP units
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	215,862,343
Compensatory awards
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	10,990,211	22,983,234
Exchangeable notes
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	53,563,706	30,247,946

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2026

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

LOANS AND NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Loans Receivable, Current And Non-Current

Loans Receivable, Current and Non-current


(in thousands)	March 31, 2026		December 31, 2025
Loans receivable	$	627,853	$	554,622
Loans receivable, non-current	7,050		2,553
Less: allowance for credit loss	(249)		(173)
Loans receivable, current and non-current	$	634,654	$	557,002


(in thousands)	March 31, 2026		December 31, 2025
Loans payable	$	84,542	$	52,626

Assets Posted as Collateral Associated with Loans Payable


(in thousands)	March 31, 2026		December 31, 2025
Assets posted as collateral — Digital assets	$	13,871	$	13,317
Less: Allowance for credit losses	(62)		(62)
Assets posted as collateral associated with digital asset loans payable	$	13,809	$	13,255

Schedule of Repayment Obligation

As of March 31, 2026, the Company’s notes payable repayment obligation was as follows:


(in thousands)	Amount Due
2026	$	445,000
2027	—
2028	1,069,633
2029	402,500
2030	—
2031	1,300,000
Total	3,217,133

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


(in thousands)	March 31, 2026		December 31, 2025
Balance, beginning of period	$	66,523	$	58,037
Additions due to acquisitions (Note 3)	—		8,486
Balance, end of period	$	66,523	$	66,523

Schedule of Intangible Assets

The following table represents intangible assets and accumulated amortization as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Software technology (1)	51,022		$	48,494
Other purchased finite-life intangible assets	13,701		13,701
Indefinite-lived intangible asset	1,761		1,761
Intangible assets, gross	66,484		63,956
Less: Accumulated amortization	(37,920)		(34,458)
Intangible assets, net	$	28,564	$	29,498

_________________

(1)Includes capitalized equity based compensation of $4.8 million and $4.6 million as of March 31, 2026 and December 31, 2025, respectively.

Schedule of Future Amortization Expense


(in thousands)	Amounts


2026	$	7,921
2027	9,275
2028	7,888
2029	547
2030	120
Total future amortization expense	$	25,751

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

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

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

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

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

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

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

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

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

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

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

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

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

OPERATING PARTNERSHIP FINANCIAL INFORMATION - Schedule of Consolidated Interim Statements of Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 910,691	$ 1,246,240
Digital assets	2,739,659	3,526,216
Digital assets receivable	2,797	3,778
Digital asset loans receivable, net of allowance	664,714	1,070,029
Investments	875,076	1,023,236
Assets posted as collateral	173,732	199,983
Loans receivable, net of allowance	627,604	554,449
Property and equipment, net	1,777,852	1,423,113
Other assets	304,242	276,275
Total assets	9,991,981	11,348,081
Liabilities and Equity
Digital assets borrowed	55,361	56,107
Loans payable	84,542	52,626
Collateral payable	1,550,976	1,980,171
Notes payable	2,625,698	2,432,510
Other liabilities	447,414	513,169
Total liabilities	7,213,366	8,313,304
Total liabilities and equity	9,991,981	11,348,081
Galaxy Digital Holdings, LP
Assets
Cash and cash equivalents	904,685	1,244,395
Digital assets	3,673,619	4,541,661
Digital assets receivable	5,053	8,497
Digital asset loans receivable, net of allowance	670,139	1,078,929
Investments	1,498,668	1,732,305
Assets posted as collateral	173,732	199,983
Loans receivable, net of allowance	643,958	562,376
Property and equipment, net	1,777,852	1,423,113
Other assets	448,426	397,651
Total assets	9,796,132	11,188,910
Liabilities and Equity
Digital assets borrowed	1,497,312	2,417,268
Loans payable	220,092	188,176
Collateral payable	1,550,976	1,980,171
Notes payable	3,058,426	2,861,055
Other liabilities	872,731	847,563
Total liabilities	7,199,537	8,294,233
Total equity	2,596,595	2,894,677
Total liabilities and equity	$ 9,796,132	$ 11,188,910

