GALAXY DIGITAL INC., 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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, $0.001 Par Value  
Trading Symbol GLXY  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001859392  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   172,401,243
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   203,885,332
v3.25.2
Condensed Consolidated Interim Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues $ 8,661,555 $ 8,882,891 $ 21,637,761 $ 18,218,263
Gains / (losses) from operations 395,094 (18,180) 274,763 474,871
Revenues and gains / (losses) from operations 9,056,649 8,864,711 21,912,524 18,693,134
Operating expenses:        
Transaction expenses 8,629,940 8,834,836 21,576,949 18,122,926
Impairment of digital assets 127,477 56,947 239,906 82,473
Compensation and benefits 64,969 61,253 121,922 122,324
General and administrative 19,241 22,267 105,816 41,952
Technology 11,598 7,356 21,485 13,848
Professional fees 22,791 13,691 43,563 27,320
Notes interest expense 14,240 7,040 28,311 14,016
Total operating expenses 8,890,256 9,003,390 22,137,952 18,424,859
Other income / (expense):        
Unrealized gain / (loss) on notes payable - derivative (125,150) (2,573) (35,544) (12,286)
Other income / (expense), net 918 1,612 1,590 1,825
Total other income / (expense) (124,232) (961) (33,954) (10,461)
Net income / (loss) before taxes 42,161 (139,640) (259,382) 257,814
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) 30,691 (125,596) (264,740) 262,531
Class B Unit holders of GDH LP (19,255) (80,226) (204,745) 177,562
Noncontrolling interests 35,446 0 35,446 0
Net income (loss) used in the calculation of basic income (loss) per share [1] $ 14,500 $ (45,370) $ (95,441) $ 84,969
Weighted average shares outstanding used to compute net income / (loss) per share        
Diluted (in shares) [2] 371,717,071 338,212,221 349,390,820 129,910,597
Class A Common Stock        
Other income / (expense):        
Net income (loss) used in the calculation of basic income (loss) per share $ 14,500 $ (45,370) $ (95,441) $ 84,969
Net income / (loss) per share of Class A common stock        
Basic (in dollars per share) [3] $ 0.10 $ (0.37) $ (0.70) $ 0.73
Diluted (in dollars per share) [3] $ 0.08 $ (0.37) $ (0.76) $ 0.65
Weighted average shares outstanding used to compute net income / (loss) per share        
Basic (in share) [2] 143,103,474 122,305,203 135,525,464 115,768,027
[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.
v3.25.2
Condensed Consolidated Interim Statements of Financial Position - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 691,331 $ 462,103
Digital intangible assets (includes $2,529.7 and $1,997.4 million measured at fair value) 3,186,098 2,547,581
Digital financial assets 369,649 359,665
Digital assets loan receivable, net of allowance 894,876 579,530
Investments 748,290 834,812
Assets posted as collateral, net of allowance 718,649 277,147
Derivative assets 134,907 207,653
Accounts receivable (includes $4.6 and $4.2 million due from related parties) 41,393 55,279
Digital assets receivable 2,668 53,608
Loans receivable 529,021 476,620
Prepaid expenses and other assets 39,898 26,892
Total current assets 7,356,780 5,880,890
Non-current assets    
Digital assets receivable 3,397 7,112
Investments (includes $788.0 and $745.5 million measured at fair value) 863,653 808,694
Digital intangible assets 3,014 20,979
Loans receivable, non-current 6,675 0
Property and equipment, net 596,120 237,038
Other non-current assets 194,078 107,105
Goodwill 62,234 58,037
Total non-current assets 1,729,171 1,238,965
Total assets 9,085,951 7,119,855
Current liabilities    
Derivative liabilities 86,364 165,858
Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties) 226,080 281,531
Digital assets borrowed 2,836,370 1,497,609
Payable to customers 16,324 19,520
Loans payable 348,214 510,718
Collateral payable 1,869,501 1,399,655
Other current liabilities 88,613 13,034
Total current liabilities 5,471,466 3,887,925
Non-current liabilities    
Notes payable 725,571 845,186
Digital assets borrowed, non-current 8,564 0
Other non-current liabilities (includes $44.5 million and $0.0 million due to related parties) 256,132 192,392
Total non-current liabilities 990,267 1,037,578
Total liabilities 6,461,733 4,925,503
Commitments and contingencies (Note 17)
Equity    
Total stockholders’ equity 0 2,194,352
Additional Paid in Capital 1,173,808 0
Retained Earnings 332,343 0
Noncontrolling interest 1,117,897 0
Equity, Including Portion Attributable to Noncontrolling Interest 2,624,218 2,194,352
Equity, Attributable to Parent, Total [1] 1,506,321 2,194,352
Total liabilities and equity 9,085,951 7,119,855
Class A Common Stock    
Equity    
Common stock 170 0
Convertible Class B Common Stock    
Equity    
Common stock $ 0 $ 0
[1] For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders’ Capital.
v3.25.2
Condensed Consolidated Interim Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Digital intangible asset, fair value $ 2,529,700 $ 1,997,400
Due from related parties 41,393 55,279
Fair value 788,000 745,500
Due to related parties 226,080 281,531
Other non-current liabilities (includes $44.5 million and $0.0 million due to related parties) $ 256,132 $ 192,392
Class A Common Stock    
Common stock, par or stated value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, issued (in shares) 170,332,037 170,332,037
Common stock, outstanding (in shares) 170,332,037 170,332,037
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) 203,885,332 203,885,332
Common stock, outstanding (in shares) 203,885,332 203,885,332
Related Party    
Due from related parties $ 4,600 $ 4,200
Due to related parties 0 96,900
Other non-current liabilities (includes $44.5 million and $0.0 million due to related parties) $ 44,500 $ 0
v3.25.2
Condensed Consolidated Interim Statements of Changes in Equity - USD ($)
Total
Additional Paid in Capital
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, 2023               109,299,332 215,928,474
Beginning balance at Dec. 31, 2023               $ 708,481,000 $ 1,002,690,000
Increase (Decrease) in Partners' Capital [Roll Forward]                  
Equity based compensation $ 37,161,000             12,946,000 24,215,000
Distributions (45,678,000)             $ (15,969,000) $ (29,709,000)
Exchange of Class B Units (in shares)               81,357 (81,357)
Exchange of Class B Units               $ 541,000 $ (541,000)
Cancellation of Class A Units (in shares)               (1,329,530)  
Cancellation of Class A Units (13,816,000)             $ (13,816,000)  
Issuance of class A units, net of issuance cost (in shares)               16,989,112  
Issuance of Class A Units, net of issuance cost 122,168,000             $ 122,168,000  
Other 1,099,000             416,000 683,000
Income / (loss) for the period 262,531,000             $ 84,969,000 $ 177,562,000
Ending balance (in shares) at Jun. 30, 2024               125,040,271 215,847,117
Ending balance at Jun. 30, 2024               $ 899,736,000 $ 1,174,900,000
Beginning balance (in shares) at Dec. 31, 2023           0 0    
Beginning balance at Dec. 31, 2023 1,711,171,000 $ 0 $ 0 $ 0   $ 0 $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Exchange of Class B common stock 0                
Income / (loss) for the period 262,531,000             $ 84,969,000 $ 177,562,000
Ending balance (in shares) at Jun. 30, 2024           0 0    
Ending balance at Jun. 30, 2024 2,074,636,000 0 0 0   $ 0 $ 0    
Beginning balance (in shares) at Mar. 31, 2024               109,545,485 215,928,474
Beginning balance at Mar. 31, 2024               $ 831,568,000 $ 1,248,481,000
Increase (Decrease) in Partners' Capital [Roll Forward]                  
Equity based compensation 18,479,000             6,675,000 11,804,000
Distributions (8,980,000)             $ (3,273,000) $ (5,707,000)
Exchange of Class B Units (in shares)               81,357 (81,357)
Exchange of Class B Units 0             $ 541,000 $ (541,000)
Cancellation of Class A Units (in shares)               (1,321,296)  
Cancellation of Class A Units (13,042,000)             $ (13,042,000)  
Issuance of class A units, net of issuance cost (in shares)               16,734,725  
Issuance of Class A Units, net of issuance cost 122,015,000             $ 122,015,000  
Other 1,711,000             622,000 1,089,000
Income / (loss) for the period (125,596,000)             $ (45,370,000) $ (80,226,000)
Ending balance (in shares) at Jun. 30, 2024               125,040,271 215,847,117
Ending balance at Jun. 30, 2024               $ 899,736,000 $ 1,174,900,000
Beginning balance (in shares) at Mar. 31, 2024           0 0    
Beginning balance at Mar. 31, 2024 2,080,049,000 0 0 0   $ 0 $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Income / (loss) for the period (125,596,000)             $ (45,370,000) $ (80,226,000)
Ending balance (in shares) at Jun. 30, 2024           0 0    
Ending balance at Jun. 30, 2024 2,074,636,000 0 0 0   $ 0 $ 0    
Beginning balance (in shares) at Dec. 31, 2024               127,577,780 215,862,343
Beginning balance at Dec. 31, 2024               $ 949,730,000 $ 1,244,622,000
Increase (Decrease) in Partners' Capital [Roll Forward]                  
Equity based compensation 20,202,000             7,547,000 12,655,000
Distributions (39,881,000)             $ (15,017,000) (24,864,000)
Cancellation of Class A Units (in shares)               (2,208,707)  
Cancellation of Class A Units (26,649,000)             $ (26,649,000)  
Issuance of class A units, net of issuance cost (in shares)               5,533,779  
Issuance of Class A Units, net of issuance cost 2,294,000             $ 2,294,000  
Income / (loss) for the period (326,337,000)             $ (121,592,000) $ (204,745,000)
Impact of Reorganization Transactions (in shares)           130,902,852   (130,902,852) (215,862,343)
Impact of Reorganization Transactions 248,700,000 631,524,000 306,192,000 1,134,298,000   $ 131,000 $ 215,862,343 $ (796,053,000) $ (1,027,392,000)
Other               $ (260,000) $ (276,000)
Income / (loss) for the period (264,740,000)                
Ending balance (in shares) at Jun. 30, 2025               0 0
Ending balance at Jun. 30, 2025               $ 0 $ 0
Beginning balance (in shares) at Dec. 31, 2024         170,332,037 0 0    
Beginning balance at Dec. 31, 2024 2,194,352,000 0 0 0   $ 0 $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Impact of Reorganization Transactions (in shares)           130,902,852   (130,902,852) (215,862,343)
Impact of Reorganization Transactions 248,700,000 631,524,000 306,192,000 1,134,298,000   $ 131,000 $ 215,862,343 $ (796,053,000) $ (1,027,392,000)
Equity based compensation 7,388,000 3,137,000   4,251,000          
Cancellation of Class A common stock (in shares)           (141,424)      
Cancellation of Class A common stock (2,236,000) (2,235,000)       $ (1,000)      
Issuance of Class A common stock, net of issuance cost (in shares)           27,593,598      
Issuance of Class A common stock, net of issuance cost 474,688,000 474,660,000       $ 28,000      
Exchange of Class B common stock (in shares)           11,977,011 (11,977,011)    
Exchange of Class B common stock   66,722,000   (66,734,000)   $ 12,000      
Other 10,100,000     10,636,000          
Income / (loss) for the period (264,740,000)                
Income / (loss) for the period 61,597,000   26,151,000 35,446,000          
Ending balance (in shares) at Jun. 30, 2025         170,332,037 170,332,037 203,885,332    
Ending balance at Jun. 30, 2025 2,624,218,000 1,173,808,000 332,343,000 1,117,897,000   $ 170,000 $ 0    
Beginning balance (in shares) at Mar. 31, 2025               128,002,717 215,862,343
Beginning balance at Mar. 31, 2025               $ 840,027,000 $ 1,061,617,000
Increase (Decrease) in Partners' Capital [Roll Forward]                  
Equity based compensation 6,465,000             2,437,000 4,028,000
Distributions (30,444,000)             $ (11,445,000) (18,999,000)
Cancellation of Class A Units (in shares)               (2,147,667)  
Cancellation of Class A Units (23,361,000)             $ (23,361,000)  
Issuance of class A units, net of issuance cost (in shares)               5,047,802  
Issuance of Class A Units, net of issuance cost 47,000             $ 47,000  
Income / (loss) for the period (30,906,000)             $ (11,651,000) $ (19,255,000)
Impact of Reorganization Transactions (in shares)           130,902,852   (130,902,852) (215,862,343)
Impact of Reorganization Transactions 248,700,000 631,524,000 306,192,000 1,134,298,000   $ 131,000 $ 215,862,343 $ (796,054,000) $ (1,027,391,000)
Income / (loss) for the period 30,691,000                
Ending balance (in shares) at Jun. 30, 2025               0 0
Ending balance at Jun. 30, 2025               $ 0 $ 0
Beginning balance (in shares) at Mar. 31, 2025           0 0    
Beginning balance at Mar. 31, 2025 1,901,644,000 0 0 0   $ 0 $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Impact of Reorganization Transactions (in shares)           130,902,852   (130,902,852) (215,862,343)
Impact of Reorganization Transactions 248,700,000 631,524,000 306,192,000 1,134,298,000   $ 131,000 $ 215,862,343 $ (796,054,000) $ (1,027,391,000)
Equity based compensation 7,389,000 3,137,000   4,252,000          
Cancellation of Class A common stock (in shares)           (141,424)      
Cancellation of Class A common stock (2,236,000) (2,235,000)              
Issuance of Class A common stock, net of issuance cost (in shares)           27,593,598      
Issuance of Class A common stock, net of issuance cost 474,688,000 474,660,000       $ 28,000      
Exchange of Class B common stock (in shares)           11,977,011 (11,977,011)    
Exchange of Class B common stock 0 66,722,000   (66,734,000)   $ 12,000      
Other 10,635,000     10,635,000          
Income / (loss) for the period 30,691,000                
Income / (loss) for the period 61,597,000   26,151,000 35,446,000          
Ending balance (in shares) at Jun. 30, 2025         170,332,037 170,332,037 203,885,332    
Ending balance at Jun. 30, 2025 $ 2,624,218,000 $ 1,173,808,000 $ 332,343,000 $ 1,117,897,000   $ 170,000 $ 0    
v3.25.2
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Operating activities      
Income / (loss) for the period   $ (264,740) $ 262,531
Adjustments for:      
Digital assets sales revenue   (7,528,053) (2,839,416)
Digital assets sales cost   7,526,992 2,870,306
Impairment of digital assets   85,368 13,129
Depreciation and amortization   20,071 20,456
Other impairment loss   49,222 0
Equity based compensation   27,591 37,002
Noncash expense from borrowing   60,715 25,202
Noncash lending and net staking income   (61,993) (63,232)
Net (gains) / losses from operations   (274,763) (474,871)
Net unrealized (gain) / loss on notes payable – derivative   35,544 12,286
Noncash notes interest expense   16,576 7,341
Net deferred tax expense / (benefit)   (28,951) (4,831)
Other noncash adjustments   (440) 394
Changes in operating assets and liabilities:      
Digital assets   605,342 330,193
Digital assets receivable   9,154 23
Derivative assets / liabilities   89,074 167,219
Accounts receivable   19,765 (36,255)
Prepaid expenses and other assets   (13,576) 10,277
Other non-current assets   0 0
Collateral receivable / payable   (50,268) 29,860
Accounts payable and accrued liabilities   22,128 25,095
Other current liabilities   18,471 (168,901)
Other non-current liabilities   (33,940) (2,538)
Net cash provided by / (used in) operating activities   329,289 221,270
Investing activities      
Proceeds from repayments and maturities of loans receivable   70,718 68,392
Origination of loans receivable   (127,398) (79,921)
Purchase of property, equipment and intangible assets   (396,459) (29,736)
Acquisitions   (1,000) 0
Disposal of property and equipment   7,954 2,954
Purchase of investments   (1,285,456) (2,578,882)
Proceeds and distributions from investments   1,389,064 2,215,603
Net cash provided by / (used in) investing activities   (342,577) (401,590)
Financing activities      
Payable to customers   (3,196) (3,212)
Proceeds from loans payable   75,021 227,826
Repayments of loans payable   (77,421) (109,545)
Margin loans payable, net   (160,104) 0
Share issuance, net of costs   476,982 122,168
Distributions   (39,881) (45,678)
Cancellation of Class A Units withheld   (28,885) (13,816)
Net cash provided by / (used in) financing activities   242,516 177,743
Net increase / (decrease) in cash and cash equivalents   229,228 (2,577)
Cash and cash equivalents, beginning of period $ 462,103 462,103 316,610
Cash and cash equivalents, end of period   691,331 314,033
Cash paid during the year for:      
Interest   27,182 18,135
Taxes   4,919 7,445
Significant noncash investing and financing activities:      
Digital assets loan receivable, net of allowance   317,843 85,607
Payables to customers - digital assets $ 0   94,586
Assets posted as collateral   442,012 122,131
Digital assets borrowed   1,347,324 551,901
Collateral payable   518,894 192,556
Purchase of investments with noncash contributions   72,256 10,947
Proceeds from investments included in receivables   4,141 0
Proceeds from investments received as digital assets   105,648 6,714
Proceeds from investments received as non-cash contributions   8,767 0
Additions to property, plant and equipment and intangible assets   35,452 160
Disposals of property, plant and equipment and intangible assets   1,370 0
Reclassification between derivatives and investments   0 389
Reclassification between digital assets receivable and investments   2,192 0
Origination of loans receivable with noncash consideration   $ 0 $ 6,098
v3.25.2
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The Company
Galaxy Digital Inc. (“GDI”) was formed in Delaware on April 23, 2021 for the purpose of serving as the U.S. public company entity upon the redomiciliation of Galaxy Digital Holdings Ltd. (“GDH Ltd.”) and Galaxy Digital Holdings LP (“GDH LP”) to Delaware. On May 13, 2025, the Company (as defined below), GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company’s corporate structure (the “Reorganization Transactions”). Pursuant to the Reorganization Transactions, GDH Ltd. and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware and GDH Ltd. merged with and into the Company, with the Company surviving as the successor public company entity. All outstanding GDH Ltd. ordinary shares were converted into shares of Class A common stock of GDI.
Prior to the Reorganization Transactions, GDH Ltd. owned a minority interest in GDH LP and its ordinary shares were traded on the Toronto Stock Exchange (“TSX”). On May 16, 2025, subsequent to the Reorganization Transactions, the Company succeeded GDH Ltd. as the TSX-listed entity and the Company’s Class A common stock began also trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker “GLXY.”
The Reorganization Transactions were accounted for as a reverse recapitalization with the Company consolidating GDH LP, which was the accounting acquirer and the predecessor entity. Financial information presented for periods prior to the completion of the Reorganization Transactions, including comparative periods, represents that of GDH LP. References to the “Company,” “Galaxy”, and “we,” “us” and “our” refer to GDI and its consolidated subsidiaries subsequent to the Reorganization Transactions and GDH LP, the accounting acquirer and predecessor entity, and its consolidated subsidiaries prior to the Reorganization Transactions.
GDH LP is the operating partnership that conducts all of the Company’s business. GDH LP is a Delaware limited partnership that was formed in the Cayman Islands on May 11, 2018, which redomesticated to Delaware as part of the Reorganization Transactions, and is managed by GDI as its general partner. The Company has two classes of common stock, Class A common stock and Class B common stock. Each share of Class A common stock entitles its holder to economic and voting interests in the Company. Each share of Class B common stock entitles its holder to voting interests but not economic interests in the Company. Holders of Class B common stock have an economic interest in the Company through Limited Partnership Units of GDH LP (“LP Units”), which are paired one-for-one with shares of Class B common stock. One share of Class B common stock and one LP Unit are together exchangeable for one share of Class A common stock. As the Company consolidates GDH LP but does not own all of the economic interest in GDH LP, the Company presents a noncontrolling interest related to the economic ownership of GDH LP held by its Class B common stockholders.
Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. We are 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 three segments: Digital Assets, Data Centers, and Treasury and Corporate.
Basis of Presentation
The accompanying condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated interim financial statements include the accounts of 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 GDH LP’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 and the interim reporting requirements of Regulation S-X for the three and six months ended June 30, 2025. Accordingly, certain information and note disclosures normally
included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with GDH LP’s audited consolidated financial statements for the year ended December 31, 2024. The Company’s interim results are not necessarily indicative of its results for a full year.
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Except for the items described below, the Company has applied its accounting policies consistently from the previously disclosed annual financial statements.
Noncontrolling Interests
The Company, as holder of LP Units and sole general partner of GDH LP, has both (i) the power to direct GDH LP’s most significant activities; and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to GDH LP. The limited partnership interests in GDH LP that are not owned by the Company are presented as noncontrolling interests in the Company’s consolidated financial statements.
The noncontrolling interests were initially measured at the proportional share of equity held by the noncontrolling interest holders on the date of the Reorganization Transaction, May 13, 2025. Each reporting period, the noncontrolling interests are adjusted for (i) the noncontrolling interest holders’ share of GDH LP’s net income / (loss) based on their relative ownership and (ii) distributions declared.
Each LP Unit of GDH LP that represents a noncontrolling interest in the Company corresponds with a share of Class B common stock of the Company. Each share of Class B common stock, along with its paired LP Unit, are together exchangeable for a share of Class A common stock on a 1:1 basis. Such exchanges increase the Company’s ownership of GDH LP and are accounted for as equity transactions.
Because the noncontrolling interests held through LP Units are economically equivalent to shares of Class A common stock, diluted EPS is calculated using the if-converted method, assuming all noncontrolling interests were exchanged for shares of Class A common stock as of the beginning of each period.
Gains / (Losses) from Operations
Gains / (losses) from operations include the net realized and unrealized gains and losses recognized on the Company’s digital asset transactions, derivative instruments, and investments.
v3.25.2
BUSINESS COMBINATIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
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.
Fierce
On December 9, 2024, a subsidiary controlled by the Company acquired all shares of Fierce Technology, Inc. (“Fierce”), a financial application software provider, for approximately $12.5 million ($3.0 million in cash and $9.5
million in equity). The Company determined that the acquisition of Fierce constituted a business combination under ASC 805.
The consideration transferred was measured at the fair value of the cash and equity paid, and the estimated contingent consideration of approximately $1.2 million, in the form of shares of Class A common stock, that is payable by the Company upon determination of the final working capital amounts. The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:
(in thousands)
Cash$315 
Intangible assets411 
Goodwill8,588 
Other non-current assets3,296 
Total assets$12,610 
Deferred tax liability110 
Total liabilities$110 
The Company recorded $8.6 million of goodwill which was attributed to the Digital Assets segment as a result of this acquisition. Goodwill represents the future economic benefit arising from assets acquired which could not be individually identified and separately recognized. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the combined business. The Company also recognized a deferred tax asset of $3.3 million related to the net operating losses of Fierce that the Company expects to utilize. The goodwill from this acquisition is not deductible for tax purposes.
Acquired intangible assets as a result of this acquisition included trade names, trademarks, and technology platforms valued at $0.4 million. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company’s accounting policies.
The Company incurred acquisition related transaction costs of $0.2 million, of which the majority represented legal fees. The revenue and net income included in the Company’s consolidated statements of operations contributed by Fierce for the year ended December 31, 2024, from the date of the acquisition, were not material to the Company.
CryptoManufaktur
On July 18, 2024, a subsidiary controlled by the Company acquired the assets of CryptoManufaktur LLC (“CMF”) for approximately $12.4 million. The Company determined that the acquisition of CMF constituted a business combination under ASC 805. CMF provides staking infrastructure, primarily on the Ethereum blockchain, as well as data oracle services.
The consideration transferred was measured at the fair value of the cash and equity paid, and the estimated contingent consideration of approximately $5.5 million, which is payable by the Company if CMF achieves certain financial and operating targets through the end of 2026. On February 28, 2025, an additional 76,573 shares were
issued for milestone consideration. The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:
(in thousands)
Intangible assets$7,213 
Goodwill5,193 
Counterparty digital assets943,445 
Total assets$955,851 
Counterparty digital asset obligations943,445 
Accounts payable and accrued liabilities21 
Total liabilities$943,466 
The Company recorded $5.2 million of goodwill as a result of this acquisition which was attributed to the Digital Assets segment. Goodwill was attributed to the expected synergies from combining operations with GDH LP and the expected future cash flows of the combined business. The Company expects all of the goodwill from this acquisition to be deductible for tax purposes.
Acquired intangible assets as a result of this acquisition included customer relationships valued at $7.2 million, which will be amortized over an estimated useful life of 5 years. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company's accounting policies.
The Company incurred acquisition related transaction costs of $0.5 million of which the majority represented professional fees. The revenue and net income included in the Company's condensed consolidated interim statements of operations contributed by CMF for the year ended December 31, 2024, from the date of the acquisition, were not material to the Company.
v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables provide additional details related to the Company’s Revenues by segment for the three months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales
$8,564,980 $— $— $8,564,980 
Fees
19,087 — (2,095)16,992 
Blockchain rewards
42,550 — (1,388)41,162 
Proprietary mining
— — 944 944 
Revenues from contracts with customers$8,626,617 $— $(2,539)$8,624,078 
Blockchain rewards from non-customers
1,205 — 4,038 5,243 
Lending
27,923 — 4,311 32,234 
Total revenues
$8,655,745 $— $5,810 $8,661,555 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales
$8,785,677 $— $— $8,785,677 
Fees
19,607 — 6,921 26,528 
Blockchain rewards
37,142 — 538 37,680 
Proprietary mining
— — 16,312 16,312 
Revenues from contracts with customers$8,842,426 $— $23,771 $8,866,197 
Blockchain rewards from non-customers
674 — — 674 
Lending
15,873 — 147 16,020 
Total revenues
$8,858,973 $— $23,918 $8,882,891 
The following tables provide additional details related to the Company’s Revenues by segment for the six months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales
$21,414,548 $— $— $21,414,548 
Fees
33,667 — (5,158)28,509 
Blockchain rewards
123,250 — (10,976)112,274 
Proprietary mining
— — 12,180 12,180 
Revenues from contracts with customers$21,571,465 $— $(3,954)$21,567,511 
Blockchain rewards from non-customers
2,260 — 8,347 10,607 
Lending
53,549 — 6,094 59,643 
Total revenues
$21,627,274 $— $10,487 $21,637,761 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales
$18,042,855 $— $— $18,042,855 
Fees
38,461 — 16,195 54,656 
Blockchain rewards
45,393 — 2,561 47,954 
Proprietary mining
— — 36,440 36,440 
Revenues from contracts with customers$18,126,709 $— $55,196 $18,181,905 
Blockchain rewards from non-customers
3,584 — — 3,584 
Lending
31,249 — 1,525 32,774 
Total revenues
$18,161,542 $— $56,721 $18,218,263 
v3.25.2
TRANSACTION EXPENSES
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
TRANSACTION EXPENSES TRANSACTION EXPENSES
The Company incurred the following Transaction expenses by segment for the three months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales costs
$8,546,795 $— $— $8,546,795 
Blockchain reward distributions
38,321 — (4,939)33,382 
Borrowing costs6,437 — 35,273 41,710 
Mining and hosting costs— — 741 741 
Other transaction expenses (1)
4,925 — 2,387 7,312 
Transaction expenses
$8,596,478 $— $33,462 $8,629,940 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales costs
$8,769,445 $— $— $8,769,445 
Blockchain reward distributions
33,099 — (3,270)29,829 
Borrowing costs1,948 — 16,831 18,779 
Mining and hosting costs— — 10,466 10,466 
Other transaction expenses (1)
5,612 — 705 6,317 
Transaction expenses
$8,810,104 $— $24,732 $8,834,836 
_______________
(1)Other transaction expenses include trading commissions, custody, and exchange fees.