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	6,044,224	$	2,103,624	$	1,844,133	$	9,991,981
Total liabilities	$	5,137,591	$	1,330,343	$	745,432	$	7,213,366

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

Income and expenses by each of the reportable segments for the three months ended March 31, 2026 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	10,038,557	$	3,050	$	(163)	$	10,041,444



Gains / (losses) from operations	310,276		—		(138,495)		171,781
Revenues and gains / (losses) from operations	10,348,833		3,050		(138,658)		10,213,225

Transaction expenses	10,015,414		—		1,331		10,016,745
Impairment of digital assets	284,402		—		—		284,402
Compensation and benefits	58,595		3,103		21,850		83,548
Notes interest expense	—		—		17,576		17,576
Depreciation and amortization	3,164		—		2,675		5,839
Other expenses	21,809		1,494		17,073		40,376
Operating expenses	10,383,384		4,597		60,505		10,448,486




Unrealized gain / (loss) on notes payable – derivative	—		—		—		—
Other income / (expense), net	247		—		457		704
Total other income / (expense)	247		—		457		704

Net income / (loss) for the period, before taxes	$	(34,304)	$	(1,547)	$	(198,706)	$	(234,557)
Income tax benefit	—		—		(18,246)		(18,246)
Net income / (loss) for the period	$	(34,304)	$	(1,547)	$	(180,460)	$	(216,311)

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


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206



Gains / (losses) from operations	92,370		—		(212,701)		(120,331)
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,920,860		—		26,150		12,947,010
Impairment of digital assets	78,308		—		34,121		112,429
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		7,807		12,613
Other expenses	18,821		385		85,415		104,621
Operating expenses	13,060,370		2,899		184,428		13,247,697



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

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Schedule of Reporting Information by Segment

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Assets and liabilities by each of the reportable segments as of March 31, 2026 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Total assets	$	6,044,224	$	2,103,624	$	1,844,133	$	9,991,981
Total liabilities	$	5,137,591	$	1,330,343	$	745,432	$	7,213,366

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

Income and expenses by each of the reportable segments for the three months ended March 31, 2026 were as follows:


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	10,038,557	$	3,050	$	(163)	$	10,041,444



Gains / (losses) from operations	310,276		—		(138,495)		171,781
Revenues and gains / (losses) from operations	10,348,833		3,050		(138,658)		10,213,225

Transaction expenses	10,015,414		—		1,331		10,016,745
Impairment of digital assets	284,402		—		—		284,402
Compensation and benefits	58,595		3,103		21,850		83,548
Notes interest expense	—		—		17,576		17,576
Depreciation and amortization	3,164		—		2,675		5,839
Other expenses	21,809		1,494		17,073		40,376
Operating expenses	10,383,384		4,597		60,505		10,448,486




Unrealized gain / (loss) on notes payable – derivative	—		—		—		—
Other income / (expense), net	247		—		457		704
Total other income / (expense)	247		—		457		704

Net income / (loss) for the period, before taxes	$	(34,304)	$	(1,547)	$	(198,706)	$	(234,557)
Income tax benefit	—		—		(18,246)		(18,246)
Net income / (loss) for the period	$	(34,304)	$	(1,547)	$	(180,460)	$	(216,311)

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


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		Totals
Revenues	$	12,971,529	$	—	$	4,677	$	12,976,206



Gains / (losses) from operations	92,370		—		(212,701)		(120,331)
Revenues and gains / (losses) from operations	13,063,899		—		(208,024)		12,855,875

Transaction expenses	12,920,860		—		26,150		12,947,010
Impairment of digital assets	78,308		—		34,121		112,429
Compensation and benefits	38,826		1,263		16,864		56,953
Notes interest expense	—		—		14,071		14,071
Depreciation and amortization	3,555		1,251		7,807		12,613
Other expenses	18,821		385		85,415		104,621
Operating expenses	13,060,370		2,899		184,428		13,247,697



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

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

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

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 during such period.


	Three Months Ended
	March 31, 2026		March 31, 2025
Basic income (loss) per share	$	(0.48)	$	(0.86)
Net income (loss) used in the calculation of basic income (loss) per share	$	(92,154)	$	(109,942)
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	192,074,376		127,863,254

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Diluted income (loss) per share	$	(0.49)	$	(0.86)
Net income (loss) used in the calculation of diluted income (loss) per share	$	(191,099)	$	(109,942)
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	390,482,653		127,863,254

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


	Three Months Ended
	March 31, 2026		March 31, 2025
Net income (loss) used in the calculation of basic income (loss) per share	$	(92,154)	$	(109,942)
Noncontrolling interests	(98,945)		—



Net income (loss) used in the calculation of diluted income (loss) per share	$	(191,099)	$	(109,942)

Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share	192,074,376		127,863,254
Noncontrolling interests	198,408,277		—




Weighted average number of Class A common stock for the purposes of diluted income (loss) per share	390,482,653		127,863,254

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.


	Three Months Ended
	March 31, 2026	March 31, 2025

Exchangeable LP units	—	215,862,343
Compensatory awards	10,990,211	22,983,234

Exchangeable notes	53,563,706	30,247,946
Total	64,553,917	269,093,523

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible asset	$ 1,761	$ 1,761
Intangible assets, gross	66,484	63,956
Less: Accumulated amortization	(37,920)	(34,458)
Intangible assets, net	28,564	29,498
Capitalized equity based compensation	4,800	4,600
Software technology
Finite-Lived Intangible Assets [Line Items]
Software technology	51,022	48,494
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.

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

OPERATING PARTNERSHIP FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Consolidated Interim Statements of 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 Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss)


	Three Months Ended
	March 31, 2026		March 31, 2025

Revenues	$	10,041,444	$	12,976,206
Gains / (losses) from operations	171,781		(120,331)
Revenues and gains / (losses) from operations	10,213,225		12,855,875
Operating expenses:
Transaction expenses	10,016,745		12,947,010
Impairment of digital assets	284,402		112,429
Other operating expenses	149,348		188,258
Total operating expenses	10,450,495		13,247,697

Other income / (expense):	704		90,278

Net income / (loss) before taxes	$	(236,566)	$	(301,544)
Income taxes expense / (benefit)	9,794		(6,112)
Net income / (loss)	$	(246,360)	$	(295,432)
Other comprehensive income (loss)	4,550		—
Comprehensive income (loss)	$	(241,810)	$	(295,432)

Schedule of Consolidated Interim Statements of Financial Position

Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Financial Position


	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	904,685	$	1,244,395
Digital assets	3,673,619		4,541,661
Digital assets receivable	5,053		8,497
Digital assets loan receivable, net of allowance	670,139		1,078,929
Investments	1,498,668		1,732,305
Assets posted as collateral	173,732		199,983
Loans receivable	643,958		562,376
Property and equipment, net	1,777,852		1,423,113
Other assets	448,426		397,651
Total assets	$	9,796,132	$	11,188,910
Liabilities and Equity
Digital assets borrowed	1,497,312		2,417,268
Loans payable	220,092		188,176
Collateral payable	1,550,976		1,980,171
Notes payable	3,058,426		2,861,055
Other liabilities	872,731		847,563
Total liabilities	7,199,537		8,294,233

Total equity	2,596,595		2,894,677

Total liabilities and equity	$	9,796,132	$	11,188,910

LOANS RECEIVABLE - Schedule of Outstanding Loans Receivable to be Repaid (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Receivables [Abstract]
2026 (remaining)	$ 612,639
2027	17,088
2028	3,688
2029	1,188
2030	300
2031	0
Loans receivable, current and non-current	$ 634,903

DIGITAL ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Crypto Asset, Activity [Line Items]
Total digital assets	$ 3,673,619		$ 4,541,661
Net gain / (loss) on digital assets	279,000	$ (18,200)
Restricted By Lock-Up Schedules
Crypto Asset, Activity [Line Items]
Restricted crypto assets	33,700		58,300
Crypto Assets Staked
Crypto Asset, Activity [Line Items]
Restricted crypto assets	$ 135,000		$ 239,600