The Company incurred the following Transaction expenses by segment for the six months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales costs
$21,385,879 $— $— $21,385,879 
Blockchain reward distributions
106,087 — (16,259)89,828 
Borrowing costs12,226 — 63,322 75,548 
Mining and hosting costs— — 6,275 6,275 
Other transaction expenses (1)
13,145 — 6,274 19,419 
Transaction expenses
$21,517,337 $— $59,612 $21,576,949 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales costs
$18,017,413 $— $— $18,017,413 
Blockchain reward distributions
38,693 — (8,485)30,208 
Borrowing costs5,957 — 30,705 36,662 
Mining and hosting costs— — 25,721 25,721 
Other transaction expenses (1)
11,231 — 1,691 12,922 
Transaction expenses
$18,073,294 $— $49,632 $18,122,926 
_______________
(1)Other transaction expenses include trading commissions, custody, and exchange fees.
v3.25.2
DIGITAL ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
DIGITAL ASSETS DIGITAL ASSETS
The following tables provide additional detail related to the digital assets as of June 30, 2025 and December 31, 2024:
(in thousands)
Digital intangible assets, current
Digital financial assets
Digital intangible assets, non-current
June 30, 2025
Digital intangible assets (includes $1,344.1 million measured at fair value)
1,432,644 — 2,098 1,434,742 
Digital financial assets— 109,678 — 109,678 
Total self-custodied (1)
1,432,644 109,678 2,098 1,544,420 
Digital intangible assets (includes $682.2 million measured at fair value)
758,857 — 916 759,773 
Digital financial assets— 195,157 — 195,157 
Total held with third parties, including centralized trading platforms
758,857 195,157 916 954,930 
Collateral posted with counterparties (2) (measured at fair value)
503,205 — — 503,205 
Digital assets associated with decentralized finance protocols (2)(3)
491,392 64,814 — 556,206 
Total digital assets
$3,186,098 $369,649 $3,014 $3,558,761 
(in thousands)
Digital intangible assets, current
Digital financial assets
Digital intangible assets, non-current
December 31, 2024
Digital intangible assets (includes $1,480.9 million measured at fair value)
$1,544,377 $— $75 $1,544,452 
Digital financial assets— 353,459 — 353,459 
Total self-custodied (1)
1,544,377 353,459 75 1,897,911 
Digital intangible assets (includes $451.4 million measured at fair value)
523,002 — 20,904 543,906 
Digital financial assets— 1,392 — 1,392 
Total held with third parties, including centralized trading platforms
523,002 1,392 20,904 545,298 
Collateral posted with counterparties (2) (measured at fair value)
85,874 — — 85,874 
Digital assets associated with decentralized finance protocols (3)
394,328 4,814 — 399,142 
Total digital assets
$2,547,581 $359,665 $20,979 $2,928,225 
_______________
(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.
(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $358.3 million and $53.7 million as of June 30, 2025 and December 31, 2024, respectively.
(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $120.7 million and $124.9 million as of June 30, 2025 and December 31, 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

Digital Assets Associated with Decentralized Finance Protocols
Digital Assets Associated with Decentralized Finance Protocols includes receipt tokens from decentralized finance protocols, which are digital assets issued by decentralized protocols that derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company’s self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.
In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”) which are also included in Digital Assets Associated with Decentralized Finance Protocols. Wrapped tokens are digital assets that can interact with smart contracts or operate on another blockchain. The Company typically wraps digital assets in expectation of deploying them on decentralized finance protocols.
Some decentralized finance protocols may hold the Company’s digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company’s digital assets. Therefore the tokens continue to be recognized by the Company.
Digital Assets Subject to Lock-up Schedules
Certain digital assets are subject to sale restrictions through lock-up schedules typically associated with purchases from foundations. Digital assets restricted by lock-up schedules which have not yet been received by the Company are recognized as Digital assets receivable.
The Company held $14.8 million and $59.9 million of digital assets restricted by lock-up schedules as of June 30, 2025 and December 31, 2024, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from less than one week to approximately 2 years.
Staked Digital Assets
The Company had staked $323.1 million and $371.7 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of June 30, 2025 and December 31, 2024, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods on the respective blockchains. As of June 30, 2025 and December 31, 2024, the majority of the Company’s staked digital assets on various blockchains, including Ethereum, could be unbonded within 7 and 11 days, respectively.
Significant Digital Asset Holdings
The Company’s digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as collateral and retains control. The following tables show our most significant gross digital asset holdings as of June 30, 2025 and December 31, 2024:
June 30, 2025
(in thousands except for quantity)
Quantity
Historical cost
Carrying value
Bitcoin17,102 $1,814,196 $1,832,368 
USDC
263,084,648 263,708 263,005 
Ether
90,521 219,824 224,987 
SOL
1,098,828 165,717 170,109 
HYPE
2,334,213 51,367 91,976 
USDG
47,132,455 47,125 47,132 
XRP
15,387,541 33,576 34,407 
Othernot meaningful287,618 238,424 
Digital assets measured at fair value
2,883,131 2,902,408 
Digital assets not measured at fair value
not meaningful
688,717 656,353 
Total digital assets
$3,571,848 $3,558,761 
December 31, 2024
(in thousands except for quantity)Quantity
Historical cost
Carrying value
Bitcoin13,704 $1,335,194 $1,277,816 
Ether
112,248 378,907 373,871 
USDC
333,713,029 334,224 333,652 
SOL
498,767 73,567 94,288 
UNI
5,216,565 71,911 68,922 
TIA
9,626,784 17,995 34,116 
Othernot meaningful231,228 195,357 
Digital assets measured at fair value
2,443,026 2,378,022 
Digital assets not measured at fair value
not meaningful598,295 550,203 
Total digital assets
$3,041,321 $2,928,225 
As of June 30, 2025 approximately 34%, 15%, and 13% of the Company’s digital assets associated with decentralized finance protocols relate to digital assets issued by Coinbase, Aave, and Kamino respectively. As of December 31, 2024, approximately 41%, 18%, and 10% of the Company’s digital assets associated with decentralized finance protocols related to digital assets issued by Sky DAO (f.k.a. Maker DAO), Coinbase, and Aave, respectively.
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED
In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of June 30, 2025 and December 31, 2024, no Digital asset loans receivable were past due.
Digital Assets Loan Receivable, Net of Allowance
(in thousands)June 30, 2025December 31, 2024
Digital asset loans receivable$895,026 $579,954 
Less: Allowance for credit losses
(150)(424)
Digital asset loans receivable, net
$894,876 $579,530 
Collateral Payable Associated with Digital Assets Loan Receivable
(in thousands)June 30, 2025December 31, 2024
Collateral payable — Digital assets
$1,116,700 $673,427 
Collateral payable — Cash
14,867 44,535 
Collateral payable associated with digital assets loan receivable
$1,131,567 $717,962 
Digital Assets Borrowed
(in thousands)June 30, 2025
December 31, 2024
Digital assets borrowed — current
$2,836,370 $1,497,609 
Digital assets borrowed — non-current
8,564 — 
Digital assets borrowed
$2,844,934 $1,497,609 
The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of June 30, 2025 were bitcoin, USDC, ether, tether, and SOL, including associated wrapped tokens, which represented approximately 92% of total Digital assets borrowed. The most significant digital assets borrowings as of December 31, 2024 were bitcoin, ether, DAI, and SOL, including associated wrapped tokens, which represented approximately 87% of total Digital assets borrowed.
Assets Posted as Collateral Associated with Digital Assets Borrowed
(in thousands)June 30, 2025
December 31, 2024
Assets posted as collateral — Digital assets
$501,418 $84,221 
Less: Allowance for credit loss(2,477)(826)
Assets posted as collateral associated with digital assets borrowed$498,941 $83,395 
Collateral deposited in decentralized finance protocols associated with digital asset loans payable to the decentralized protocols are recognized in Digital intangible assets. Collateral posted with counterparties for which the Company retains control are also recognized in Digital intangible assets. Refer to Note 6 for additional information regarding Digital intangible assets.
v3.25.2
DERIVATIVES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
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 $64.8 million and $95.8 million for the three and six months ended June 30, 2025, respectively, and $105.3 million and $189.0 million for the three and six months ended June 30, 2024, respectively.
The breakdown of the Company’s derivatives portfolio, as of June 30, 2025 and December 31, 2024 was as follows:
June 30, 2025
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$3,877,580 $116,830 $(70,805)
Foreign currencies
199,068 14,651 (10,303)
Equity securities
374,332 3,051 (4,359)
Interest rates
603,854 69 (798)
Commodities
1,592,443 306 (99)
6,647,277 134,907 (86,364)
Digital assets receivable7,311 6,065 — 
Embedded derivatives — Digital assets borrowed
2,674,612 70,057 (240,379)
Embedded derivatives — Collateral payable
1,675,907 64,223 (231,868)
December 31, 2024
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$4,685,112 $185,208 $(145,493)
Foreign currencies
19,259 12,064 (10,483)
Equity securities
1,049,846 10,343 (9,683)
Interest rates
5,002 19 (13)
Commodities
10,583 19 (186)
5,769,802 207,653 (165,858)
Digital assets receivable3,911 60,720 — 
Embedded derivatives — Digital assets borrowed
1,269,013 24,039 (252,635)
Embedded derivatives — Collateral payable
1,219,247 55,848 (161,261)
Embedded derivatives — Notes payable
847,500 — (136,192)
(1) Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.
The table below represents the breakdown of collateral payable and assets posted as collateral associated with derivative positions as of June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$37,716 $30,600 
Collateral payable — Cash
10,788 30,460 
Collateral payable associated with derivatives
$48,504 $61,060 
Assets posted as collateral — Digital assets
$— $— 
Assets posted as collateral — Cash
1,220— 
Assets posted as collateral associated with derivatives
$1,220 $— 
v3.25.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Net gain / (loss) on investments included in Gains / losses from operations in the Company’s condensed consolidated interim statements of operations consists of the following:
•Net realized gains / (losses) related to sales of investments were $(32.4) million and $120.6 million for the three and six months ended June 30, 2025, respectively, and $12.8 million and $(160.0) million for three and six months ended June 30, 2024, respectively.
•Net unrealized gains / (losses) related to investments were $227.8 million and $(58.4) million for the three and six months ended June 30, 2025, respectively, and $(114.3) million and $121.5 million for the three and six months ended June 30, 2024, respectively.
Accumulated net unrealized gains / (losses) related to investments held by the Company in the Company’s condensed consolidated interim statements of financial position were $567.7 million and $627.1 million as of June 30, 2025 and December 31, 2024, respectively.
Investments at Measurement Alternative
The following table presents investments for which the measurement alternative has been elected. These investments have been valued at cost less impairment and where applicable at observable transaction prices based on orderly transactions for the identical or similar investments of the same issuer.
ImpairmentUpward Adjustments
(in thousands)Carrying ValuePeriod to dateCumulativePeriod to dateCumulative
June 30, 2025
$75,689 $(3,494)$(62,452)$5,220 $68,413 
December 31, 2024
$63,227 $(6,990)$(59,608)$2,214 $63,652 
v3.25.2
FAIR VALUE OPTION
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OPTION 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)June 30, 2025
December 31, 2024
Assets
Digital financial assets$369,649 $359,665 
Investments
629,548 558,093 
Total
$999,197 $917,758 

The fair value option was only elected for investments, within the Investments line item, where the Company was deemed to have significant influence and otherwise would have applied the equity method of accounting.
Realized and unrealized gains / (losses) on financial instruments for which the fair value option has been elected are recorded in Gains / (losses) from operations in the Company’s 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 June 30,
20252024
(in thousands)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)
Investments$(4,400)$64,831 $2,127 $(53,425)
Six Months Ended June 30,
20252024
(in thousands)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)
Investments$32,512 $(30,063)$3,202 $106,673 
Realized and unrealized losses for digital assets classified as financial assets were $1.1 million and $3.3 million for the three and six months ended June 30, 2025, respectively, and were not significant for the three and six months ended June 30, 2024.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
Items measured on a recurring basis at fair value:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Digital financial assets$285,908 $83,741 $— $369,649 
Digital intangible assets at fair value
2,377,215 152,693 2,852 2,532,760 
Digital assets loan receivable, net of allowance — Financial assets
— 193,406 — 193,406 
Digital assets receivable7 — 6,058 6,065 
Assets posted as collateral — Digital assets— 720,539 — 720,539 
Derivative assets123,584 11,323 — 134,907 
Embedded derivative — Collateral payable — Digital assets
— 64,223 — 64,223 
Embedded derivative — Digital assets borrowed
— 70,057 — 70,057 
Investments(1)
695,250 5,531 505,187 1,205,968 
$3,481,964 $1,301,513 $514,097 $5,297,574 
Liabilities
Investments sold short(2)
$86,210 $— $— $86,210 
Derivative liabilities67,478 18,886 — 86,364 
Embedded derivative — Digital assets borrowed
— 240,379 — 240,379 
Embedded derivative — Collateral payable
— 231,868 — 231,868 
$153,688 $491,133 $— $644,821 
__________________
(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $330.3 million and investments utilizing the measurement alternative of $75.7 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, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Digital financial assets$354,851 $4,814 $— $359,665 
Digital intangible assets at fair value
1,929,661 68,239 20,457 2,018,357 
Digital assets loan receivable, net of allowance
Financial assets
— 393,734 — 393,734 
Digital assets receivable204 24 60,492 60,720 
Assets posted as collateral — Digital assets
— 278,527 — 278,527 
Derivative assets188,836 18,817 207,653 
Embedded derivative — Collateral payable
— 55,848 — 55,848 
Embedded derivative — Digital assets borrowed
— 24,039 — 24,039 
Investments(1)
751,220 — 524,573 1,275,793 
$3,224,772 $844,042 $605,522 $4,674,336 
Liabilities
Investments sold short$6,524 — — $6,524 
Derivative liabilities58,155 107,703 165,858 
Embedded derivative — Digital assets borrowed
252,635 252,635 
Embedded derivative — Collateral payable
161,261 161,261 
Embedded derivative — Notes payable
— — 136,192 136,192 
$64,679 $521,599 $136,192 $722,470 
__________________
(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $304.5 million and equity securities utilizing the measurement alternative of $63.2 million as they are without readily determinable fair values.
Nonrecurring Fair Value Measurements
Impairment losses are recognized for Digital intangible assets carried at the lower of cost or impaired value and Property and equipment, net when their carrying amounts exceed fair value. See Note 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 $656.4 million and $550.2 million as of June 30, 2025 and December 31, 2024, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.
The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended June 30, 2025 and December 31, 2024, respectively.
(in thousands)
Assets
Fair value, Beginning Balance
Purchases
Sales /Distributions
Net Realized Gain / (Loss)
Net Unrealized Gain / (Loss)
Transfers in /(out) of Level 3
Fair value, Ending Balance
Digital intangible assets
June 30, 2025
$20,457 $— $— $— $(5,425)$(12,180)$2,852 
December 31, 2024
$68,004 $— $— $— $(17,043)$(30,504)$20,457 
Digital assets receivable
June 30, 2025
$60,492 $2,250 $(7,817)$(48,867)$6,058 
December 31, 2024
$20,569 $— $(4,727)$4,724 $52,477 $(12,551)$60,492 
Investments
June 30, 2025
$524,573 $79,976 $(137,802)$69,605 $(32,608)$1,443 $505,187 
December 31, 2024
$364,576 $129,188 $(221,564)$117,036 $119,803 $15,534 $524,573 
Embedded derivative — Notes payable
June 30, 2025
$136,192 $— $— $— $— $(136,192)$— 
December 31, 2024
$10,472 $93,993 $— $— $31,727 $— $136,192 
Transfers in and out of Level 3 are considered to have occurred at the beginning of the period the transfer occurred. For the period ended June 30, 2025, gross transfers into Level 3 were $4.9 million and gross transfers out of Level 3 were $200.7 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. The transfers into Level 3 for Digital assets receivable were due to underlying token launches of contracts held. The transfers out of Level 3 for Investments were due to conversion of warrants into common stock. Transfers out of Level 3 for Digital assets receivable and Digital assets were due to removal of restrictions. Transfers out of Level 3 for Embedded derivative - Notes payable was due to the Reorganization Transactions. See Note 18 for additional information. For the year ended December 31, 2024, gross transfers into Level 3 were $21.2 million and gross transfers out of Level 3 were $48.7 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. The transfers into Level 3 for Digital assets receivable were due to underlying token launches of contracts held. Transfers out of Level 3 for Investments related to a conversion of a convertible note upon emergence from a bankruptcy during the year. Transfers out of Level 3 for Digital assets receivable and Digital assets were due to the removal of restrictions.
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 June 30, 2025 and December 31, 2024, respectively:
Financial Instrument
Fair Value at June 30, 2025 (in thousands)
Significant Unobservable InputsRange
Weighted Average
Digital intangible assets
2,852 Marketability discount
16.0% - 30.6%
23.5%
Digital assets receivable6,058 Marketability discount
3.5% - 89.4%
45.7%
Investments505,187 Time to liquidity event (years)
0.5 - 5.0
4.0
Annualized equity volatility
70.0% - 90.0%
88.7%
Risk free rate
3.4% - 4.3%
3.8%
Market adjustment discount
30.0% - 90.0%
48.7%
Market adjustment premium
150.0% - 180.0%
173.0%
Marketability discount
22.7% - 35.0%
27.8%
Expected dividend payout ratio
—%
—%
Enterprise value to LTM revenue multiple
2.5x - 11.0x
8.5x
Enterprise value to projected revenue multiple
3.5x - 5.5x
4.8x
Enterprise value to annualized revenue
2.5x
2.5x
Enterprise value to LTM volume
2.8x
2.8x
Enterprise Value to ARR
8.0x
8.0x
Price to tangible book value
1.3x
1.3x
EV to gross profit
6.0x
6.0x
Recovery percentage
44.0%
44.0%
 
 
Financial Instrument
Fair Value at December 31, 2024 (in thousands)
Significant Unobservable InputsRange
Weighted Average
Digital intangible assets
$20,457 Marketability discount
15.9% - 45.2%
32.1%
Digital assets receivable
$60,492 Marketability discount
5.5% - 72.8%
35.8%
Investments
$524,573 Time to liquidity event (years)
1.0 - 5.0
4.1
Annualized equity volatility
70.0% - 90.0%
88.8%
Risk free rate
3.4% - 4.4%
4.2%
Market adjustment discount
30.0% - 90.0%
41.0%
Market adjustment premium
25.0% - 130.0%
79.6%
Marketability discount
3.5% - 51.8%
26.0%
Expected dividend payout ratio
—%
—%
Enterprise value to LTM revenue multiple
2.5x - 16.8x
10.8x
Enterprise value to projected revenue multiple
2.0x - 10.5x
7.0x
Enterprise value to annualized revenue
3.5x - 9.0x
6.7x
Enterprise value to LTM volume
3.0x
3.0x
Enterprise Value to ARR
8.5x - 15.8x
10.9x
Price to tangible book value
1.5x
1.5x
Enterprise value to projected EBITDA
9.0x - 14.0x
11.5x
Scenario probability
35.0%
35.0%
Recovery percentage
35.0% - 61.6%
51.5%
Embedded derivative — Notes payable
$136,192 Volatility
45.6% - 75.0%
55.4%
Risk free rate
4.2% - 4.4%
4.3%
Time-step (years)
0.004
0.004
Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.
Financial Instruments Not Measured at Fair Value
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 June 30, 2025
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Cash and cash equivalents$691,331 $691,331 $691,331 $— $— 
Assets posted as collateral – Cash
1,220 1,220 — 1,220 — 
Accounts receivable41,393 41,393 — 41,393 — 
Loans receivable535,696 535,696 — 535,696 — 
Total Assets
$1,269,640 $1,269,640 $691,331 $578,309 $— 
Accounts payable and accrued liabilities226,080 226,080 — 226,080 — 
Notes payable725,571 965,750 — 965,750 — 
Collateral payable — Cash
25,949 25,949 — 25,949 — 
Payable to customers — Cash
16,324 16,324 — 16,324 — 
Loans payable348,214 348,214 — 348,214 — 
Settlement liability
147,873 149,368 — 149,368 149368— 
Total Liabilities
$1,490,011 $1,731,685 $— $1,731,685 $— 
As of December 31, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Cash and cash equivalents$462,103 $462,103 $462,103 $— $— 
Assets posted as collateral – Cash
— — $— — $— 
Accounts receivable55,279 55,279 55,279 — $— 
Loans receivable476,620 476,620 — 476,620 $— 
Total Assets
$994,002 $994,002 $517,382 $476,620 $— 
Accounts payable and accrued liabilities281,531 281,531 281,531 — — 
Notes payable845,186 836,402 — 836,402 — 
Collateral payable — Cash
74,995 74,995 — 74,995 — 
Payable to customers — Cash
19,520 19,520 — 19,520 — 
Loans payable
510,718 510,718 — 510,718 — 
Settlement liability
182,462 182,462 — 182,462 — 
Total Liabilities
$1,914,412 $1,905,628 $281,531 $1,624,097 $— 
v3.25.2
LOANS RECEIVABLE
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS RECEIVABLE 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 June 30, 2025 or December 31, 2024.
Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Loans receivable$529,396 $476,620 
Loans receivable, non-current6,675 — 
Less: allowance for credit loss(375)— 
Loans receivable, current and non-current
$535,696 $476,620 
Loans receivable are scheduled to be repaid during the following periods:
(in thousands)Amounts
2025479,271 
202650,911 
20271,088 
20282,938 
20291,188 
2030300 
Loans receivable, current and non-current
$535,696 
Balances represent loan principal and exclude accrued interest receivable on loans.
Collateral Payable Associated with Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$689,136 $620,633 
Collateral payable — Cash
294 — 
Collateral payable associated with loans receivable, current and non-current
$689,430 $620,633 
Interest income related to the Company’s Loans receivable was $14.1 million and $26.7 million for the three and six months ended June 30, 2025, respectively, and $12.8 million and $25.4 million for the three and six months ended June 30, 2024, respectively.
v3.25.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table represents property and equipment balances and accumulated depreciation as of June 30, 2025 and December 31, 2024:
(in thousands)
June 30, 2025
December 31, 2024
Corporate assets (1)
$12,651 $11,093 
Mining equipment165,942 172,572 
Data center infrastructure (2)
67,669 113,710 
Land16,587 12,809 
WIP / Construction in progress (3)
500,251 35,777 
Property and equipment, gross
763,100 345,961 
Less: Accumulated depreciation(66,769)(57,934)
Less: Impairment (4)
(100,211)(50,989)
Property and equipment, net
$596,120 $237,038 
__________________
(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.
(2)Data center infrastructure comprises land and improvements associated with our mining and Artificial Intelligence and High Performance Computing (“AI/HPC”) leasing businesses. During the six months ended June 30, 2025, a portion of data center infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.
(3)WIP/Construction in progress related to data center infrastructure under construction.
(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Depreciation expense of $3.5 million and $12.2 million for the three and six months ended June 30, 2025, respectively, and $7.6 million and $14.3 million for the three and six months ended June 30, 2024, respectively, is included in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.
Impairment of Mining Equipment
The Company assesses mining equipment for impairment when a triggering event is identified. As a result of a change of anticipated use of the mining equipment in fiscal year 2025 during the six months ended June 30, 2025, the Company recognized an impairment of $49.2 million in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. Impairment testing of assets held for use requires determination of recoverability using unobservable inputs such as estimated future cash flows and involves significant judgment. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
Lessee
The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.
Operating lease costs were $1.5 million and $2.9 million for the three and six months ended June 30, 2025, respectively, and $1.5 million and $3.0 million for the three and six months ended June 30, 2024, respectively. Variable lease costs, which are included in operating lease costs, were not material for the three and six months ended June 30, 2025 and June 30, 2024.
Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:
(in thousands)
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities$2,874 $2,949 
Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:
(in thousands, except lease term and discount rate)
June 30, 2025
December 31, 2024
Operating lease right-of-use assets$6,335$8,223
Operating lease liabilities8,29010,229
Weighted average remaining lease term
3.5 years
3.6 years
Weighted average discount rate(1)
10 %10 %
__________________
(1)The weighted average discount rate represents the Company’s incremental borrowing rate.
The following table represents future minimum lease payments of the Company’s operating lease liabilities as of June 30, 2025:
(in thousands)Lease liability
Year ending December 31,
2025$2,158 
20262,828 
20272,572 
20282,572 
2029429 
Total future minimum lease payments10,559 
Less: Interest2,269 
Total lease liability$8,290 
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The following table reflects the changes in the carrying amount of goodwill:
(in thousands)
June 30, 2025
December 31, 2024
Balance, beginning of period$58,037 $44,257 
Additions due to acquisitions (Note 3)4,197 13,780 
Balance, end of period
$62,234 $58,037 
The Company recognized no impairment of Goodwill for the periods ended June 30, 2025 and June 30, 2024. All goodwill is allocated to the Digital Assets segment.
Other Intangible Assets
The following table represents intangible assets and accumulated amortization as June 30, 2025 and December 31, 2024:
(in thousands)
June 30, 2025
December 31, 2024
Software technology (1)
$42,605 $40,508 
Other purchased finite-life intangible assets
13,701 13,701 
Indefinite-lived intangible asset1,761 1,761 
Intangible assets, gross
58,067 58,067 55,970 
Less: Accumulated amortization(26,505)(18,619)
Intangible assets, net
$31,562 $37,351 
_________________
(1)Includes capitalized equity based compensation of $6.3 million and $3.1 million as of June 30, 2025 and December 31, 2024, respectively.
The Company estimates that there is no significant residual value related to its finite-life intangible assets. The expected future amortization expense for currently amortizing finite-life intangible assets for the next five years is as follows:
(in thousands)Amounts
20258,621 
20269,084 
20276,159 
20284,841 
2029 and beyond403 
Total future amortization expense
$29,108 
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Leases
As of June 30, 2025 and December 31, 2024, the Company had commitments primarily under three leases. Refer to Note 15 for further information on lease commitments.
Investment and Loan Commitments
As of June 30, 2025 and December 31, 2024, the Company was obligated to seven portfolio companies, all of which are non-consolidated variable interest entities (VIEs), to fund up to $65.4 million and $69.0 million, respectively. Subsequent to the period ended June 30, 2025, $4.1 million of this amount has been funded. Refer to Note 10 for further information on VIEs.
As of June 30, 2025 and December 31, 2024, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million and $60.0 million, respectively, and had funded $60.0 million and $39.9 million in relation to these facilities as of June 30, 2025 and December 31, 2024, respectively. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end.
Contractual Commitments
As of June 30, 2025 and December 31, 2024, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $478.2 million and $9.1 million, respectively.
Indemnifications
The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of June 30, 2025 and December 31, 2024, there was no liability accrued under these arrangements.
Legal and Regulatory Matters
In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous
regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions.
The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect on our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
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 June 30, 2025, the Company had accrued a legal provision of $148 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.3%. The undiscounted amount of the settlement was $160 million as of June 30, 2025 and payable between 2026 and 2028, with a payment of $40 million in 2026, and a payment of $60 million in each of 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.
In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer (“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 April 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 terms of the GDH LP 7th Amended and Restated Limited Partnership Agreement (“LPA”), executed in connection with the Reorganization Transactions in May 2025, provide 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 $30.4 million and $39.9 million were paid during the three and six months ended June 30, 2025, respectively, and tax-related distributions of $9.0 million and $45.7 million were paid during the three and six months ended June 30, 2024, respectively.
In December 2021, July 2024, and during the six months ended June 30, 2025, the Company contributed approximately $523.0 million, $20.0 million, and $578.1 million, respectively, into wholly-owned subsidiaries through which the Company operates bitcoin mining, qualified digital assets and blockchain related activities, and AI/HPC leasing activities in qualified opportunity zones. The qualified opportunity zone program was established by
Congress under the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, and through which taxpayers may defer eligible capital gains provided they meet the program’s requirements. In December 2026, the Company will be required to recognize capital gains on 90% of the contributed amount for U.S. federal tax purposes, which will be allocated to the limited partner unit holders of GDH LP including the noncontrolling interest holders of the Company, in accordance with their ownership interests at that time. As such depending on facts and circumstances at that time, the Company may be required to make additional tax distributions to its noncontrolling interest holders.
v3.25.2
VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
The Company holds investments in VIEs that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through Gains / (losses) from operations in the Company’s 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.
June 30, 2025
December 31, 2024
(in thousands)Fair Value of InvestmentUnfunded CommitmentsMaximum ExposureFair Value of InvestmentUnfunded CommitmentsMaximum Exposure
Sponsored Investment Funds
$352,949 $53,087 $406,036 $398,386 $56,725 $455,111 
Other VIE’s172,598 12,294 184,892 143,145 12,294 155,439 
Total
$525,547 $65,381 $590,928 $541,531 $69,019 $610,550 
v3.25.2
LOANS AND NOTES PAYABLE
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LOANS AND NOTES PAYABLE 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)June 30, 2025December 31, 2024
Loans payable $348,214 $510,718 
Interest expense related to the Company’s loans payable was $4.2 million and $7.8 million for the three and six months ended June 30, 2025, respectively, and $2.1 million and $4.6 million for the three and six months ended June 30, 2024, respectively.
Assets Posted as Collateral Associated with Loans Payable
(in thousands)
June 30, 2025
December 31, 2024
Assets posted as collateral — Digital assets
$219,121 $194,306 
Less: Allowance for credit losses(633)(554)
Assets posted as collateral associated with digital asset loans payable
$218,488 $193,752 
Notes Payable
GDH LP issued $500 million aggregate principal amount of 3.00% exchangeable senior notes (the “2026 Exchangeable Notes”) on December 9, 2021, and $402.5 million aggregate principal amount of 2.500% exchangeable senior notes on November 25, 2024 (the “2029 Exchangeable Notes” and, together with the 2026 Exchangeable Notes, the “Exchangeable Notes”). Outstanding 2026 Exchangeable Notes and 2029 Exchangeable Notes will mature and the aggregate principal amount is due in 2026 and 2029, respectively, unless earlier exchanged, redeemed or repurchased. Interest on the Exchangeable Notes is payable semi-annually. There were no origination discounts or premiums associated with the 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 and the 2029 Exchangeable Notes have an initial exchange rate of 10,497.5856 shares of Class A common stock per $250,000 principal amount. All Exchangeable Notes issued are subject to certain selling and transfer restrictions set forth in each investor’s note purchase agreement and as set forth in the 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 Interim Statements of Changes in Equity. As of December 31, 2024, the Exchangeable Notes and the associated derivative liability are shown as Notes payable in the Company’s condensed consolidated interim statements of financial position. The unamortized debt issuance cost as of June 30, 2025 and December 31, 2024 was $16.2 million and $18.5 million, respectively. As of June 30, 2025 and December 31, 2024, there was $847.5 million in principal outstanding of the Exchangeable Notes.
On initial recognition of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, debt issuance costs of $13.4 million and $13.6 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The interest expense from the Exchangeable Notes for the three and six months ended June 30, 2025 was $14.2 million and $28.3 million, including coupon interest of $5.8 million and $11.7 million, respectively, and $7.0 million and $14.0 million, including coupon interest of $3.4 million and $6.7 million, for the three and six months ended June 30, 2024, respectively. The effective interest rates on the 2026 and 2029 Exchangeable Notes are 7.0% and 9.2%, respectively.
As of June 30, 2025, the Company’s notes payable repayment obligation was as follows:
(in thousands)Amount Due
2025$— 
2026445,000 
2027— 
2028— 
2029402,500 
Total$847,500 
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
Issued Common Stock
The Company has two classes of ownership interests:
(1)Class A common stock, which shares are traded on Nasdaq and the TSX under the ticker “GLXY,” and
(2)Class B common stock, which shares are held by Galaxy Group Investments LLC, an entity controlled by our founder and CEO, current and former employees of GDH LP as part of the GDH LP employee compensation plan and certain former shareholders. Shares of Class B common stock do not entitle holders to economic returns in the Company.
GDH LP has one class of LP Units, which are held by the Company and the holders of the Class B common stock.
Under the terms of the LPA, LP Units are exchangeable for the Company’s Class A common stock on a one-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company, as the general partner, cancels the (1) LP Unit(s) and (2) the share(s) of Class B Common Stock, and issues a corresponding amount of Class A common stock. Upon such exchange, GDH LP issues an equivalent number of LP Units to the Company. Alternatively, at the election of the Company, it may deliver cash in an amount of equivalent value in lieu of the Company’s Class A common stock to an exchanging LP Unitholder.
During the three and six months ended June 30, 2025, a total of 11,977,011 shares of Class B common stock were cancelled in connection with exchanges of LP Units for shares of Class A common stock.
During the three and six months ended June 30, 2025 and June 30, 2024, there were tax-related distributions of $30.4 million, $39.9 million, $9.0 million and $45.7 million, respectively, made for the purpose of covering GDH LP Unitholders’ tax expense due to 2025 and 2024 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 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.
Public Offering
Subsequent to the Reorganization Transactions, the Company and certain selling stockholders sold 35,980,967 shares of Class A common stock in an underwritten public offering, of which 26,400,000 were sold by the Company and 9,227,011 were sold by the selling stockholders upon their exchange of shares of Class B common stock and corresponding LP Units for shares of Class A common stock, at an offering price of $19.00 per share. Proceeds to the Company from the offering were approximately $477.8 million after deducting underwriting discounts and offering costs. The Company did not receive any proceeds from the sale of Class A common stock by the selling stockholders.
Unit Holders of GDH LP
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.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The Company calculates basic earnings per share by dividing net income attributable to the Class A common stock holders by the weighted-average number of Class A common stock outstanding during the period. Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post reorganization equity structure of the Company was in place at that time.
Three months endedSix months ended

June 30, 2025

June 30, 2024

June 30, 2025
 June 30, 2024
Basic income (loss) per share
$0.10 $(0.37)$(0.70)$0.73 
Net income (loss) used in the calculation of basic income (loss) per share$14,500 $(45,370)$(95,441)$84,969 
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share
143,103,474 122,305,203 135,525,464 115,768,027 
The following table sets forth the computation of diluted earnings per share:
Three months ended
Six months ended