DIGITAL ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

DIGITAL ASSETS

As of March 31, 2026 and December 31, 2025, the Company held digital assets of $3.7 billion and $4.5 billion, respectively. The Company had net gains / (losses) on digital assets of $279.0 million and $(18.2) million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The following tables provide additional detail related to the Company’s digital assets balance as of March 31, 2026 and December 31, 2025:


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		March 31, 2026
Digital intangible assets (includes $751.2 million measured at fair value)	$	790,186	$	—	$	158	$	790,344
Digital financial assets	—		117,990		—		117,990
Total self-custodied (1)	790,186		117,990		158		908,334

Digital intangible assets (includes $531.4 million measured at fair value)	888,394		—		12,785		901,179
Digital financial assets	—		590,484		—		590,484
Total held with third parties, including centralized trading platforms (1)	888,394		590,484		12,785		1,491,663

Collateral posted with counterparties (2) (measured at fair value)	560,457		—		—		560,457



Digital assets associated with decentralized finance protocols (2)(3)	500,622		212,543		—		713,165
Total digital assets	$	2,739,659	$	921,017	$	12,943	$	3,673,619


(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

_______________

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 $33.7 million and $58.3 million of digital assets restricted by lock-up schedules as of March 31, 2026 and December 31, 2025, 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 $135.0 million and $239.6 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of March 31, 2026 and December 31, 2025, 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 both March 31, 2026 and December 31, 2025, the majority of the Company’s staked digital assets on various blockchains, including Ethereum, could be unbonded within 7 days.

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 March 31, 2026 and December 31, 2025:


	March 31, 2026
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	18,380	$	1,258,528	$	1,254,669
USDC	667,727,417	668,622		667,727
Ether	169,489	357,066		356,739
HYPE	2,226,355	72,830		81,482
AETHUSDC	80,000,982	79,997		80,001
GTSY	50,012,741	50,378		50,455
SOL	586,193	96,657		48,757
Other	not meaningful	316,797		253,920
Digital assets measured at fair value		2,900,875		2,793,752
Digital assets not measured at fair value	not meaningful	899,639		879,867
Total digital assets		$	3,800,514	$	3,673,619


	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

DIGITAL ASSETS - Schedule of Gross Digital Asset Holdings (Details) $ in Thousands	Mar. 31, 2026 USD ($) digital_asset	Dec. 31, 2025 USD ($) digital_asset
Crypto Asset, Holding [Line Items]
Historical cost	$ 3,800,514	$ 4,719,656
Carrying value	3,673,619	4,541,661
Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	2,900,875	3,894,432
Carrying value	2,793,752	3,732,815
Portion at Other than Fair Value Measurement
Crypto Asset, Holding [Line Items]
Historical cost	899,639	825,224
Carrying value	$ 879,867	$ 808,846
Bitcoin
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	18,380	25,723
Bitcoin \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 1,258,528	$ 2,282,988
Carrying value	$ 1,254,669	$ 2,251,410
USDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	667,727,417	392,816,281
USDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 668,622	$ 393,418
Carrying value	$ 667,727	$ 392,659
Ether
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	169,489	61,137
Ether \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 357,066	$ 180,946
Carrying value	$ 356,739	$ 181,422
HYPE
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	2,226,355
HYPE \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 72,830
Carrying value	$ 81,482
AETHUSDC
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	80,000,982	231,655,352
AETHUSDC \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 79,997	$ 231,601
Carrying value	$ 80,001	$ 231,562
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	50,012,741	99,926,786
GTSY \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 50,378	$ 99,997
Carrying value	$ 50,455	$ 100,216
SOL
Crypto Asset, Holding [Line Items]
Quantity \| digital_asset	586,193	775,289
SOL \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	$ 96,657	$ 132,044
Carrying value	48,757	96,506
Other \| Fair Value
Crypto Asset, Holding [Line Items]
Historical cost	316,797	423,804
Carrying value	$ 253,920	$ 328,957

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

Mar. 31, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 910,691

$ 1,246,240

Digital intangible assets (includes $1,859.8 and $2,717.4 million measured at fair value)