June 30, 2025

June 30, 2024

June 30, 2025
 June 30, 2024
Diluted income (loss) per share
$0.08 $(0.37)$(0.76)$0.65 
Net income (loss) used in the calculation of diluted income (loss) per share
$30,691 $(125,596)$(264,740)$84,969 
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share
371,717,071 338,212,221 349,390,820 129,910,597 
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
Six months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Compensatory LP units
— 14,833 — — 
Exchangeable LP units
— — — 215,917,746 
Compensatory awards— 10,543,368 18,293,860 — 
Exchangeable Notes30,247,946 13,346,833 30,247,946 13,346,833 
Total
30,247,946 23,905,034 48,541,806 229,264,579 
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company’s related parties include entities over which it exercises significant influence and its key management personnel. Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly.
Distributions
Tax-related distributions of $30.4 million and $39.9 million were paid during the three and six months ended June 30, 2025, respectively, and tax-related distributions of $9.0 million and $45.7 million were paid during the three and six months ended June 30, 2024, 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 $97.8 million and $0.0 million as of June 30, 2025 and December 31, 2024, respectively, of which $44.5 million and $0.0 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 $12.2 million and $12.9 million as of June 30, 2025 and December 31, 2024, respectively.
Transactions with GDH Ltd.
Prior to the Reorganization Transactions, in accordance with its then-effective limited partnership agreement, the Company reimbursed or paid for all reimbursable expenses of GDH Ltd. For the three and six months ended June 30, 2025 the Company paid or accrued $1.1 million and $2.1 million, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2024, respectively, on behalf of GDH Ltd., which is included in General and administrative expenses on the Company’s condensed consolidated statements of operations.
On April 14, 2022 GDH LP entered into a Promissory Note (as amended from time to time, the “Promissory Note”) with GDH Intermediate LLC (“GDHI LLC”), a subsidiary of GDH Ltd. prior to the Reorganization Transactions. As a result of the Reorganization Transactions, the Promissory Note was amended and restated with GDH LP and GGI as the counterparties. The Promissory Note is eliminated in consolidation subsequent to the Reorganization Transactions. As of December 31, 2024, GDHI LLC had advanced $96.9 million to the Company.
As at December 31, 2024, the Company had $95.8 million, in net payables to GDH Ltd. primarily for the aforementioned Promissory Note partially offset by receivables for stock option exercises and withholding tax associated with restricted share units vesting. Subsequent to the Reorganization Transactions, these net payables and receivables are eliminated in consolidation.
The Company’s CEO served as co-chairman of the board for Candy Digital Inc. (“Candy”) in which the Company made an investment during 2021, resulting in the two entities becoming related parties. Candy was acquired by Futureverse in April 2025, and following such acquisition, the Company’s CEO ceased membership on the Candy board of directors and Candy ceased to be related party. A family member of the CEO continues to hold a position with this company. As of December 31, 2024 the Company held an investment in Candy valued at $9.1 million. Galaxy Interactive Fund I, LP, a non-consolidated sponsored investment fund, also held an investment in the company valued at $1.0 million as at December 31, 2024.
The Company has sub-advisory arrangements with a beneficial owner of GDI (GDH Ltd. prior to the Reorganization Transactions). Such sub-advisory arrangements have been entered into with, or advised by, Galaxy Digital Capital Management LP, a consolidated subsidiary of the Company, in its capacity as an investment advisor registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For the three and six months ended June 30, 2025 and three and six months ended June 30, 2024, the associated advisory fees were $0.6 million, $1.2 million, $0.5 million and $1.0 million, respectively.
The CEO of the Company, through an entity which he controls, owns a private aircraft that the Company uses for business purposes in the ordinary course of operations, on terms that are advantageous to the Company. The CEO paid for the purchase of this aircraft with his personal funds and has borne all operating, personnel and maintenance costs associated with its operation and use. During the three and six months ended June 30, 2025 and three and six months ended June 30, 2024, the Company incurred $0.1 million, $0.3 million, $0.1 million and $0.2 million, respectively, for such use negotiated on an arms-length basis in compliance with our aviation matters policy adopted in August 2022.
In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to 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 and six months ended June 30, 2025 and June 30, 2024.
In connection with the receipt of surety bonds for the purpose of a state money transmission licenses on behalf of a subsidiary of the Company, GGI agreed to act as indemnitor, along with the Company, at the request of the insurers. The Company was liable to GGI for fees of $0.4 million for the indemnity through June 30, 2025, which was calculated as 1% of the aggregate notional amount of the surety bonds held on behalf of the subsidiary. The Company will continue to incur fees due to GGI of 1% for the duration of these outstanding surety bonds which are renewed annually.
Prior to joining GDH Ltd.’s board in September 2021 and GDI’s board in May 2025, the Chairman of GDI’s board (GDH Ltd.’s board prior to the Reorganization Transactions) entered into a consulting agreement with GDH LP in April 2021. Under the terms of the consulting agreement, the Chairman was engaged to provide professional services to the Company for a period of three years beginning on September 1, 2021. In 2021, the Chairman received 1,500,000 RSUs and 500,000 options under the LTIP in connection with the consulting agreement. There was no equity based compensation expense related to this grant for the three and six months ended June 30, 2025. The equity based compensation expense was $2.0 million and $5.0 million for the three and six months ended June 30, 2024, respectively. This consulting agreement expired as of September 1, 2024.
In February 2023, the Company entered into a consulting agreement with a board member of GDH Ltd. This consulting agreement expired as of December 31, 2024. The Company paid $0.2 million and $0.5 million under this agreement during the three and six months ended June 30, 2024, respectively.
As of June 30, 2025 and December 31, 2024, the Company had recorded $4.8 million of tax payments made on behalf of certain related parties.
v3.25.2
REPORTABLE SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS 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 is comprised of the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital asset ecosystem both on behalf of the Company and external limited partners, and the GK8 self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs the majority of digital assets sales costs. Management fees generated off the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.
Data Centers
The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.
Treasury and Corporate
The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments. It includes realized and unrealized gains and losses on the majority of the Company’s digital assets and equity investments. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to 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 June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets
$3,575,486 $771,907 $4,738,558 $9,085,951 
Total liabilities
$3,037,783 $33,144 $3,390,806 $6,461,733 
Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets$3,723,814 $199,694 $3,196,347 $7,119,855 
Total liabilities$3,163,499 $— $1,762,004 $4,925,503 
Income and expenses by each of the reportable segments for the three months ended June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,655,745 $— $5,810 $8,661,555 
Gains / (losses) from operations
55,470 — 339,624 395,094 
Revenues and gains / (losses) from operations
8,711,215 — 345,434 9,056,649 
Transaction expenses8,596,478 — 33,462 8,629,940 
Impairment of digital assets
43,307 — 84,170 127,477 
Compensation and benefits45,347 — 19,622 64,969 
Notes interest expense— — 14,240 14,240 
Depreciation and amortization3,560 — 3,898 7,458 
Other expenses25,058 — 21,114 46,172 
Operating expenses
8,713,750 — 176,506 8,890,256 
Unrealized gain / (loss) on notes payable – derivative
— — (125,150)(125,150)
Other income / (expense), net— — 918 918 
Total other income / (expense)
— — (124,232)(124,232)
Net income / (loss) for the period, before taxes
$(2,535)$— $44,696 $42,161 
Income tax benefit
— — 11,470 11,470 
Net income / (loss) for the period
$(2,535)$— $33,226 $30,691 
Income and expenses by each of the reportable segments for the three months ended June 30, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,858,973 $— $23,918 $8,882,891 
Gains / (losses) from operations
(3,073)— (15,107)(18,180)
Revenues and gains / (losses) from operations
8,855,900 — 8,811 8,864,711 
Transaction expenses8,810,103 — 24,733 8,834,836 
Impairment of digital assets
10,333 — 46,614 56,947 
Compensation and benefits45,374 — 15,879 61,253 
Notes interest expense— — 7,040 7,040 
Depreciation and amortization3,182 1,800 5,974 10,956 
Other expenses17,932 — 14,426 32,358 
Operating expenses
8,886,924 1,800 114,666 9,003,390 
Unrealized loss on notes payable - derivative
— — (2,573)(2,573)
Other income / (expense), net— — 1,612 1,612 
Total other income / (expense)
— — (961)(961)
Net income / (loss) for the year, before taxes
$(31,024)$(1,800)$(106,816)$(139,640)
Income tax expense / (benefit)
— — (14,044)(14,044)
Net income / (loss) for the period$(31,024)$(1,800)$(92,772)$(125,596)
Income and expenses by each of the reportable segments for the six months ended June 30, 2025 were as follows:
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues $21,627,274 $— $10,487 $21,637,761 
Gains / (losses) from operations
147,840 — 126,923 274,763 
Revenues and gains / (losses) from operations
21,775,114 — 137,410 21,912,524 
Transaction expenses21,517,337 — 59,612 21,576,949 
Impairment of digital assets
121,615 — 118,291 239,906 
Compensation and benefits84,173 1,263 36,486 121,922 
Notes interest expense— — 28,311 28,311 
Depreciation and amortization7,115 1,251 11,705 20,071 
Other expenses43,879 385 106,529 150,793 
Operating expenses
21,774,119 2,899 360,934 22,137,952 
Unrealized gain / (loss) on notes payable – derivative
— — (35,544)(35,544)
Other income / (expense), net— — 1,590 1,590 
Total other income / (expense)
— — (33,954)(33,954)
Net income / (loss) for the period, before taxes
$995 $(2,899)$(257,478)$(259,382)
Income tax expense / (benefit)
— — 5,358 5,358 
Net income / (loss) for the period
$995 $(2,899)$(262,836)$(264,740)
Income and expenses by each of the reportable segments for the six months ended June 30, 2024 is as follows (unaudited):
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues
$18,161,542 $— $56,721 $18,218,263 
Net gain/ (loss) on digital assets(40,158)— 364,536 324,378 
Net gain / (loss) on investments2,520 — (40,989)(38,469)
Net gain / (loss) on derivatives trading101,523 — 87,439 188,962 
Gains / (losses) from operations
Revenues and gains / (losses) from operations
18,225,427 — 467,707 18,693,134 
Transaction expenses18,073,294 — 49,632 18,122,926 
Impairment of digital assets
19,267 — 63,206 82,473 
Compensation and benefits87,649 — 34,675 122,324 
Notes interest expense— — 14,016 14,016 
Depreciation and amortization4,489 3,474 12,493 20,456 
Other expenses31,982 — 30,682 62,664 
Operating expenses
18,216,681 3,474 204,704 18,424,859 
Unrealized loss on notes payable - derivative
— — (12,286)(12,286)
Other income / (expense), net— — 1,825 1,825 
Total other income / (expense)
— — (10,461)(10,461)
Net income / (loss) for the year, before taxes
$8,746 $(3,474)$252,542 $257,814 
Income tax expense / (benefit)
— — (4,717)(4,717)
Net income / (loss) for the period$8,746 $(3,474)$257,259 $262,531 
v3.25.2
RISKS AND UNCERTAINTIES
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
RISKS AND UNCERTAINTIES RISKS AND UNCERTAINTIES
The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others.
The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful.
The Company also participates in decentralized finance protocols, smart contracts that perform specific functions. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could
be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of June 30, 2025, four protocols, Coinbase wrapped bitcoin, Aave, Kamino, and Spark, represented 70% of the Company’s digital assets associated with decentralized finance protocols balance. As of December 31, 2024, four protocols, Maker DAO / Sky DAO, Coinbase wrapped bitcoin, Aave, and Pendle, represented 77% of the Company’s digital assets associated with decentralized finance protocols balance.
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company held $148.8 million and $19.7 million of cash and cash equivalents at brokers and $26.8 million and $64.7 million of cash and cash equivalents on trading platforms as of June 30, 2025 and December 31, 2024, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of June 30, 2025 and December 31, 2024, no individual customer accounted for 10% or more of net accounts receivable. During the three and six months ended June 30, 2025, two digital asset trading platforms accounted for 39% of revenue. During the three months ended June 30, 2024, three digital asset trading platforms accounted for 53% of revenue; and during the six months ended June 30, 2024, one digital asset trading platform accounted for 35% of revenue. As of June 30, 2025, three counterparties and their related parties accounted for 67% of the Company’s Loans receivable and Digital assets loan receivable balance. The Company held collateral exceeding 100% of the loan carrying value for each of these three counterparties. As of December 31, 2024, two counterparties and their related parties accounted for 27% of the Company’s Loans receivable and Digital assets loan receivable balance.
The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans are callable on demand by the counterparties and are collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of June 30, 2025 and December 31, 2024, one individual lending counterparty accounted for greater than 5% of current liabilities at 7.2% and 8.5%, respectively. The proceeds from these loans are utilized for trading activities.
The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform on which it transacts, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of June 30, 2025 and December 31, 2024, approximately 41% and 22%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. One centralized digital asset trading platform held more than 10% of the Company’s digital assets as of June 30, 2025, holding approximately 10% including posted collateral over which the Company maintains control. No centralized digital asset trading platform held more than 10% of the Company’s digital assets as of December 31, 2024.
The Company operates a bitcoin mining business. The Company operates its own mining facility and utilizes third party hosting providers. The facilities are subject to operational risks including managing power costs and maintaining uptime, some of which are outside of the Company’s control.
The 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, 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.
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For the three months ended June 30, 2025 and 2024, the effective tax rates were 27.2% and 10.1%, respectively, and for the six months ended June 30, 2025 and 2024, the effective tax rates were (2.1)% and (1.8)%, respectively. The effective tax rate differs from the statutory rate primarily due to amounts of income and expenses allocated to the noncontrolling interests without being subject to federal, state and local income taxes at the corporate level as well as the impact of GDI succeeding GDH LP for financial reporting purposes as part of the Reorganization Transaction consummated during the quarter. There were no material changes to uncertain tax positions or valuation allowances against deferred tax assets for the three and six months ended June 30, 2025.
v3.25.2
OPERATING PARTNERSHIP FINANCIAL INFORMATION
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
OPERATING PARTNERSHIP FINANCIAL INFORMATION OPERATING PARTNERSHIP FINANCIAL INFORMATION
The following tables represent the consolidated statements of financial position and consolidated statements of operations of GDH LP, the Company’s operating partnership.

Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Income (Loss)
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Revenues$8,661,535 $8,882,891 $21,637,741 $18,218,263 
Gains / (losses) from operations395,094 (18,180)274,763 474,871 
Revenues and gains / (losses) from operations9,056,629 8,864,711 21,912,504 18,693,134 
Operating expenses:
Transaction expenses8,629,940 8,834,836 21,576,951 18,122,926 
Impairment of digital assets127,477 56,947 239,906 82,473 
Other operating expenses
137,582 111,607 325,839 219,460 
Total operating expenses8,894,999 9,003,390 22,142,696 18,424,859 
Other income / (expense):
(124,925)(961)(34,647)(10,461)
Net income / (loss) before taxes
$36,705 $(139,640)$(264,839)$257,814 
Income taxes expense / (benefit)5,858 (14,044)(254)(4,717)
Net income / (loss)$30,847 $(125,596)$(264,585)$262,531 
Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Financial Position
June 30, 2025
December 31, 2024
Assets
Cash and cash equivalents
$689,487 $462,103 
Digital assets
3,558,761 2,928,225 
Digital assets receivable6,065 60,720 
Digital assets loan receivable, net of allowance
894,876 579,530 
Investments
1,611,943 1,643,506 
Assets posted as collateral
718,649 277,147 
Loans receivable
535,696 476,620 
Property and equipment, net596,120 237,038 
Other assets
381,760 454,966 
Total assets
$8,993,357 $7,119,855 
Liabilities and Equity
Digital assets borrowed2,844,934 1,497,609 
Loans payable348,214 510,718 
Collateral payable1,869,501 1,399,655 
Notes payable725,571 845,186 
Other liabilities
654,517 672,335 
Total liabilities
6,442,737 4,925,503 
Total equity
2,550,620 2,194,352 
Total liabilities and equity
$8,993,357 $7,119,855 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Income / (loss) for the period $ 30,691 $ (125,596) $ (264,740) $ 262,531
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The condensed consolidated interim financial statements include the accounts of 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 GDH LP’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2024 and the interim reporting requirements of Regulation S-X for the three and six months ended June 30, 2025. Accordingly, certain information and note disclosures normally
included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with GDH LP’s audited consolidated financial statements for the year ended December 31, 2024. The Company’s interim results are not necessarily indicative of its results for a full year.
Change in Presentation
Certain comparative figures in the Company’s condensed consolidated interim statements of operations have been reclassified to conform to the current year’s presentation.
Noncontrolling Interests
Noncontrolling Interests
The Company, as holder of LP Units and sole general partner of GDH LP, has both (i) the power to direct GDH LP’s most significant activities; and (ii) the obligation to absorb losses or the right to receive benefits that could be significant to GDH LP. The limited partnership interests in GDH LP that are not owned by the Company are presented as noncontrolling interests in the Company’s consolidated financial statements.
The noncontrolling interests were initially measured at the proportional share of equity held by the noncontrolling interest holders on the date of the Reorganization Transaction, May 13, 2025. Each reporting period, the noncontrolling interests are adjusted for (i) the noncontrolling interest holders’ share of GDH LP’s net income / (loss) based on their relative ownership and (ii) distributions declared.
Each LP Unit of GDH LP that represents a noncontrolling interest in the Company corresponds with a share of Class B common stock of the Company. Each share of Class B common stock, along with its paired LP Unit, are together exchangeable for a share of Class A common stock on a 1:1 basis. Such exchanges increase the Company’s ownership of GDH LP and are accounted for as equity transactions.
Because the noncontrolling interests held through LP Units are economically equivalent to shares of Class A common stock, diluted EPS is calculated using the if-converted method, assuming all noncontrolling interests were exchanged for shares of Class A common stock as of the beginning of each period.
Change in Presentation
Change in Presentation
Certain comparative figures in the Company’s condensed consolidated interim statements of operations have been reclassified to conform to the current year’s presentation.
v3.25.2
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Assets and Liabilities Recognized in Relation to Acquisition The Company recognized the following assets and liabilities in relation to the acquisition of Fierce:
(in thousands)
Cash$315 
Intangible assets411 
Goodwill8,588 
Other non-current assets3,296 
Total assets$12,610 
Deferred tax liability110 
Total liabilities$110 
The Company recognized the following assets and liabilities in relation to the acquisition of CMF on July 18, 2024:
(in thousands)
Intangible assets$7,213 
Goodwill5,193 
Counterparty digital assets943,445 
Total assets$955,851 
Counterparty digital asset obligations943,445 
Accounts payable and accrued liabilities21 
Total liabilities$943,466 
v3.25.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales
$8,564,980 $— $— $8,564,980 
Fees
19,087 — (2,095)16,992 
Blockchain rewards
42,550 — (1,388)41,162 
Proprietary mining
— — 944 944 
Revenues from contracts with customers$8,626,617 $— $(2,539)$8,624,078 
Blockchain rewards from non-customers
1,205 — 4,038 5,243 
Lending
27,923 — 4,311 32,234 
Total revenues
$8,655,745 $— $5,810 $8,661,555 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales
$8,785,677 $— $— $8,785,677 
Fees
19,607 — 6,921 26,528 
Blockchain rewards
37,142 — 538 37,680 
Proprietary mining
— — 16,312 16,312 
Revenues from contracts with customers$8,842,426 $— $23,771 $8,866,197 
Blockchain rewards from non-customers
674 — — 674 
Lending
15,873 — 147 16,020 
Total revenues
$8,858,973 $— $23,918 $8,882,891 
The following tables provide additional details related to the Company’s Revenues by segment for the six months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales
$21,414,548 $— $— $21,414,548 
Fees
33,667 — (5,158)28,509 
Blockchain rewards
123,250 — (10,976)112,274 
Proprietary mining
— — 12,180 12,180 
Revenues from contracts with customers$21,571,465 $— $(3,954)$21,567,511 
Blockchain rewards from non-customers
2,260 — 8,347 10,607 
Lending
53,549 — 6,094 59,643 
Total revenues
$21,627,274 $— $10,487 $21,637,761 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales
$18,042,855 $— $— $18,042,855 
Fees
38,461 — 16,195 54,656 
Blockchain rewards
45,393 — 2,561 47,954 
Proprietary mining
— — 36,440 36,440 
Revenues from contracts with customers$18,126,709 $— $55,196 $18,181,905 
Blockchain rewards from non-customers
3,584 — — 3,584 
Lending
31,249 — 1,525 32,774 
Total revenues
$18,161,542 $— $56,721 $18,218,263 
v3.25.2
TRANSACTION EXPENSES (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Transaction Expenses
The Company incurred the following Transaction expenses by segment for the three months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales costs
$8,546,795 $— $— $8,546,795 
Blockchain reward distributions
38,321 — (4,939)33,382 
Borrowing costs6,437 — 35,273 41,710 
Mining and hosting costs— — 741 741 
Other transaction expenses (1)
4,925 — 2,387 7,312 
Transaction expenses
$8,596,478 $— $33,462 $8,629,940 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales costs
$8,769,445 $— $— $8,769,445 
Blockchain reward distributions
33,099 — (3,270)29,829 
Borrowing costs1,948 — 16,831 18,779 
Mining and hosting costs— — 10,466 10,466 
Other transaction expenses (1)
5,612 — 705 6,317 
Transaction expenses
$8,810,104 $— $24,732 $8,834,836 
_______________
(1)Other transaction expenses include trading commissions, custody, and exchange fees.

The Company incurred the following Transaction expenses by segment for the six months ended June 30, 2025 and 2024.
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2025
Digital assets sales costs
$21,385,879 $— $— $21,385,879 
Blockchain reward distributions
106,087 — (16,259)89,828 
Borrowing costs12,226 — 63,322 75,548 
Mining and hosting costs— — 6,275 6,275 
Other transaction expenses (1)
13,145 — 6,274 19,419 
Transaction expenses
$21,517,337 $— $59,612 $21,576,949 
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
June 30, 2024
Digital assets sales costs
$18,017,413 $— $— $18,017,413 
Blockchain reward distributions
38,693 — (8,485)30,208 
Borrowing costs5,957 — 30,705 36,662 
Mining and hosting costs— — 25,721 25,721 
Other transaction expenses (1)
11,231 — 1,691 12,922 
Transaction expenses
$18,073,294 $— $49,632 $18,122,926 
_______________
(1)Other transaction expenses include trading commissions, custody, and exchange fees.
v3.25.2
DIGITAL ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Digital Asset Holdings
The following tables provide additional detail related to the digital assets as of June 30, 2025 and December 31, 2024:
(in thousands)
Digital intangible assets, current
Digital financial assets
Digital intangible assets, non-current
June 30, 2025
Digital intangible assets (includes $1,344.1 million measured at fair value)
1,432,644 — 2,098 1,434,742 
Digital financial assets— 109,678 — 109,678 
Total self-custodied (1)
1,432,644 109,678 2,098 1,544,420 
Digital intangible assets (includes $682.2 million measured at fair value)
758,857 — 916 759,773 
Digital financial assets— 195,157 — 195,157 
Total held with third parties, including centralized trading platforms
758,857 195,157 916 954,930 
Collateral posted with counterparties (2) (measured at fair value)
503,205 — — 503,205 
Digital assets associated with decentralized finance protocols (2)(3)
491,392 64,814 — 556,206 
Total digital assets
$3,186,098 $369,649 $3,014 $3,558,761 
(in thousands)
Digital intangible assets, current
Digital financial assets
Digital intangible assets, non-current
December 31, 2024
Digital intangible assets (includes $1,480.9 million measured at fair value)
$1,544,377 $— $75 $1,544,452 
Digital financial assets— 353,459 — 353,459 
Total self-custodied (1)
1,544,377 353,459 75 1,897,911 
Digital intangible assets (includes $451.4 million measured at fair value)
523,002 — 20,904 543,906 
Digital financial assets— 1,392 — 1,392 
Total held with third parties, including centralized trading platforms
523,002 1,392 20,904 545,298 
Collateral posted with counterparties (2) (measured at fair value)
85,874 — — 85,874 
Digital assets associated with decentralized finance protocols (3)
394,328 4,814 — 399,142 
Total digital assets
$2,547,581 $359,665 $20,979 $2,928,225 
_______________
(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.
(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $358.3 million and $53.7 million as of June 30, 2025 and December 31, 2024, respectively.
(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $120.7 million and $124.9 million as of June 30, 2025 and December 31, 2024, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.
The following tables show our most significant gross digital asset holdings as of June 30, 2025 and December 31, 2024:
June 30, 2025
(in thousands except for quantity)
Quantity
Historical cost
Carrying value
Bitcoin17,102 $1,814,196 $1,832,368 
USDC
263,084,648 263,708 263,005 
Ether
90,521 219,824 224,987 
SOL
1,098,828 165,717 170,109 
HYPE
2,334,213 51,367 91,976 
USDG
47,132,455 47,125 47,132 
XRP
15,387,541 33,576 34,407 
Othernot meaningful287,618 238,424 
Digital assets measured at fair value
2,883,131 2,902,408 
Digital assets not measured at fair value
not meaningful
688,717 656,353 
Total digital assets
$3,571,848 $3,558,761 
December 31, 2024
(in thousands except for quantity)Quantity
Historical cost
Carrying value
Bitcoin13,704 $1,335,194 $1,277,816 
Ether
112,248 378,907 373,871 
USDC
333,713,029 334,224 333,652 
SOL
498,767 73,567 94,288 
UNI
5,216,565 71,911 68,922 
TIA
9,626,784 17,995 34,116 
Othernot meaningful231,228 195,357 
Digital assets measured at fair value
2,443,026 2,378,022 
Digital assets not measured at fair value
not meaningful598,295 550,203 
Total digital assets
$3,041,321 $2,928,225 
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Digital Assets Loan Receivable, Net of Allowance
Digital Assets Loan Receivable, Net of Allowance
(in thousands)June 30, 2025December 31, 2024
Digital asset loans receivable$895,026 $579,954 
Less: Allowance for credit losses
(150)(424)
Digital asset loans receivable, net
$894,876 $579,530 
Schedule of Collateral Payable Associated with Digital Assets Loan Receivable
Collateral Payable Associated with Digital Assets Loan Receivable
(in thousands)June 30, 2025December 31, 2024
Collateral payable — Digital assets
$1,116,700 $673,427 
Collateral payable — Cash
14,867 44,535 
Collateral payable associated with digital assets loan receivable
$1,131,567 $717,962 
Schedule of Digital Assets Borrowed
Digital Assets Borrowed
(in thousands)June 30, 2025
December 31, 2024
Digital assets borrowed — current
$2,836,370 $1,497,609 
Digital assets borrowed — non-current
8,564 — 
Digital assets borrowed
$2,844,934 $1,497,609 
Schedule of Assets Posted as Collateral Associated with Digital Assets Borrowed
Assets Posted as Collateral Associated with Digital Assets Borrowed
(in thousands)June 30, 2025
December 31, 2024
Assets posted as collateral — Digital assets
$501,418 $84,221 
Less: Allowance for credit loss(2,477)(826)
Assets posted as collateral associated with digital assets borrowed$498,941 $83,395 
v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Company’s Derivatives Portfolio
The breakdown of the Company’s derivatives portfolio, as of June 30, 2025 and December 31, 2024 was as follows:
June 30, 2025
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$3,877,580 $116,830 $(70,805)
Foreign currencies
199,068 14,651 (10,303)
Equity securities
374,332 3,051 (4,359)
Interest rates
603,854 69 (798)
Commodities
1,592,443 306 (99)
6,647,277 134,907 (86,364)
Digital assets receivable7,311 6,065 — 
Embedded derivatives — Digital assets borrowed
2,674,612 70,057 (240,379)
Embedded derivatives — Collateral payable
1,675,907 64,223 (231,868)
December 31, 2024
(in thousands)
Notional Amounts (1)
Derivative Assets
Derivative Liabilities
Digital assets
$4,685,112 $185,208 $(145,493)
Foreign currencies
19,259 12,064 (10,483)
Equity securities
1,049,846 10,343 (9,683)
Interest rates
5,002 19 (13)
Commodities
10,583 19 (186)
5,769,802 207,653 (165,858)
Digital assets receivable3,911 60,720 — 
Embedded derivatives — Digital assets borrowed
1,269,013 24,039 (252,635)
Embedded derivatives — Collateral payable
1,219,247 55,848 (161,261)
Embedded derivatives — Notes payable
847,500 — (136,192)
(1) Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.
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 June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$37,716 $30,600 
Collateral payable — Cash
10,788 30,460 
Collateral payable associated with derivatives
$48,504 $61,060 
Assets posted as collateral — Digital assets
$— $— 
Assets posted as collateral — Cash
1,220— 
Assets posted as collateral associated with derivatives
$1,220 $— 
v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Securities without Readily Determinable Fair Value
The following table presents investments for which the measurement alternative has been elected. These investments have been valued at cost less impairment and where applicable at observable transaction prices based on orderly transactions for the identical or similar investments of the same issuer.
ImpairmentUpward Adjustments
(in thousands)Carrying ValuePeriod to dateCumulativePeriod to dateCumulative
June 30, 2025
$75,689 $(3,494)$(62,452)$5,220 $68,413 
December 31, 2024
$63,227 $(6,990)$(59,608)$2,214 $63,652 
v3.25.2
FAIR VALUE OPTION (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Option
The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:
(in thousands)June 30, 2025
December 31, 2024
Assets
Digital financial assets$369,649 $359,665 
Investments
629,548 558,093 
Total
$999,197 $917,758 
Schedule of Realized and Net Change in Unrealized Gains Losses The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:
Three Months Ended June 30,
20252024
(in thousands)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)
Investments$(4,400)$64,831 $2,127 $(53,425)
Six Months Ended June 30,
20252024
(in thousands)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)Realized Gains / (Losses)Net Change in Unrealized Gains / (Losses)
Investments$32,512 $(30,063)$3,202 $106,673 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Recurring Basis at Fair Value
Items measured on a recurring basis at fair value:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Digital financial assets$285,908 $83,741 $— $369,649 
Digital intangible assets at fair value
2,377,215 152,693 2,852 2,532,760 
Digital assets loan receivable, net of allowance — Financial assets
— 193,406 — 193,406 
Digital assets receivable7 — 6,058 6,065 
Assets posted as collateral — Digital assets— 720,539 — 720,539 
Derivative assets123,584 11,323 — 134,907 
Embedded derivative — Collateral payable — Digital assets
— 64,223 — 64,223 
Embedded derivative — Digital assets borrowed
— 70,057 — 70,057 
Investments(1)
695,250 5,531 505,187 1,205,968 
$3,481,964 $1,301,513 $514,097 $5,297,574 
Liabilities
Investments sold short(2)
$86,210 $— $— $86,210 
Derivative liabilities67,478 18,886 — 86,364 
Embedded derivative — Digital assets borrowed
— 240,379 — 240,379 
Embedded derivative — Collateral payable
— 231,868 — 231,868 
$153,688 $491,133 $— $644,821 
__________________
(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $330.3 million and investments utilizing the measurement alternative of $75.7 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, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Digital financial assets$354,851 $4,814 $— $359,665 
Digital intangible assets at fair value
1,929,661 68,239 20,457 2,018,357 
Digital assets loan receivable, net of allowance
Financial assets
— 393,734 — 393,734 
Digital assets receivable204 24 60,492 60,720 
Assets posted as collateral — Digital assets
— 278,527 — 278,527 
Derivative assets188,836 18,817 207,653 
Embedded derivative — Collateral payable
— 55,848 — 55,848 
Embedded derivative — Digital assets borrowed
— 24,039 — 24,039 
Investments(1)
751,220 — 524,573 1,275,793 
$3,224,772 $844,042 $605,522 $4,674,336 
Liabilities
Investments sold short$6,524 — — $6,524 
Derivative liabilities58,155 107,703 165,858 
Embedded derivative — Digital assets borrowed
252,635 252,635 
Embedded derivative — Collateral payable
161,261 161,261 
Embedded derivative — Notes payable
— — 136,192 136,192 
$64,679 $521,599 $136,192 $722,470 
__________________
(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $304.5 million and equity securities utilizing the measurement alternative of $63.2 million as they are without readily determinable fair values.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 June 30, 2025 and December 31, 2024, respectively.
(in thousands)
Assets
Fair value, Beginning Balance
Purchases
Sales /Distributions
Net Realized Gain / (Loss)
Net Unrealized Gain / (Loss)
Transfers in /(out) of Level 3
Fair value, Ending Balance
Digital intangible assets
June 30, 2025
$20,457 $— $— $— $(5,425)$(12,180)$2,852 
December 31, 2024
$68,004 $— $— $— $(17,043)$(30,504)$20,457 
Digital assets receivable
June 30, 2025
$60,492 $2,250 $(7,817)$(48,867)$6,058 
December 31, 2024
$20,569 $— $(4,727)$4,724 $52,477 $(12,551)$60,492 
Investments
June 30, 2025
$524,573 $79,976 $(137,802)$69,605 $(32,608)$1,443 $505,187 
December 31, 2024
$364,576 $129,188 $(221,564)$117,036 $119,803 $15,534 $524,573 
Embedded derivative — Notes payable
June 30, 2025
$136,192 $— $— $— $— $(136,192)$— 
December 31, 2024
$10,472 $93,993 $— $— $31,727 $— $136,192 
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
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 June 30, 2025 and December 31, 2024, respectively.
(in thousands)
Assets
Fair value, Beginning Balance
Purchases
Sales /Distributions
Net Realized Gain / (Loss)
Net Unrealized Gain / (Loss)
Transfers in /(out) of Level 3
Fair value, Ending Balance
Digital intangible assets
June 30, 2025
$20,457 $— $— $— $(5,425)$(12,180)$2,852 
December 31, 2024
$68,004 $— $— $— $(17,043)$(30,504)$20,457 
Digital assets receivable
June 30, 2025
$60,492 $2,250 $(7,817)$(48,867)$6,058 
December 31, 2024
$20,569 $— $(4,727)$4,724 $52,477 $(12,551)$60,492 
Investments
June 30, 2025
$524,573 $79,976 $(137,802)$69,605 $(32,608)$1,443 $505,187 
December 31, 2024
$364,576 $129,188 $(221,564)$117,036 $119,803 $15,534 $524,573 
Embedded derivative — Notes payable
June 30, 2025
$136,192 $— $— $— $— $(136,192)$— 
December 31, 2024
$10,472 $93,993 $— $— $31,727 $— $136,192 
Schedule of Significant Unobservable Inputs Used for Assets and Liabilities
The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of June 30, 2025 and December 31, 2024, respectively:
Financial Instrument
Fair Value at June 30, 2025 (in thousands)
Significant Unobservable InputsRange
Weighted Average
Digital intangible assets
2,852 Marketability discount
16.0% - 30.6%
23.5%
Digital assets receivable6,058 Marketability discount
3.5% - 89.4%
45.7%
Investments505,187 Time to liquidity event (years)
0.5 - 5.0
4.0
Annualized equity volatility
70.0% - 90.0%
88.7%
Risk free rate
3.4% - 4.3%
3.8%
Market adjustment discount
30.0% - 90.0%
48.7%
Market adjustment premium
150.0% - 180.0%
173.0%
Marketability discount
22.7% - 35.0%
27.8%
Expected dividend payout ratio
—%
—%
Enterprise value to LTM revenue multiple
2.5x - 11.0x
8.5x
Enterprise value to projected revenue multiple
3.5x - 5.5x
4.8x
Enterprise value to annualized revenue
2.5x
2.5x
Enterprise value to LTM volume
2.8x
2.8x
Enterprise Value to ARR
8.0x
8.0x
Price to tangible book value
1.3x
1.3x
EV to gross profit
6.0x
6.0x
Recovery percentage
44.0%
44.0%
 
 
Financial Instrument
Fair Value at December 31, 2024 (in thousands)
Significant Unobservable InputsRange
Weighted Average
Digital intangible assets
$20,457 Marketability discount
15.9% - 45.2%
32.1%
Digital assets receivable
$60,492 Marketability discount
5.5% - 72.8%
35.8%
Investments
$524,573 Time to liquidity event (years)
1.0 - 5.0
4.1
Annualized equity volatility
70.0% - 90.0%
88.8%
Risk free rate
3.4% - 4.4%
4.2%
Market adjustment discount
30.0% - 90.0%
41.0%
Market adjustment premium
25.0% - 130.0%
79.6%
Marketability discount
3.5% - 51.8%
26.0%
Expected dividend payout ratio
—%
—%
Enterprise value to LTM revenue multiple
2.5x - 16.8x
10.8x
Enterprise value to projected revenue multiple
2.0x - 10.5x
7.0x
Enterprise value to annualized revenue
3.5x - 9.0x
6.7x
Enterprise value to LTM volume
3.0x
3.0x
Enterprise Value to ARR
8.5x - 15.8x
10.9x
Price to tangible book value
1.5x
1.5x
Enterprise value to projected EBITDA
9.0x - 14.0x
11.5x
Scenario probability
35.0%
35.0%
Recovery percentage
35.0% - 61.6%
51.5%
Embedded derivative — Notes payable
$136,192 Volatility
45.6% - 75.0%
55.4%
Risk free rate
4.2% - 4.4%
4.3%
Time-step (years)
0.004
0.004
Schedule of Financial Instruments not Measured at Fair Value
The following table presents the fair value of financial instruments not measured at fair value in the Company’s condensed consolidated interim statements of financial position. This table excludes non-financial assets and liabilities.
As of June 30, 2025
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Cash and cash equivalents$691,331 $691,331 $691,331 $— $— 
Assets posted as collateral – Cash
1,220 1,220 — 1,220 — 
Accounts receivable41,393 41,393 — 41,393 — 
Loans receivable535,696 535,696 — 535,696 — 
Total Assets
$1,269,640 $1,269,640 $691,331 $578,309 $— 
Accounts payable and accrued liabilities226,080 226,080 — 226,080 — 
Notes payable725,571 965,750 — 965,750 — 
Collateral payable — Cash
25,949 25,949 — 25,949 — 
Payable to customers — Cash
16,324 16,324 — 16,324 — 
Loans payable348,214 348,214 — 348,214 — 
Settlement liability
147,873 149,368 — 149,368 149368— 
Total Liabilities
$1,490,011 $1,731,685 $— $1,731,685 $— 
As of December 31, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Cash and cash equivalents$462,103 $462,103 $462,103 $— $— 
Assets posted as collateral – Cash
— — $— — $— 
Accounts receivable55,279 55,279 55,279 — $— 
Loans receivable476,620 476,620 — 476,620 $— 
Total Assets
$994,002 $994,002 $517,382 $476,620 $— 
Accounts payable and accrued liabilities281,531 281,531 281,531 — — 
Notes payable845,186 836,402 — 836,402 — 
Collateral payable — Cash
74,995 74,995 — 74,995 — 
Payable to customers — Cash
19,520 19,520 — 19,520 — 
Loans payable
510,718 510,718 — 510,718 — 
Settlement liability
182,462 182,462 — 182,462 — 
Total Liabilities
$1,914,412 $1,905,628 $281,531 $1,624,097 $— 
v3.25.2
LOANS RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable, Current And Non-Current
Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Loans receivable$529,396 $476,620 
Loans receivable, non-current6,675 — 
Less: allowance for credit loss(375)— 
Loans receivable, current and non-current
$535,696 $476,620 
(in thousands)June 30, 2025December 31, 2024
Loans payable $348,214 $510,718 
(in thousands)
June 30, 2025
December 31, 2024
Assets posted as collateral — Digital assets
$219,121 $194,306 
Less: Allowance for credit losses(633)(554)
Assets posted as collateral associated with digital asset loans payable
$218,488 $193,752 
Schedule of Outstanding Loans Receivable to be Repaid
Loans receivable are scheduled to be repaid during the following periods:
(in thousands)Amounts
2025479,271 
202650,911 
20271,088 
20282,938 
20291,188 
2030300 
Loans receivable, current and non-current
$535,696 
Schedule of Collateral Payable Associated With Loans Receivable, Current
Collateral Payable Associated with Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Collateral payable — Digital assets
$689,136 $620,633 
Collateral payable — Cash
294 — 
Collateral payable associated with loans receivable, current and non-current
$689,430 $620,633 
v3.25.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The following table represents property and equipment balances and accumulated depreciation as of June 30, 2025 and December 31, 2024:
(in thousands)
June 30, 2025
December 31, 2024
Corporate assets (1)
$12,651 $11,093 
Mining equipment165,942 172,572 
Data center infrastructure (2)
67,669 113,710 
Land16,587 12,809 
WIP / Construction in progress (3)
500,251 35,777 
Property and equipment, gross
763,100 345,961 
Less: Accumulated depreciation(66,769)(57,934)
Less: Impairment (4)
(100,211)(50,989)
Property and equipment, net
$596,120 $237,038 
__________________
(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.
(2)Data center infrastructure comprises land and improvements associated with our mining and Artificial Intelligence and High Performance Computing (“AI/HPC”) leasing businesses. During the six months ended June 30, 2025, a portion of data center infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.
(3)WIP/Construction in progress related to data center infrastructure under construction.
(4)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Supplemental Cash Flow Information
Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:
(in thousands)
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities$2,874 $2,949 
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)
June 30, 2025
December 31, 2024
Operating lease right-of-use assets$6,335$8,223
Operating lease liabilities8,29010,229
Weighted average remaining lease term
3.5 years
3.6 years
Weighted average discount rate(1)
10 %10 %
__________________
(1)The weighted average discount rate represents the Company’s incremental borrowing rate.
Schedule of Future Minimum Lease Payments
The following table represents future minimum lease payments of the Company’s operating lease liabilities as of June 30, 2025:
(in thousands)Lease liability
Year ending December 31,
2025$2,158 
20262,828 
20272,572 
20282,572 
2029429 
Total future minimum lease payments10,559 
Less: Interest2,269 
Total lease liability$8,290 
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table reflects the changes in the carrying amount of goodwill:
(in thousands)
June 30, 2025
December 31, 2024
Balance, beginning of period$58,037 $44,257 
Additions due to acquisitions (Note 3)4,197 13,780 
Balance, end of period
$62,234 $58,037 
Schedule of Intangible Assets
The following table represents intangible assets and accumulated amortization as June 30, 2025 and December 31, 2024:
(in thousands)
June 30, 2025
December 31, 2024
Software technology (1)
$42,605 $40,508 
Other purchased finite-life intangible assets
13,701 13,701 
Indefinite-lived intangible asset1,761 1,761 
Intangible assets, gross
58,067 58,067 55,970 
Less: Accumulated amortization(26,505)(18,619)
Intangible assets, net
$31,562 $37,351 
_________________
(1)Includes capitalized equity based compensation of $6.3 million and $3.1 million as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Future Amortization Expense
The Company estimates that there is no significant residual value related to its finite-life intangible assets. The expected future amortization expense for currently amortizing finite-life intangible assets for the next five years is as follows:
(in thousands)Amounts
20258,621 
20269,084 
20276,159 
20284,841 
2029 and beyond403 
Total future amortization expense
$29,108 
v3.25.2
VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.
June 30, 2025
December 31, 2024
(in thousands)Fair Value of InvestmentUnfunded CommitmentsMaximum ExposureFair Value of InvestmentUnfunded CommitmentsMaximum Exposure
Sponsored Investment Funds
$352,949 $53,087 $406,036 $398,386 $56,725 $455,111 
Other VIE’s172,598 12,294 184,892 143,145 12,294 155,439 
Total
$525,547 $65,381 $590,928 $541,531 $69,019 $610,550 
v3.25.2
LOANS AND NOTES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Loans Receivable, Current And Non-Current
Loans Receivable, Current and Non-current
(in thousands)
June 30, 2025
December 31, 2024
Loans receivable$529,396 $476,620 
Loans receivable, non-current6,675 — 
Less: allowance for credit loss(375)— 
Loans receivable, current and non-current
$535,696 $476,620 
(in thousands)June 30, 2025December 31, 2024
Loans payable $348,214 $510,718 
(in thousands)
June 30, 2025
December 31, 2024
Assets posted as collateral — Digital assets
$219,121 $194,306 
Less: Allowance for credit losses(633)(554)
Assets posted as collateral associated with digital asset loans payable
$218,488 $193,752 
Schedule of Contractual Obligation, Fiscal Year Maturity
As of June 30, 2025, the Company’s notes payable repayment obligation was as follows:
(in thousands)Amount Due
2025$— 
2026445,000 
2027— 
2028— 
2029402,500 
Total$847,500 
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The Company calculates basic earnings per share by dividing net income attributable to the Class A common stock holders by the weighted-average number of Class A common stock outstanding during the period. Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post reorganization equity structure of the Company was in place at that time.
Three months endedSix months ended