2,739,659

3,526,216

Digital financial assets

921,017

988,621

Digital asset loans receivable, net of allowance

664,714

1,070,029

Investments

623,592

709,069

Assets posted as collateral, net of allowance

173,732

199,983

Derivative assets

86,234

83,807

Accounts receivable (includes $4.2 and $3.4 million due from related parties)

103,192

34,012

Digital assets receivable

2,797

3,778

Loans receivable, net of allowance

627,604

554,449

Prepaid expenses and other assets

87,382

99,734

Total current assets

6,940,614

8,515,938

Non-current assets

Digital assets receivable

2,256

4,719

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

5,425

8,900

Investments (includes $729.1 and $864.0 million measured at fair value)

875,076

1,023,236

Digital intangible assets

12,943

26,824

Loans receivable, net of allowance, non-current

7,050

2,553

Property and equipment, net

1,777,852

1,423,113

Other non-current assets

304,242

276,275

Goodwill

66,523

Total non-current assets

3,051,367

2,832,143

Total assets

9,991,981

11,348,081

Current liabilities

Derivative liabilities

99,253

40,482

Accounts payable and accrued liabilities

269,979

277,663

Digital assets borrowed

1,441,951

2,361,161

Payable to customers

82,803

85,808

Loans payable

84,542

52,626

Collateral payable

1,550,976

1,980,171

Notes payable - current

432,728

428,545

Other current liabilities

122,661

85,062

Total current liabilities

4,084,893

5,311,518

Non-current liabilities

Notes payable

2,625,698

2,432,510

Digital assets borrowed, non-current

55,361

56,107

Other non-current liabilities (includes $71.4 and $72.3 million due to related parties)

447,414

513,169

Total non-current liabilities

3,128,473

3,001,786

Total liabilities

7,213,366

8,313,304

Commitments and contingencies (Note 17)

Equity

Additional Paid in Capital

1,614,660

Accumulated other comprehensive income (loss)

201

(2,038)

Retained Earnings

250,767

342,921

Total stockholders’ equity

^[1]

1,811,707

1,955,735

Noncontrolling interest

966,908

1,079,042

Total equity

2,778,615

3,034,777

Total liabilities and equity

9,991,981

11,348,081

Class A Common Stock

Equity

Common stock

191

192

Convertible Class B Common Stock

Equity

Common stock

Additional Paid in Capital

1,560,548

Related Party

Current assets

Accounts receivable (includes $4.2 and $3.4 million due from related parties)

4,200

3,400

Non-current liabilities

Other non-current liabilities (includes $71.4 and $72.3 million due to related parties)

$ 71,400

$ 72,300

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

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues

$ 10,041,444

$ 12,976,206

Gains / (losses) from operations

171,781

(120,331)

Revenues And Gains (Losses) From Operations

10,213,225

12,855,875

Operating expenses:

Transaction expenses

10,016,745

12,947,010

Impairment of digital assets

284,402

112,429

Compensation and benefits

83,548

56,953

General and administrative

20,421

86,575

Technology

14,763

9,887

Professional fees

11,031

20,772

Notes interest expense

17,576

14,071

Total operating expenses

10,448,486

13,247,697

Other income / (expense):

Unrealized gain / (loss) on notes payable - derivative

89,606

Other income / (expense), net

704

672

Total other income / (expense)

704

90,278

Net income / (loss) before taxes

(234,557)

(301,544)

Income taxes expense / (benefit)

(18,246)

(6,112)

Net income / (loss)

(216,311)

(295,432)

Other comprehensive income (loss), net of tax

Change in fair value of cash flow hedges

4,550

Other comprehensive income (loss)

4,550

Comprehensive income (loss)

(211,761)

(295,432)

Class B Unit holders of GDH LP

(185,490)

Noncontrolling interests

(121,845)

Class A common stockholders of the Company

^[1]

$ (89,916)

$ (109,942)

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

Basic (in share)

^[2]

192,074,376

127,863,254

Diluted (in shares)

^[2]

390,482,653

127,863,254

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

^[3]

$ (92,154)

$ (109,942)

Basic (in dollars per share)

^[3]

$ (0.48)

$ (0.86)

Diluted (in dollars per share)

^[3]

$ (0.49)

$ (0.86)