June 30, 2025

June 30, 2024

June 30, 2025
 June 30, 2024
Basic income (loss) per share
$0.10 $(0.37)$(0.70)$0.73 
Net income (loss) used in the calculation of basic income (loss) per share$14,500 $(45,370)$(95,441)$84,969 
Weighted average number of Class A common stock shares for the purposes of basic income (loss) per share
143,103,474 122,305,203 135,525,464 115,768,027 
The following table sets forth the computation of diluted earnings per share:
Three months ended
Six months ended

June 30, 2025

June 30, 2024

June 30, 2025
 June 30, 2024
Diluted income (loss) per share
$0.08 $(0.37)$(0.76)$0.65 
Net income (loss) used in the calculation of diluted income (loss) per share
$30,691 $(125,596)$(264,740)$84,969 
Weighted average number of Class A common stock for the purposes of diluted income (loss) per share
371,717,071 338,212,221 349,390,820 129,910,597 
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
Six months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Compensatory LP units
— 14,833 — — 
Exchangeable LP units
— — — 215,917,746 
Compensatory awards— 10,543,368 18,293,860 — 
Exchangeable Notes30,247,946 13,346,833 30,247,946 13,346,833 
Total
30,247,946 23,905,034 48,541,806 229,264,579 
v3.25.2
REPORTABLE SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reporting Information by Segment
Assets and liabilities by each of the reportable segments as of June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets
$3,575,486 $771,907 $4,738,558 $9,085,951 
Total liabilities
$3,037,783 $33,144 $3,390,806 $6,461,733 
Assets and liabilities by each of the reportable segments as of December 31, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Total assets$3,723,814 $199,694 $3,196,347 $7,119,855 
Total liabilities$3,163,499 $— $1,762,004 $4,925,503 
Income and expenses by each of the reportable segments for the three months ended June 30, 2025 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,655,745 $— $5,810 $8,661,555 
Gains / (losses) from operations
55,470 — 339,624 395,094 
Revenues and gains / (losses) from operations
8,711,215 — 345,434 9,056,649 
Transaction expenses8,596,478 — 33,462 8,629,940 
Impairment of digital assets
43,307 — 84,170 127,477 
Compensation and benefits45,347 — 19,622 64,969 
Notes interest expense— — 14,240 14,240 
Depreciation and amortization3,560 — 3,898 7,458 
Other expenses25,058 — 21,114 46,172 
Operating expenses
8,713,750 — 176,506 8,890,256 
Unrealized gain / (loss) on notes payable – derivative
— — (125,150)(125,150)
Other income / (expense), net— — 918 918 
Total other income / (expense)
— — (124,232)(124,232)
Net income / (loss) for the period, before taxes
$(2,535)$— $44,696 $42,161 
Income tax benefit
— — 11,470 11,470 
Net income / (loss) for the period
$(2,535)$— $33,226 $30,691 
Income and expenses by each of the reportable segments for the three months ended June 30, 2024 were as follows:
(in thousands)
Digital Assets
Data Centers
Treasury and Corporate
Totals
Revenues
$8,858,973 $— $23,918 $8,882,891 
Gains / (losses) from operations
(3,073)— (15,107)(18,180)
Revenues and gains / (losses) from operations
8,855,900 — 8,811 8,864,711 
Transaction expenses8,810,103 — 24,733 8,834,836 
Impairment of digital assets
10,333 — 46,614 56,947 
Compensation and benefits45,374 — 15,879 61,253 
Notes interest expense— — 7,040 7,040 
Depreciation and amortization3,182 1,800 5,974 10,956 
Other expenses17,932 — 14,426 32,358 
Operating expenses
8,886,924 1,800 114,666 9,003,390 
Unrealized loss on notes payable - derivative
— — (2,573)(2,573)
Other income / (expense), net— — 1,612 1,612 
Total other income / (expense)
— — (961)(961)
Net income / (loss) for the year, before taxes
$(31,024)$(1,800)$(106,816)$(139,640)
Income tax expense / (benefit)
— — (14,044)(14,044)
Net income / (loss) for the period$(31,024)$(1,800)$(92,772)$(125,596)
Income and expenses by each of the reportable segments for the six months ended June 30, 2025 were as follows:
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues $21,627,274 $— $10,487 $21,637,761 
Gains / (losses) from operations
147,840 — 126,923 274,763 
Revenues and gains / (losses) from operations
21,775,114 — 137,410 21,912,524 
Transaction expenses21,517,337 — 59,612 21,576,949 
Impairment of digital assets
121,615 — 118,291 239,906 
Compensation and benefits84,173 1,263 36,486 121,922 
Notes interest expense— — 28,311 28,311 
Depreciation and amortization7,115 1,251 11,705 20,071 
Other expenses43,879 385 106,529 150,793 
Operating expenses
21,774,119 2,899 360,934 22,137,952 
Unrealized gain / (loss) on notes payable – derivative
— — (35,544)(35,544)
Other income / (expense), net— — 1,590 1,590 
Total other income / (expense)
— — (33,954)(33,954)
Net income / (loss) for the period, before taxes
$995 $(2,899)$(257,478)$(259,382)
Income tax expense / (benefit)
— — 5,358 5,358 
Net income / (loss) for the period
$995 $(2,899)$(262,836)$(264,740)
Income and expenses by each of the reportable segments for the six months ended June 30, 2024 is as follows (unaudited):
(in thousands)Digital AssetsData CentersTreasury and CorporateTotals
Revenues
$18,161,542 $— $56,721 $18,218,263 
Net gain/ (loss) on digital assets(40,158)— 364,536 324,378 
Net gain / (loss) on investments2,520 — (40,989)(38,469)
Net gain / (loss) on derivatives trading101,523 — 87,439 188,962 
Gains / (losses) from operations
Revenues and gains / (losses) from operations
18,225,427 — 467,707 18,693,134 
Transaction expenses18,073,294 — 49,632 18,122,926 
Impairment of digital assets
19,267 — 63,206 82,473 
Compensation and benefits87,649 — 34,675 122,324 
Notes interest expense— — 14,016 14,016 
Depreciation and amortization4,489 3,474 12,493 20,456 
Other expenses31,982 — 30,682 62,664 
Operating expenses
18,216,681 3,474 204,704 18,424,859 
Unrealized loss on notes payable - derivative
— — (12,286)(12,286)
Other income / (expense), net— — 1,825 1,825 
Total other income / (expense)
— — (10,461)(10,461)
Net income / (loss) for the year, before taxes
$8,746 $(3,474)$252,542 $257,814 
Income tax expense / (benefit)
— — (4,717)(4,717)
Net income / (loss) for the period$8,746 $(3,474)$257,259 $262,531 
v3.25.2
OPERATING PARTNERSHIP FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
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 Income (Loss)
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Revenues$8,661,535 $8,882,891 $21,637,741 $18,218,263 
Gains / (losses) from operations395,094 (18,180)274,763 474,871 
Revenues and gains / (losses) from operations9,056,629 8,864,711 21,912,504 18,693,134 
Operating expenses:
Transaction expenses8,629,940 8,834,836 21,576,951 18,122,926 
Impairment of digital assets127,477 56,947 239,906 82,473 
Other operating expenses
137,582 111,607 325,839 219,460 
Total operating expenses8,894,999 9,003,390 22,142,696 18,424,859 
Other income / (expense):
(124,925)(961)(34,647)(10,461)
Net income / (loss) before taxes
$36,705 $(139,640)$(264,839)$257,814 
Income taxes expense / (benefit)5,858 (14,044)(254)(4,717)
Net income / (loss)$30,847 $(125,596)$(264,585)$262,531 
Schedule of Consolidated Interim Statements of Financial Position
Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Financial Position
June 30, 2025
December 31, 2024
Assets
Cash and cash equivalents
$689,487 $462,103 
Digital assets
3,558,761 2,928,225 
Digital assets receivable6,065 60,720 
Digital assets loan receivable, net of allowance
894,876 579,530 
Investments
1,611,943 1,643,506 
Assets posted as collateral
718,649 277,147 
Loans receivable
535,696 476,620 
Property and equipment, net596,120 237,038 
Other assets
381,760 454,966 
Total assets
$8,993,357 $7,119,855 
Liabilities and Equity
Digital assets borrowed2,844,934 1,497,609 
Loans payable348,214 510,718 
Collateral payable1,869,501 1,399,655 
Notes payable725,571 845,186 
Other liabilities
654,517 672,335 
Total liabilities
6,442,737 4,925,503 
Total equity
2,550,620 2,194,352 
Total liabilities and equity
$8,993,357 $7,119,855 
v3.25.2
BASIS OF PRESENTATION (Details)
 6 Months Ended
Jun. 30, 2025
segment
Text Block [Abstract]  
Conversion ratio 1
Number of reportable segments 3
v3.25.2
BUSINESS COMBINATIONS - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 05, 2025
Feb. 28, 2025
Dec. 09, 2024
Jul. 18, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]                
Goodwill         $ 62,234   $ 58,037 $ 44,257
Payments to acquire businesses, gross         $ 1,000 $ 0    
Customer Relationships                
Business Combination [Line Items]                
Finite-lived intangible asset, useful life       5 years        
Meridian Labs                
Business Combination [Line Items]                
Business combination, consideration transferred $ 4,200              
Business combination, contingent consideration, liability 3,100              
Business combination, contingent consideration, range of outcomes, maximum, amount 5,000              
Goodwill $ 4,200              
Fierce Company                
Business Combination [Line Items]                
Business combination, consideration transferred     $ 12,500          
Business combination, contingent consideration, liability     1,200          
Goodwill     8,588          
Payments to acquire businesses, gross     3,000          
Business combination, consideration transferred, equity interests issued and issuable     9,500          
Business combination recognized identifiable assets acquired and liabilities assumed, deferred tax assets     3,300          
Business acquisition, transaction costs     200          
Fierce Company | Trade Names                
Business Combination [Line Items]                
Intangible assets     $ 400          
CryptoManufaktur                
Business Combination [Line Items]                
Business combination, consideration transferred       $ 12,400        
Business combination, contingent consideration, liability       5,500        
Goodwill       5,193        
Business acquisition, transaction costs       500        
Business combination, consideration transferred, equity interests issued and issuable (in shares)   76,573            
CryptoManufaktur | Customer Relationships                
Business Combination [Line Items]                
Intangible assets       $ 7,200        
v3.25.2
BUSINESS COMBINATIONS - Assets and Liabilities Recognized in Relation to Acquisition (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 09, 2024
Jul. 18, 2024
Dec. 31, 2023
Business Combination [Line Items]          
Goodwill $ 62,234 $ 58,037     $ 44,257
CryptoManufaktur          
Business Combination [Line Items]          
Intangible assets       $ 7,213  
Goodwill       5,193  
Counterparty digital assets       943,445  
Total assets       955,851  
Counterparty digital asset obligations       943,445  
Accounts payable and accrued liabilities       21  
Total liabilities       $ 943,466  
Fierce Company          
Business Combination [Line Items]          
Cash     $ 315    
Intangible assets     411    
Goodwill     8,588    
Other non-current assets     3,296    
Total assets     12,610    
Deferred tax liability     110    
Total liabilities     $ 110    
v3.25.2
REVENUES - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers $ 8,624,078 $ 8,866,197 $ 21,567,511 $ 18,181,905
Total revenues 8,661,555 8,882,891 21,637,761 18,218,263
Digital Assets        
Disaggregation of Revenue [Line Items]        
Total revenues 8,655,745 8,858,973 21,627,274 18,161,542
Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,626,617 8,842,426 21,571,465 18,126,709
Total revenues 8,655,745 8,858,973 21,627,274 18,161,542
Data Centers        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 0 0
Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Total revenues 0 0 0 0
Treasury and Corporate        
Disaggregation of Revenue [Line Items]        
Total revenues 5,810 23,918 10,487 56,721
Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers (2,539) 23,771 (3,954) 55,196
Total revenues 5,810 23,918 10,487 56,721
Digital assets sales        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,564,980 8,785,677 21,414,548 18,042,855
Digital assets sales | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 8,564,980 8,785,677 21,414,548 18,042,855
Digital assets sales | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Digital assets sales | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Fees        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 16,992 26,528 28,509 54,656
Fees | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 19,087 19,607 33,667 38,461
Fees | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Fees | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers (2,095) 6,921 (5,158) 16,195
Blockchain rewards        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 41,162 37,680 112,274 47,954
Blockchain rewards | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 42,550 37,142 123,250 45,393
Blockchain rewards | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Blockchain rewards | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers (1,388) 538 (10,976) 2,561
Proprietary mining        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 944 16,312 12,180 36,440
Proprietary mining | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Proprietary mining | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 0 0 0 0
Proprietary mining | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenues from contracts with customers 944 16,312 12,180 36,440
Blockchain rewards from non-customers        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 5,243 674 10,607 3,584
Blockchain rewards from non-customers | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 1,205 674 2,260 3,584
Blockchain rewards from non-customers | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 0 0 0 0
Blockchain rewards from non-customers | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 4,038 0 8,347 0
Lending        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 32,234 16,020 59,643 32,774
Lending | Digital Assets | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 27,923 15,873 53,549 31,249
Lending | Data Centers | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer 0 0 0 0
Lending | Treasury and Corporate | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue not from contract with customer $ 4,311 $ 147 $ 6,094 $ 1,525
v3.25.2
TRANSACTION EXPENSES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Digital assets sales costs $ 8,546,795 $ 8,769,445 $ 21,385,879 $ 18,017,413
Blockchain reward distributions 33,382 29,829 89,828 30,208
Borrowing costs 41,710 18,779 75,548 36,662
Mining and hosting costs 741 10,466 6,275 25,721
Other transaction expenses 7,312 6,317 19,419 12,922
Transaction expenses 8,629,940 8,834,836 21,576,949 18,122,926
Digital Assets        
Restructuring Cost and Reserve [Line Items]        
Transaction expenses 8,596,478 8,810,103 21,517,337 18,073,294
Digital Assets | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Digital assets sales costs 8,546,795 8,769,445 21,385,879 18,017,413
Blockchain reward distributions 38,321 33,099 106,087 38,693
Borrowing costs 6,437 1,948 12,226 5,957
Mining and hosting costs 0 0 0 0
Other transaction expenses 4,925 5,612 13,145 11,231
Transaction expenses 8,596,478 8,810,104 21,517,337 18,073,294
Data Centers        
Restructuring Cost and Reserve [Line Items]        
Transaction expenses 0 0 0 0
Data Centers | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Digital assets sales costs 0 0 0 0
Blockchain reward distributions 0 0 0 0
Borrowing costs 0 0 0 0
Mining and hosting costs 0 0 0 0
Other transaction expenses 0 0 0 0
Transaction expenses 0 0 0 0
Treasury and Corporate        
Restructuring Cost and Reserve [Line Items]        
Transaction expenses 33,462 24,733 59,612 49,632
Treasury and Corporate | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Digital assets sales costs 0 0 0 0
Blockchain reward distributions (4,939) (3,270) (16,259) (8,485)
Borrowing costs 35,273 16,831 63,322 30,705
Mining and hosting costs 741 10,466 6,275 25,721
Other transaction expenses 2,387 705 6,274 1,691
Transaction expenses $ 33,462 $ 24,732 $ 59,612 $ 49,632
v3.25.2
DIGITAL ASSETS - Additional Detail Related to the Digital Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Crypto Asset, Holding [Line Items]    
Digital intangible asset, fair value $ 2,529,700 $ 1,997,400
Digital intangible assets, current 3,186,098 2,547,581
Digital financial assets 369,649 359,665
Digital intangible assets, non-current 3,014 20,979
Total digital assets 3,558,761 2,928,225
Collateral posted with counterparties, digital asset and fiat borrowings 358,300 53,700
Digital assets associated with decentralized finance protocols, support borrowings $ 120,700 $ 124,900
Debt instrument covenant loan to value ratio 80.00% 95.00%
Crypto Asset, Self-Custodied    
Crypto Asset, Holding [Line Items]    
Digital intangible asset, fair value $ 1,344,100 $ 1,480,900
Digital intangible assets, current 1,432,644 1,544,377
Digital financial assets 109,678 353,459
Digital intangible assets, non-current 2,098 75
Digital intangible assets 1,434,742 1,544,452
Digital financial assets 109,678 353,459
Total digital assets 1,544,420 1,897,911
Crypto Asset, Held With Third Parties    
Crypto Asset, Holding [Line Items]    
Digital intangible asset, fair value 682,200 451,400
Digital intangible assets, current 758,857 523,002
Digital financial assets 195,157 1,392
Digital intangible assets, non-current 916 20,904
Digital intangible assets 759,773 543,906
Digital financial assets 195,157 1,392
Total digital assets 954,930 545,298
Crypto Asset, Collateral Posted With Counterparties    
Crypto Asset, Holding [Line Items]    
Digital intangible assets, current 503,205 85,874
Digital financial assets 0 0
Digital intangible assets, non-current 0 0
Total digital assets 503,205 85,874
Crypto Asset, Decentralized Finance Protocols    
Crypto Asset, Holding [Line Items]    
Digital intangible assets, current 491,392 394,328
Digital financial assets 64,814 4,814
Digital intangible assets, non-current 0 0
Total digital assets $ 556,206 $ 399,142
v3.25.2
DIGITAL ASSETS - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Restricted By Lock-Up Schedules    
Crypto Asset, Activity [Line Items]    
Restricted crypto assets $ 14.8 $ 59.9
Restricted By Lock-Up Schedules | Maximum    
Crypto Asset, Activity [Line Items]    
Restriction duration 2 years  
Crypto Assets Staked    
Crypto Asset, Activity [Line Items]    
Restricted crypto assets $ 323.1 $ 371.7
Crypto Assets Staked | Maximum    
Crypto Asset, Activity [Line Items]    
Restriction duration 7 days 11 days
Bitcoin    
Crypto Asset, Activity [Line Items]    
Percentage of digital assets issued 34.00% 18.00%
Aave    
Crypto Asset, Activity [Line Items]    
Percentage of digital assets issued 15.00% 10.00%
Kamino    
Crypto Asset, Activity [Line Items]    
Percentage of digital assets issued 13.00%  
Sky DAO    
Crypto Asset, Activity [Line Items]    
Percentage of digital assets issued   41.00%
v3.25.2
DIGITAL ASSETS - Holdings (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
digital_asset
Dec. 31, 2024
USD ($)
digital_asset
Crypto Asset, Holding [Line Items]    
Historical cost $ 3,571,848 $ 3,041,321
Carrying value 3,558,761 2,928,225
Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost 2,883,131 2,443,026
Carrying value 2,902,408 2,378,022
Portion at Other than Fair Value Measurement    
Crypto Asset, Holding [Line Items]    
Historical cost 688,717 598,295
Carrying value $ 656,353 $ 550,203
Bitcoin    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 17,102 13,704
Bitcoin | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 1,814,196 $ 1,335,194
Carrying value $ 1,832,368 $ 1,277,816
Ether    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 90,521 112,248
Ether | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 219,824 $ 378,907
Carrying value $ 224,987 $ 373,871
USDC    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 263,084,648 333,713,029
USDC | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 263,708 $ 334,224
Carrying value $ 263,005 $ 333,652
SOL    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 1,098,828 498,767
SOL | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 165,717 $ 73,567
Carrying value $ 170,109 $ 94,288
HYPE    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 2,334,213  
HYPE | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 51,367  
Carrying value $ 91,976  
USDG    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 47,132,455  
USDG | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 47,125  
Carrying value $ 47,132  
XRP    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset 15,387,541  
XRP | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost $ 33,576  
Carrying value 34,407  
UNI    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset   5,216,565
UNI | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost   $ 71,911
Carrying value   $ 68,922
TIA    
Crypto Asset, Holding [Line Items]    
Quantity | digital_asset   9,626,784
TIA | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost   $ 17,995
Carrying value   34,116
Other | Fair Value    
Crypto Asset, Holding [Line Items]    
Historical cost 287,618 231,228
Carrying value $ 238,424 $ 195,357
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Loan Receivable, Net of Allowance (Details) - Crypto Assets Loans Receivable - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Digital asset loans receivable $ 895,026 $ 579,954
Less: Allowance for credit losses (150) (424)
Loans receivable, current and non-current $ 894,876 $ 579,530
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Collateral Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with digital assets loan receivable $ 1,131,567 $ 717,962
Digital Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with digital assets loan receivable $ 1,116,700 673,427
Cash    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with digital assets loan receivable   $ 44,535
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Digital Assets Borrowed (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Securities Borrowed, Allowance for Credit Loss [Line Items]    
Digital assets borrowed $ 2,836,370 $ 1,497,609
Digital assets borrowed, non-current 8,564 0
Digital assets borrowed $ 2,844,934 $ 1,497,609
Bitcoin, USDC, Ether, Tether, and SOL    
Securities Borrowed, Allowance for Credit Loss [Line Items]    
Digital assets borrowed, percentage 92.00%  
Bitcoin, Ether, DAI, and SOL    
Securities Borrowed, Allowance for Credit Loss [Line Items]    
Digital assets borrowed, percentage   87.00%
v3.25.2
DIGITAL ASSETS LOAN RECEIVABLE AND DIGITAL ASSETS BORROWED - Assets Posted as Collateral Associated with Digital Assets Borrowed (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Less: Allowance for credit loss $ (2,477) $ (826)
Assets posted as collateral associated with digital assets borrowed 498,941 83,395