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

Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	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 B Unit Capital
Beginning balance (in shares) at Dec. 31, 2024									127,577,780	215,862,343
Beginning balance at Dec. 31, 2024									$ 949,730	$ 1,244,622
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity based compensation	$ 13,738								5,110	8,628
Distributions	(9,436)								$ (3,571)	(5,865)
Cancellation of Class A Units (in shares)									(61,040)
Cancellation of Class A Units	(3,288)								$ (3,288)
Issuance of class A units, net of issuance cost (in shares)									485,977
Issuance of Class A Units, net of issuance cost	2,247								$ 2,247
Other									(259)	(278)
Income / (loss) for the period	(295,432)								$ (109,942)	$ (185,490)
Ending balance (in shares) at Mar. 31, 2025									128,002,717	215,862,343
Ending balance at Mar. 31, 2025									$ 840,027	$ 1,061,617
Beginning balance (in shares) at Dec. 31, 2024							0	0
Beginning balance at Dec. 31, 2024	2,194,352	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other	(537)
Ending balance (in shares) at Mar. 31, 2025							0	0
Ending balance at Mar. 31, 2025	1,901,644	0	0	0	0		$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2025									0	0
Beginning balance at Dec. 31, 2025									$ 0	$ 0
Ending balance (in shares) at Mar. 31, 2026									0	0
Ending balance at Mar. 31, 2026									$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2025						191,850,792	192,695,681	198,408,277
Beginning balance at Dec. 31, 2025	3,034,777	1,614,660	(2,038)	342,921	1,079,042		$ 192	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity based compensation	19,112	9,401			9,711
Repurchase and Cancellation of Class A Units, net of issuance cost (in shares)							(3,685,549)
Repurchase and Cancellation of Class A Units, net of issuance cost	(79,991)	(79,987)					$ (4)
Issuance of Class A common stock, net of issuance cost (in shares)							2,840,660
Issuance of Class A common stock, net of issuance cost	3,596	3,593					$ 3
Other	12,881	12,881
Income / (loss) for the period	(216,311)			(92,154)	(124,157)
Other comprehensive income (loss)	4,550		2,238		2,312
Ending balance (in shares) at Mar. 31, 2026						191,850,792	191,850,792	198,408,277
Ending balance at Mar. 31, 2026	$ 2,778,615	$ 1,560,548	$ 201	$ 250,767	$ 966,908		$ 191	$ 0

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2026
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.” On March 19, 2026, the Company voluntarily delisted from the TSX, and is now solely listed on the Nasdaq. 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 originally formed in the Cayman Islands on May 11, 2018 and redomesticated to Delaware as part of the Reorganization Transactions. GDH LP 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 unaudited condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim 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. We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 and the interim reporting requirements of Regulation S-X for the three months ended March 31, 2026. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with Company’s audited consolidated financial statements for the year ended December 31, 2025. The Company’s interim results are not necessarily indicative of its results for a full year.

REVENUES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Recognized revenue	$ 4,750	$ 0

BASIS OF PRESENTATION (Details)	3 Months Ended
BASIS OF PRESENTATION (Details)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Conversion ratio	1

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,898,602	$ 1,541,486
Less: Accumulated depreciation	(32,511)	(30,135)
Less: Impairment	(88,238)	(88,238)
Property and equipment, net	1,777,852	1,423,113
Corporate assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,357	15,084
Mining equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	79,250	79,250
Data center infrastructure
Property, Plant and Equipment [Line Items]
Property and equipment, gross	67,669	67,669
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	36,306	35,272
WIP / Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,700,020	$ 1,344,211

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

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.


	March 31, 2026						December 31, 2025
(in thousands)	Fair Value of Investment		Unfunded Commitments		Maximum Exposure		Fair Value of Investment		Unfunded Commitments		Maximum Exposure
Sponsored Investment Funds	$	216,151	$	36,708	$	252,859	$	259,276	$	37,308	$	296,584
Other VIE’s	143,888		12,114		156,002		168,630		12,114		180,744
Total	$	360,039	$	48,822	$	408,861	$	427,906	$	49,422	$	477,328

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.