Digital Intangible Assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Assets posted as collateral $ 501,418 $ 84,221
v3.25.2
DERIVATIVES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain on derivative $ 64.8 $ 105.3 $ 95.8 $ 189.0
v3.25.2
DERIVATIVES - Schedule of Company’s Derivatives Portfolio (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Amounts $ 6,647,277 $ 5,769,802
Derivative Assets 134,907 207,653
Derivative Liabilities (86,364) (165,858)
Digital Assets    
Derivative [Line Items]    
Notional Amounts 3,877,580 4,685,112
Derivative Assets 116,830 185,208
Derivative Liabilities (70,805) (145,493)
Foreign currencies    
Derivative [Line Items]    
Notional Amounts 199,068 19,259
Derivative Assets 14,651 12,064
Derivative Liabilities (10,303) (10,483)
Equity securities    
Derivative [Line Items]    
Notional Amounts 374,332 1,049,846
Derivative Assets 3,051 10,343
Derivative Liabilities (4,359) (9,683)
Interest rates    
Derivative [Line Items]    
Notional Amounts 603,854 5,002
Derivative Assets 69 19
Derivative Liabilities (798) (13)
Commodities    
Derivative [Line Items]    
Notional Amounts 1,592,443 10,583
Derivative Assets 306 19
Derivative Liabilities (99) (186)
Digital assets receivable    
Derivative [Line Items]    
Notional Amounts 7,311 3,911
Derivative Assets 6,065 60,720
Derivative Liabilities 0 0
Embedded derivatives — Digital assets borrowed    
Derivative [Line Items]    
Notional Amounts 2,674,612 1,269,013
Derivative Assets 70,057 24,039
Derivative Liabilities (240,379) (252,635)
Embedded derivatives — Collateral payable    
Derivative [Line Items]    
Notional Amounts 1,675,907 1,219,247
Derivative Assets 64,223 55,848
Derivative Liabilities $ (231,868) (161,261)
Embedded derivatives — Notes payable    
Derivative [Line Items]    
Notional Amounts   847,500
Derivative Assets   0
Derivative Liabilities   $ (136,192)
v3.25.2
DERIVATIVES - Collateral Payable Associated With Derivative Positions (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Collateral payable associated with derivatives $ 48,504 $ 61,060
Assets posted as collateral associated with derivatives 1,220 0
Digital Assests    
Derivative [Line Items]    
Collateral payable associated with derivatives 37,716 30,600
Assets posted as collateral associated with derivatives 0 0
Cash    
Derivative [Line Items]    
Collateral payable associated with derivatives 10,788 30,460
Assets posted as collateral associated with derivatives $ 1,220 $ 0
v3.25.2
INVESTMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]          
Net realized gains / (losses) related to sales of investments $ (32.4) $ 12.8 $ 120.6 $ (160.0)  
Net change in unrealized gains / (losses) related to investments 227.8 $ (114.3) (58.4) $ 121.5  
Debt securities, available-for-sale, accumulated gross unrealized gain (loss), before tax $ 567.7   $ 567.7   $ 627.1
v3.25.2
INVESTMENTS - Identical or Similar Investments (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Carrying Value $ 75,689 $ 63,227
Impairment, Period to date 3,494 6,990
Impairment, Cumulative 62,452 59,608
Upward Adjustments, Period to date 5,220 2,214
Upward Adjustments, Cumulative $ 68,413 $ 63,652
v3.25.2
FAIR VALUE OPTION - Schedule of Fair Value Option (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total $ 999,197 $ 917,758
Digital Financial Assets    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total 369,649 359,665
Investments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total $ 629,548 $ 558,093
v3.25.2
FAIR VALUE OPTION - Schedule of Realized and Net Change in Unrealized Gains Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value Disclosures [Abstract]        
Realized Gains / (Losses) $ (4,400) $ 2,127 $ 32,512 $ 3,202
Net Change in Unrealized Gains / (Losses) $ 64,831 $ (53,425) $ (30,063) $ 106,673
v3.25.2
FAIR VALUE OPTION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value Disclosures [Abstract]        
Realized and unrealized losses for digital assets $ 1.1 $ 0.0 $ 3.3 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENTS - Recurring Basis at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 5,297,574 $ 4,674,336
Liabilities, fair value 644,821 722,470
Without readily determinable fair values 75,689 63,227
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 3,481,964 3,224,772
Liabilities, fair value 153,688 64,679
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 1,301,513 844,042
Liabilities, fair value 491,133 521,599
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 514,097 605,522
Liabilities, fair value 0 136,192
Investments sold short    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,210 6,524
Investments sold short | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,210 6,524
Investments sold short | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0 0
Investments sold short | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0 0
Derivative liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 86,364 165,858
Derivative liabilities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 67,478 58,155
Derivative liabilities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 18,886 107,703
Derivative liabilities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Digital assets borrowed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 240,379 252,635
Embedded derivative — Digital assets borrowed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Digital assets borrowed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 240,379 252,635
Embedded derivative — Digital assets borrowed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Collateral payable — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 231,868 161,261
Embedded derivative — Collateral payable — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Collateral payable — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 231,868 161,261
Embedded derivative — Collateral payable — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value 0
Embedded derivative — Notes payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   136,192
Embedded derivative — Notes payable | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   0
Embedded derivative — Notes payable | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   0
Embedded derivative — Notes payable | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities, fair value   136,192
Digital Financial Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 369,649 359,665
Digital Financial Assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 285,908 354,851
Digital Financial Assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 83,741 4,814
Digital Financial Assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital Intangible Assets At Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,532,760 2,018,357
Digital Intangible Assets At Fair Value | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,377,215 1,929,661
Digital Intangible Assets At Fair Value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 152,693 68,239
Digital Intangible Assets At Fair Value | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 2,852 20,457
Digital assets loan receivable, net of allowance — Financial assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 193,406 393,734
Digital assets loan receivable, net of allowance — Financial assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital assets loan receivable, net of allowance — Financial assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 193,406 393,734
Digital assets loan receivable, net of allowance — Financial assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Digital assets receivable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 6,065 60,720
Digital assets receivable | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 7 204
Digital assets receivable | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 24
Digital assets receivable | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 6,058 60,492
Assets posted as collateral — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 720,539 278,527
Assets posted as collateral — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Assets posted as collateral — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 720,539 278,527
Assets posted as collateral — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Derivative assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 134,907 207,653
Derivative assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 123,584 188,836
Derivative assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 11,323 18,817
Derivative assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0
Embedded derivative — Collateral payable — Digital assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 64,223 55,848
Embedded derivative — Collateral payable — Digital assets | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Collateral payable — Digital assets | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 64,223 55,848
Embedded derivative — Collateral payable — Digital assets | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Digital assets borrowed    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 70,057 24,039
Embedded derivative — Digital assets borrowed | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Embedded derivative — Digital assets borrowed | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 70,057 24,039
Embedded derivative — Digital assets borrowed | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 0 0
Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 1,205,968 1,275,793
Net asset value 330,300 304,500
Without readily determinable fair values 75,700 63,200
Investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 695,250 751,220
Investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value 5,531 0
Investments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, fair value $ 505,187 $ 524,573
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value $ 3,558,761 $ 2,928,225
Transfers out of Level 3 200,700 48,700
Transfers in of Level 3 4,900 21,200
Digital Intangible Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value $ 656,400 $ 550,200
v3.25.2
FAIR VALUE MEASUREMENTS - Changes in Assets and Liabilities Measured and Reported at Fair Value Using Level 3 Inputs (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Transfers out of Level 3 $ (200,700) $ (48,700)
Transfers in of Level 3 4,900 21,200
Level 3 | Embedded derivative — Notes payable    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, Beginning Balance 136,192 10,472
Purchases 0 93,993
Sales /Distributions 0 0
Net Realized Gain / (Loss) 0 0
Net Unrealized Gain / (Loss) 0 31,727
Transfers in /(out) of Level 3 (136,192) 0
Fair value, Ending Balance 0 136,192
Digital Intangible Assets | Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, Beginning Balance 20,457 68,004
Purchases 0 0
Sales /Distributions 0 0
Net Realized Gain / (Loss) 0 0
Net Unrealized Gain / (Loss) (5,425) (17,043)
Transfers out of Level 3 (12,180) (30,504)
Fair value, Ending Balance 2,852 20,457
Digital assets receivable | Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, Beginning Balance 60,492 20,569
Purchases 2,250 0
Sales /Distributions   (4,727)
Net Realized Gain / (Loss) 4,724
Net Unrealized Gain / (Loss) (7,817) 52,477
Transfers out of Level 3 (48,867) (12,551)
Fair value, Ending Balance 6,058 60,492
Investments | Level 3    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, Beginning Balance 524,573 364,576
Purchases 79,976 129,188
Sales /Distributions (137,802) (221,564)
Net Realized Gain / (Loss) 69,605 117,036
Net Unrealized Gain / (Loss) (32,608) 119,803
Transfers in of Level 3 1,443 15,534
Fair value, Ending Balance $ 505,187 $ 524,573
v3.25.2
FAIR VALUE MEASUREMENTS - Significant Unobservable Inputs Used for Assets and Liabilities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 5,297,574 $ 4,674,336
Liabilities, fair value 644,821 722,470
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value 514,097 605,522
Liabilities, fair value $ 0 $ 136,192
Level 3 | Marketability discount | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Crypto asset, measurement input 0.160 0.159
Crypto asset receivable, measurement input 0.035 0.055
Level 3 | Marketability discount | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Crypto asset, measurement input 0.306 0.452
Crypto asset receivable, measurement input 0.894 0.728
Level 3 | Marketability discount | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Crypto asset, measurement input 0.235 0.321
Crypto asset receivable, measurement input 0.457 0.358
Level 3 | Digital Intangible Assets    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 2,852 $ 20,457
Level 3 | Digital assets receivable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 6,058 $ 60,492
Level 3 | Investments | Marketability discount | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.227 0.035
Level 3 | Investments | Marketability discount | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.350 0.518
Level 3 | Investments | Marketability discount | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.278 0.260
Level 3 | Investments | Time to liquidity event (years) | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.5 1.0
Level 3 | Investments | Time to liquidity event (years) | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 5.0 5.0
Level 3 | Investments | Time to liquidity event (years) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 4.0 4.1
Level 3 | Investments | Annualized equity volatility | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.700 0.700
Level 3 | Investments | Annualized equity volatility | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.900 0.900
Level 3 | Investments | Annualized equity volatility | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.887 0.888
Level 3 | Investments | Risk free rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.034 0.034
Level 3 | Investments | Risk free rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.043 0.044
Level 3 | Investments | Risk free rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.038 0.042
Level 3 | Investments | Market adjustment discount | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.300 0.300
Level 3 | Investments | Market adjustment discount | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.900 0.900
Level 3 | Investments | Market adjustment discount | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.487 0.410
Level 3 | Investments | Market adjustment premium | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.500 0.250
Level 3 | Investments | Market adjustment premium | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.800 1.300
Level 3 | Investments | Market adjustment premium | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.730 0.796
Level 3 | Investments | Expected dividend payout ratio    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0 0
Level 3 | Investments | Expected dividend payout ratio | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0 0
Level 3 | Investments | Enterprise value to LTM revenue multiple | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.5 2.5
Level 3 | Investments | Enterprise value to LTM revenue multiple | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 11.0 16.8
Level 3 | Investments | Enterprise value to LTM revenue multiple | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 8.5 10.8
Level 3 | Investments | Enterprise Value to Projected Revenue | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 3.5  
Level 3 | Investments | Enterprise Value to Projected Revenue | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 5.5  
Level 3 | Investments | Enterprise Value to Projected Revenue | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 4.8  
Level 3 | Investments | Enterprise value to projected revenue multiple | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   2.0
Level 3 | Investments | Enterprise value to projected revenue multiple | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   10.5
Level 3 | Investments | Enterprise value to projected revenue multiple | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   7.0
Level 3 | Investments | Enterprise value to annualized revenue | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.5 3.5
Level 3 | Investments | Enterprise value to annualized revenue | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   9.0
Level 3 | Investments | Enterprise value to annualized revenue | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.5 6.7
Level 3 | Investments | Enterprise value to LTM volume    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.8 3.0
Level 3 | Investments | Enterprise value to LTM volume | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.8 3.0
Level 3 | Investments | Enterprise Value to ARR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 8.0  
Level 3 | Investments | Enterprise Value to ARR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   8.5
Level 3 | Investments | Enterprise Value to ARR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   15.8
Level 3 | Investments | Enterprise Value to ARR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 8.0 10.9
Level 3 | Investments | Price to tangible book value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.3 1.5
Level 3 | Investments | Price to tangible book value | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.3 1.5
Level 3 | Investments | Enterprise value to projected EBITDA | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   9.0
Level 3 | Investments | Enterprise value to projected EBITDA | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   14.0
Level 3 | Investments | Enterprise value to projected EBITDA | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   11.5
Level 3 | Investments | Enterprise Value to Gross Profit    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 6.0  
Level 3 | Investments | Enterprise Value to Gross Profit | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 6.0  
Level 3 | Investments | Scenario probability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.440 0.350
Level 3 | Investments | Scenario probability | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.440 0.350
Level 3 | Investments | Recovery percentage    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input  
Level 3 | Investments | Recovery percentage | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   0.350
Level 3 | Investments | Recovery percentage | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input   0.616
Level 3 | Investments | Recovery percentage | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.515
Level 3 | Embedded derivative — Notes payable | Risk free rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.042
Level 3 | Embedded derivative — Notes payable | Risk free rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.044
Level 3 | Embedded derivative — Notes payable | Risk free rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.043
Level 3 | Embedded derivative — Notes payable | Volatility | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.456
Level 3 | Embedded derivative — Notes payable | Volatility | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.750
Level 3 | Embedded derivative — Notes payable | Volatility | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.554
Level 3 | Embedded derivative — Notes payable | Time-step (years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.004
Level 3 | Embedded derivative — Notes payable | Time-step (years) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.004
v3.25.2
FAIR VALUE MEASUREMENTS - Financial Instruments not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accounts payable and accrued liabilities $ 226,080 $ 281,531
Cash and cash equivalents 691,331 462,103
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 691,331 462,103
Assets posted as collateral – Cash 0 0
Accounts receivable 0 55,279
Loans receivable 0 0
Total Assets 691,331 517,382
Accounts payable and accrued liabilities 0 281,531
Notes payable 0 0
Collateral payable — Cash 0 0
Payable to customers — Cash 0 0
Loans payable 0 0
Settlement liability 0 0
Total Liabilities 0 281,531
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Assets posted as collateral – Cash 1,220 0
Accounts receivable 41,393 0
Loans receivable 535,696 476,620
Total Assets 578,309 476,620
Accounts payable and accrued liabilities 226,080 0
Notes payable 965,750 836,402
Collateral payable — Cash 25,949 74,995
Payable to customers — Cash 16,324 19,520
Loans payable 348,214 510,718
Settlement liability 149,368 182,462
Total Liabilities 1,731,685 1,624,097
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 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
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 691,331 462,103
Assets posted as collateral – Cash 1,220 0
Accounts receivable 41,393 55,279
Loans receivable 535,696 476,620
Total Assets 1,269,640 994,002
Accounts payable and accrued liabilities 226,080 281,531
Notes payable 725,571 845,186
Collateral payable — Cash 25,949 74,995
Payable to customers — Cash 16,324 19,520
Loans payable 348,214 510,718
Settlement liability 147,873 182,462
Total Liabilities 1,490,011 1,914,412
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 691,331 462,103
Assets posted as collateral – Cash 1,220 0
Accounts receivable 41,393 55,279
Loans receivable 535,696 476,620
Total Assets 1,269,640 994,002
Accounts payable and accrued liabilities 226,080 281,531
Notes payable 965,750 836,402
Collateral payable — Cash 25,949 74,995
Payable to customers — Cash 16,324 19,520
Loans payable 348,214 510,718
Settlement liability 149,368 182,462
Total Liabilities $ 1,731,685 $ 1,905,628
v3.25.2
LOANS RECEIVABLE - Schedule of Loans Receivable, Current And Non-Current (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Loans receivable $ 529,396 $ 476,620
Loans receivable, non-current 6,675 0
Less: allowance for credit loss (375) 0
Loans receivable, current and non-current $ 535,696 $ 476,620
v3.25.2
LOANS RECEIVABLE - Schedule of Outstanding Loans Receivable to be Repaid (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
2025 $ 479,271  
2026 50,911  
2027 1,088  
2028 2,938  
2029 1,188  
2030 300  
Loans receivable, current and non-current $ 535,696 $ 476,620
v3.25.2
LOANS RECEIVABLE - Schedule of Collateral Payable Associated With Loans Receivable, Current (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with loans receivable, current and non-current $ 689,430 $ 620,633
Collateral payable — Digital assets    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with loans receivable, current and non-current 689,136 620,633
Collateral payable — Cash    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Collateral payable associated with loans receivable, current and non-current $ 294 $ 0
v3.25.2
LOANS RECEIVABLE - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]        
Interest income related to loans receivable $ 14.1 $ 12.8 $ 26.7 $ 25.4
v3.25.2
PROPERTY AND EQUIPMENT - Schedule of Property and Equipment, net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 763,100 $ 345,961
Less: Accumulated depreciation (66,769) (57,934)
Less: Impairment (100,211) (50,989)
Property and equipment, net 596,120 237,038
Corporate assets    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 12,651 11,093
Mining equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 165,942 172,572
Data center infrastructure    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 67,669 113,710
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 16,587 12,809
WIP / Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 500,251 $ 35,777
v3.25.2
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]        
Depreciation $ 3.5 $ 7.6 $ 12.2 $ 14.3
Mining equipment        
Property, Plant and Equipment [Line Items]        
Impairment of mining equipment     $ 49.2  
v3.25.2
LEASES - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease costs $ 1,500,000 $ 1,500,000 $ 2,900,000 $ 3,000,000.0
Variable lease costs $ 0 $ 0 $ 0 $ 0
v3.25.2
LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Cash paid in the measurement of operating lease liabilities $ 2,874 $ 2,949
v3.25.2
LEASES - Schedule of Lease Assets And Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets $ 6,335 $ 8,223
Operating lease liabilities $ 8,290 $ 10,229
Weighted average remaining lease term 3 years 6 months 3 years 7 months 6 days
Weighted average discount rate 10.00% 10.00%
v3.25.2
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 $ 2,158  
2026 2,828  
2027 2,572  
2028 2,572  
2029 429  
Total future minimum lease payments 10,559  
Less: Interest 2,269  
Total lease liability $ 8,290 $ 10,229
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Balance, beginning of period $ 58,037 $ 44,257
Additions due to acquisitions (Note 3) 4,197 13,780
Balance, end of period $ 62,234 $ 58,037
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment of goodwill $ 0 $ 0 $ 0 $ 0
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible asset $ 1,761 $ 1,761
Intangible assets, gross 58,067 55,970
Less: Accumulated amortization (26,505) (18,619)
Intangible assets, net 31,562 37,351
Capitalized equity based compensation 6,300 3,100
Software technology    
Finite-Lived Intangible Assets [Line Items]    
Software technology 42,605 40,508
Other purchased finite-life intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Software technology $ 13,701 $ 13,701
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS- Schedule of Future Amortization Expense (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 8,621
2026 9,084
2027 6,159
2028 4,841
2029 and beyond 403
Total future amortization expense $ 29,108
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Aug. 05, 2025
USD ($)
Jul. 31, 2024
USD ($)
Dec. 31, 2021
USD ($)
Jun. 30, 2025
USD ($)
company
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
company
contract
Jun. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2028
USD ($)
Dec. 31, 2027
USD ($)
Dec. 31, 2026
USD ($)
Dec. 31, 2024
USD ($)
contract
company
Other Commitments [Line Items]                        
Number of VIE portfolio companies | company       7   7           7
Unfunded Commitments       $ 65.4   $ 65.4           $ 69.0
Legal provision accrued       $ 148.0   $ 148.0            
Discount rate for legal provision       4.30%   4.30%           4.30%
Undiscounted amount of the settlement       $ 160.0   $ 160.0            
Distributions       30.4 $ 9.0 39.9 $ 45.7          
Contributions to subsidiaries related to crypto asset activities   $ 20.0 $ 523.0     $ 578.1            
Percentage of capital gains to be recognized           90.00%            
Subleases                        
Other Commitments [Line Items]                        
Number of sublease contracts | contract           3           3
Forecast                        
Other Commitments [Line Items]                        
Payments for legal settlement               $ 40.0 $ 60.0 $ 60.0 $ 40.0  
Indemnifications                        
Other Commitments [Line Items]                        
Loss contingency accrual       0.0   $ 0.0           $ 0.0
Credit Facility Funding and Delayed Trading Settlements                        
Other Commitments [Line Items]                        
Other commitments       80.0   80.0           60.0
Amounts funded for other commitments       60.0   60.0           39.9
Facility Construction Improvements                        
Other Commitments [Line Items]                        
Other commitments       $ 478.2   $ 478.2           $ 9.1
Subsequent Event                        
Other Commitments [Line Items]                        
Amount funded to VIEs $ 4.1                      
v3.25.2
VARIABLE INTEREST ENTITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Unfunded Commitments $ 65,400 $ 69,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Fair Value of Investment 525,547 541,531
Unfunded Commitments 65,381 69,019
Maximum Exposure 590,928 610,550
Sponsored Investment Funds | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Fair Value of Investment 352,949 398,386
Unfunded Commitments 53,087 56,725
Maximum Exposure 406,036 455,111
Other VIE’s | Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Fair Value of Investment 172,598 143,145
Unfunded Commitments 12,294 12,294
Maximum Exposure $ 184,892 $ 155,439
v3.25.2
LOANS AND NOTES PAYABLE - Loans Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Loans payable $ 348,214 $ 510,718
v3.25.2
LOANS AND NOTES PAYABLE - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Debt Instrument [Line Items]          
Interest expense $ 4,200,000 $ 2,100,000 $ 7,800,000 $ 4,600,000  
Unamortized debt issuance cost 16,200,000   16,200,000   $ 18,500,000
Notes interest expense 14,240,000 7,040,000 28,311,000 14,016,000  
Interest expense, long-term debt $ 5,800,000 $ 3,400,000 $ 11,700,000 $ 6,700,000  
Class A Common Stock          
Debt Instrument [Line Items]          
Common stock, issued (in shares) | shares 170,332,037   170,332,037   170,332,037
Common stock $ 170,000   $ 170,000   $ 0
Senior Notes          
Debt Instrument [Line Items]          
Promissory note 847,500,000   847,500,000   $ 847,500,000
Notes interest expense 14,200,000   28,300,000    
2026 Exchangeable Notes | Senior Notes          
Debt Instrument [Line Items]          
Promissory note $ 500,000,000   $ 500,000,000    
Debt instrument, interest rate, stated percentage 3.00%   3.00%    
Debt instrument, unamortized discount $ 71,000,000   $ 71,000,000    
Payments of debt issuance costs     $ 13,400,000    
Debt instrument, interest rate, effective percentage 7.00%   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   7,498.221    
Common stock $ 250,000   $ 250,000    
2029 Exchangeable Notes | Senior Notes          
Debt Instrument [Line Items]          
Promissory note $ 402,500,000   $ 402,500,000    
Debt instrument, interest rate, stated percentage 2.50%   2.50%    
Debt instrument, unamortized discount $ 94,000,000   $ 94,000,000    
Payments of debt issuance costs     $ 13,600,000    
Debt instrument, interest rate, effective percentage 9.20%   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   10,497.5856    
Common stock $ 250,000   $ 250,000    
v3.25.2
LOANS AND NOTES PAYABLE - Assets Posted as Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Assets posted as collateral — Digital assets $ 219,121 $ 194,306
Less: Allowance for credit losses (633) (554)
Assets posted as collateral associated with digital asset loans payable $ 218,488 $ 193,752
v3.25.2
LOANS AND NOTES PAYABLE - Repayment Obligation (Details) - Senior Notes
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
2025 $ 0
2026 445,000
2027 0
2028 0
2029 402,500
Total $ 847,500
v3.25.2
EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class of Stock [Line Items]        
Issuance of class A units, net of issuance cost (in shares) 11,977,011   11,977,011  
Distributions $ 30,444 $ 8,980 $ 39,881 $ 45,678
Public Offering        
Class of Stock [Line Items]        
Number of shares issued (in shares)     35,980,967  
Common stock (in shares)     26,400,000  
Share price (in usd and cad per share) $ 19.00   $ 19.00  
Offering expenses payable     $ 477,800  
Public Offering | Class B Common Stock        
Class of Stock [Line Items]        
Number of shares issued (in shares)     9,227,011  
v3.25.2
EARNINGS PER SHARE - Basic Earnings per Share by Dividing Net Income (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share, Basic [Abstract]        
Net income (loss) used in the calculation of basic income (loss) per share [1] $ 14,500 $ (45,370) $ (95,441) $ 84,969
Earnings Per Share, Diluted [Abstract]        
Net income (loss) used in the calculation of diluted income (loss) per share $ 30,691 $ (125,596) $ (264,740) $ 84,969
Weighted average number of Class A Common Stock for the purposes of diluted income (loss) per share (in shares) [2] 371,717,071 338,212,221 349,390,820 129,910,597
Class A Common Stock        
Earnings Per Share, Basic [Abstract]        
Basic income (loss) (in dollars per share) [3] $ 0.10 $ (0.37) $ (0.70) $ 0.73
Net income (loss) used in the calculation of basic income (loss) per share $ 14,500 $ (45,370) $ (95,441) $ 84,969
Weighted average number of Class A Common Stock shares for the purposes of basic income (loss) per share (in share) [2] 143,103,474 122,305,203 135,525,464 115,768,027
Earnings Per Share, Diluted [Abstract]        
Diluted income (loss) (in dollar per share) [3] $ 0.08 $ (0.37) $ (0.76) $ 0.65
[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.
v3.25.2
EARNINGS PER SHARE - Dilutive Shares (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class of Stock [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 30,247,946 23,905,034 48,541,806 229,264,579
Compensatory LP units        
Class of Stock [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 14,833 0 0
Exchangeable LP units        
Class of Stock [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 0 215,917,746
Compensatory awards        
Class of Stock [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 10,543,368 18,293,860 0
Exchangeable Notes        
Class of Stock [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 30,247,946 13,346,833 30,247,946 13,346,833
v3.25.2
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2021
Related Party Transaction [Line Items]            
Distributions $ (30,400,000) $ (9,000,000.0) $ (39,900,000) $ (45,700,000)    
Other non-current liabilities (includes $44.5 million and $0.0 million due to related parties) 97,800,000   97,800,000   $ 0  
Fair value of investments         1,000,000.0  
General and administrative 19,241,000 22,267,000 105,816,000 41,952,000    
Consulting agreement, expense   200,000   500,000    
Related Party            
Related Party Transaction [Line Items]            
Other non-current liabilities (includes $44.5 million and $0.0 million due to related parties) 44,500,000   44,500,000   0  
Fair value of investments 12,200,000   12,200,000   12,900,000  
Advisory fees 600,000 500,000 1,200,000 1,000,000.0    
Use of aircraft, expense 100,000 100,000 300,000 200,000    
GGI fees     400,000      
Options, grants in period (in shares)           500,000
Stock-based compensation 0 2,000,000.0 0 5,000,000    
Tax payments         4,800,000  
Related Party | Restricted Stock (Restricted Stock, Restricted Stock Units and Deferred Share Units)            
Related Party Transaction [Line Items]            
Granted / transferred (in shares)           1,500,000
Related Party | Candy Digital Inc            
Related Party Transaction [Line Items]            
Fair value of investments         9,100,000  
Related Party | Galaxy Digital Holdings, LP            
Related Party Transaction [Line Items]            
General and administrative $ 1,100,000 $ 300,000 $ 2,100,000 $ 700,000    
Accounts payable         95,800,000  
Related Party | Galaxy Digital Holdings, LP | Promissory Note            
Related Party Transaction [Line Items]            
Promissory note         $ 96,900,000  
v3.25.2
REPORTABLE SEGMENTS - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
v3.25.2
REPORTABLE SEGMENTS - Schedule of Assets and Liabilities by Reportable Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Assets $ 9,085,951 $ 7,119,855
Total liabilities 6,461,733 4,925,503
Digital Assets    
Segment Reporting Information [Line Items]    
Assets 3,575,486 3,723,814
Total liabilities 3,037,783 3,163,499
Data Centers    
Segment Reporting Information [Line Items]    
Assets 771,907 199,694
Total liabilities 33,144 0
Treasury and Corporate    
Segment Reporting Information [Line Items]    
Assets 4,738,558 3,196,347
Total liabilities $ 3,390,806 $ 1,762,004
v3.25.2
REPORTABLE SEGMENTS - Schedule Income and Expenses by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 8,661,555 $ 8,882,891 $ 21,637,761 $ 18,218,263
Net gain / (loss) on digital assets       324,378
Net gain / (loss) on investments       (38,469)
Net gain / (loss) on derivatives trading       188,962
Gains / (losses) from operations 395,094 (18,180) 274,763 474,871
Revenues and gains / (losses) from operations 9,056,649 8,864,711 21,912,524 18,693,134
Transaction expenses 8,629,940 8,834,836 21,576,949 18,122,926
Impairment of digital assets 127,477 56,947 239,906 82,473
Compensation and benefits 64,969 61,253 121,922 122,324
Notes interest expense 14,240 7,040 28,311 14,016
Depreciation and amortization 7,458 10,956 20,071 20,456
Other expenses 46,172 32,358 150,793 62,664
Total operating expenses 8,890,256 9,003,390 22,137,952 18,424,859
Unrealized gain / (loss) on notes payable - derivative (125,150) (2,573) (35,544) (12,286)
Other income / (expense), net 918 1,612 1,590 1,825
Total other income / (expense) (124,232) (961) (33,954) (10,461)
Net income / (loss) before taxes 42,161 (139,640) (259,382) 257,814
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) for the period 30,691 (125,596) (264,740) 262,531
Digital Assets        
Segment Reporting Information [Line Items]        
Revenues 8,655,745 8,858,973 21,627,274 18,161,542
Net gain / (loss) on digital assets       (40,158)
Net gain / (loss) on investments       2,520
Net gain / (loss) on derivatives trading       101,523
Gains / (losses) from operations 55,470 (3,073) 147,840  
Revenues and gains / (losses) from operations 8,711,215 8,855,900 21,775,114 18,225,427
Transaction expenses 8,596,478 8,810,103 21,517,337 18,073,294
Impairment of digital assets 43,307 10,333 121,615 19,267
Compensation and benefits 45,347 45,374 84,173 87,649
Notes interest expense 0 0 0 0
Depreciation and amortization 3,560 3,182 7,115 4,489
Other expenses 25,058 17,932 43,879 31,982
Total operating expenses 8,713,750 8,886,924 21,774,119 18,216,681
Unrealized gain / (loss) on notes payable - derivative 0 0 0 0
Other income / (expense), net 0 0 0 0
Total other income / (expense) 0 0 0 0
Net income / (loss) before taxes (2,535) (31,024) 995 8,746
Income taxes expense / (benefit) 0 0 0 0
Net income / (loss) for the period (2,535) (31,024) 995 8,746
Data Centers        
Segment Reporting Information [Line Items]        
Revenues 0 0 0 0
Net gain / (loss) on digital assets       0
Net gain / (loss) on investments       0
Net gain / (loss) on derivatives trading       0
Gains / (losses) from operations 0 0 0  
Revenues and gains / (losses) from operations 0 0 0 0
Transaction expenses 0 0 0 0
Impairment of digital assets 0 0 0 0
Compensation and benefits 0 0 1,263 0
Notes interest expense 0 0 0 0
Depreciation and amortization 0 1,800 1,251 3,474
Other expenses 0 0 385 0
Total operating expenses 0 1,800 2,899 3,474
Unrealized gain / (loss) on notes payable - derivative 0 0 0 0
Other income / (expense), net 0 0 0 0
Total other income / (expense) 0 0 0 0
Net income / (loss) before taxes 0 (1,800) (2,899) (3,474)
Income taxes expense / (benefit) 0 0 0 0
Net income / (loss) for the period 0 (1,800) (2,899) (3,474)
Treasury and Corporate        
Segment Reporting Information [Line Items]        
Revenues 5,810 23,918 10,487 56,721
Net gain / (loss) on digital assets       364,536
Net gain / (loss) on investments       (40,989)
Net gain / (loss) on derivatives trading       87,439
Gains / (losses) from operations 339,624 (15,107) 126,923  
Revenues and gains / (losses) from operations 345,434 8,811 137,410 467,707
Transaction expenses 33,462 24,733 59,612 49,632
Impairment of digital assets 84,170 46,614 118,291 63,206
Compensation and benefits 19,622 15,879 36,486 34,675
Notes interest expense 14,240 7,040 28,311 14,016
Depreciation and amortization 3,898 5,974 11,705 12,493
Other expenses 21,114 14,426 106,529 30,682
Total operating expenses 176,506 114,666 360,934 204,704
Unrealized gain / (loss) on notes payable - derivative (125,150) (2,573) (35,544) (12,286)
Other income / (expense), net 918 1,612 1,590 1,825
Total other income / (expense) (124,232) (961) (33,954) (10,461)
Net income / (loss) before taxes 44,696 (106,816) (257,478) 252,542
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) for the period $ 33,226 $ (92,772) $ (262,836) $ 257,259
v3.25.2
RISKS AND UNCERTAINTIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Concentration Risk [Line Items]          
Cash and cash equivalents $ 691,331   $ 691,331   $ 462,103
Brokers          
Concentration Risk [Line Items]          
Cash and cash equivalents 148,800   148,800   19,700
Trading Platforms          
Concentration Risk [Line Items]          
Cash and cash equivalents $ 26,800   $ 26,800   $ 64,700
Revenue Benchmark | Customer Concentration Risk | Zero Digital Asset Trading Platforms          
Concentration Risk [Line Items]          
Concentration risk percentage 39.00%        
Revenue Benchmark | Customer Concentration Risk | Three Digital Asset Trading Platforms          
Concentration Risk [Line Items]          
Concentration risk percentage   53.00%      
Revenue Benchmark | Customer Concentration Risk | One Digital Asset Trading Platforms          
Concentration Risk [Line Items]          
Concentration risk percentage       35.00%  
Loans Receivable | Credit Concentration Risk | Two Counterparties          
Concentration Risk [Line Items]          
Concentration risk percentage     67.00%   27.00%
Current Liabilities | Liquidity Concentration Risk | One Counterparty          
Concentration Risk [Line Items]          
Concentration risk percentage     7.20%   8.50%
Crypto Assets | Credit Concentration Risk | Third Parties          
Concentration Risk [Line Items]          
Concentration risk percentage     41.00%   22.00%
Crypto Assets | Credit Concentration Risk | Two Centralized Digital Asset Trading Platforms          
Concentration Risk [Line Items]          
Concentration risk percentage     10.00%    
Zero Protocols | Crypto Asset, Decentralized Finance Protocols | Protocol Concentration Risk          
Concentration Risk [Line Items]          
Concentration risk percentage     70.00%    
Four Protocols | Crypto Asset, Decentralized Finance Protocols | Protocol Concentration Risk          
Concentration Risk [Line Items]          
Concentration risk percentage         77.00%
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income taxes expense / (benefit) $ 11,470 $ (14,044) $ 5,358 $ (4,717)
Effective tax rate 27.20% 10.10% (2.10%) (1.80%)
v3.25.2
OPERATING PARTNERSHIP FINANCIAL INFORMATION - Consolidated Interim Statements of Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Combination [Line Items]        
Revenues $ 8,661,555 $ 8,882,891 $ 21,637,761 $ 18,218,263
Gains / (losses) from operations 395,094 (18,180) 274,763 474,871
Revenues and gains / (losses) from operations 9,056,649 8,864,711 21,912,524 18,693,134
Operating expenses:        
Transaction expenses 8,629,940 8,834,836 21,576,949 18,122,926
Impairment of digital assets 127,477 56,947 239,906 82,473
Total operating expenses 8,890,256 9,003,390 22,137,952 18,424,859
Other income / (expense) 918 1,612 1,590 1,825
Net income / (loss) before taxes 42,161 (139,640) (259,382) 257,814
Income taxes expense / (benefit) 11,470 (14,044) 5,358 (4,717)
Net income / (loss) for the period 30,691 (125,596) (264,740) 262,531
Galaxy Digital Holdings, LP        
Business Combination [Line Items]        
Revenues 8,661,535 8,882,891 21,637,741 18,218,263
Gains / (losses) from operations 395,094 (18,180) 274,763 474,871
Revenues and gains / (losses) from operations 9,056,629 8,864,711 21,912,504 18,693,134
Operating expenses:        
Transaction expenses 8,629,940 8,834,836 21,576,951 18,122,926
Impairment of digital assets 127,477 56,947 239,906 82,473
Other operating expenses 137,582 111,607 325,839 219,460
Total operating expenses 8,894,999 9,003,390 22,142,696 18,424,859
Other income / (expense) (124,925) (961) (34,647) (10,461)
Net income / (loss) before taxes 36,705 (139,640) (264,839) 257,814
Income taxes expense / (benefit) 5,858 (14,044) (254) (4,717)
Net income / (loss) for the period $ 30,847 $ (125,596) $ (264,585) $ 262,531
v3.25.2
OPERATING PARTNERSHIP FINANCIAL INFORMATION - Consolidated Interim Statements of Financial Position (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Cash and cash equivalents $ 691,331 $ 462,103
Digital assets 3,186,098 2,547,581
Digital assets receivable 2,668 53,608
Digital assets loan receivable, net of allowance 894,876 579,530
Investments (includes $788.0 and $745.5 million measured at fair value) 863,653 808,694
Assets posted as collateral, net of allowance 718,649 277,147
Loans receivable 529,021 476,620
Property and equipment, net 596,120 237,038
Other non-current assets 194,078 107,105
Total assets 9,085,951 7,119,855
Digital assets borrowed 8,564 0
Loans payable 348,214 510,718
Collateral payable 1,869,501 1,399,655
Notes payable 725,571 845,186
Other liabilities 256,132 192,392
Total liabilities 6,461,733 4,925,503
Total liabilities and equity 9,085,951 7,119,855
Galaxy Digital Holdings, LP    
Business Combination [Line Items]    
Cash and cash equivalents 689,487 462,103
Digital assets 3,558,761 2,928,225
Digital assets receivable 6,065 60,720
Digital assets loan receivable, net of allowance 894,876 579,530
Investments (includes $788.0 and $745.5 million measured at fair value) 1,611,943 1,643,506
Assets posted as collateral, net of allowance 718,649 277,147
Loans receivable 535,696 476,620
Property and equipment, net 596,120 237,038
Other non-current assets 381,760 454,966
Total assets 8,993,357 7,119,855
Digital assets borrowed 2,844,934 1,497,609
Loans payable 348,214 510,718
Collateral payable 1,869,501 1,399,655
Notes payable 725,571 845,186
Other liabilities 654,517 672,335
Total liabilities 6,442,737 4,925,503
Total equity 2,550,620 2,194,352
Total liabilities and equity $ 8,993,357 $ 7,119,855
v3.25.2
OPERATING PARTNERSHIP FINANCIAL INFORMATION - Consolidated Interim Statements of Financial Position (Parenthetical) (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Fair value $ 788,000 $ 745,500
Digital assets loan receivable, net of allowance $ 894,876 $ 579,530