Galaxy Announces Fourth Quarter and Full Year 2024 Financial Results
NEW YORK, March 28, 2025 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (the “Company” or “GDH Ltd.”) today released financial results for the three and twelve months ended December 31, 2024, for both itself and Galaxy Digital Holdings LP (the “Partnership” or “GDH LP”). In this press release, a reference to “Galaxy”, “we”, “our” and similar words refer to GDH Ltd., its subsidiaries and affiliates including GDH LP, or any one of them, as the context requires.
— Financial Highlights
- Net income of $174 million for the fourth quarter 2024 and $365 million for the full year 2024 ($1.02 per diluted share), which includes a $166 million accrued legal provision from a settlement with the New York Attorney General.
- Net income of $341 million for the fourth quarter 2024 and $532 million for the full year 2024 ($1.49 per diluted share), excluding the accrued provision.
- For the year-to-date (“YTD”) period ending March 27, 2025, net loss before tax is estimated to be between $275 million and $325 million. During the same period, total equity declined to a range between $1.9 billion and $2.0 billion. YTD results were primarily driven by the depreciation of digital asset prices.1
— Corporate Updates
Helios Data Center: Subsequent to year-end, and further to the term sheet announced on November 7, 2024, Galaxy entered a 15-year lease agreement with CoreWeave. As part of the agreement, Galaxy will deliver 133 megawatts (“MW”) of Critical IT Load to host CoreWeave’s artificial intelligence (“AI”) and high-performance computing (“HPC”) infrastructure at our Helios data center campus in the panhandle region of West Texas.2 Over the 15-year term, Galaxy expects to generate approximately $4.5 billion of total revenue.
US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a Delaware-incorporated company and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange, shareholder and applicable regulatory approvals of such transactions. On March 28, 2025, Galaxy filed an amendment to its registration statement responding to SEC comments, which is under review.
Legal Matter: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of December 31, 2024, the Partnership accrued a legal provision of $166 million, which includes the impact of discounting. The undiscounted amount of the settlement is $200 million, which is payable between 2025 and 2028.
|
SELECT GDH LP FINANCIAL METRICS |
Q4 2024 |
Q3 2024 |
Q/Q % Change |
FY 2024 |
|||||
|
Equity Capital |
$2,277M |
$2,081M |
9 % |
— |
|||||
|
Cash & Net Stablecoins3 |
$1,016M |
$475M |
114 % |
— |
|||||
|
Net Digital Assets Excluding Stablecoins4 |
$506M |
$562M |
(10) % |
— |
|||||
|
Spot Bitcoin and Ethereum ETFs |
$669M |
$469M |
43 % |
— |
|||||
|
Net Income (loss) |
$174M |
($54M) |
N.M.5 |
$365M |
|||||
|
Book Value Per Share in CAD6 |
$9.51 CAD |
$8.24 CAD |
15 % |
— |
|||||
|
Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter and year-over-year percentage change calculations are based on unrounded results.
(1) This preliminary, unaudited quarter-to-date financial information is as of March 27, 2025. Financial results exclude completion of the full quarterly valuation process of our investment portfolio. This data is subject to change as management completes its quarterly close procedures. (2) Represents 200 MW of gross power capacity. (3) Includes Cash Equivalents. (4) Refer to page 16 of this release for a breakout of our net digital assets position; Excludes non-current net digital assets. (5) Abbreviation for “Not Meaningful”. (6) Calculated as equity capital divided by outstanding Class A and Class B Units multiplied by the end of period foreign exchange rate. |
|||||||||
— Operating Businesses
Galaxy Global Markets
Counterparty trading and advisory revenue totaled $68 million in the fourth quarter, marking a 26% QoQ increase. For the full year 2024, Galaxy generated $215 million in counterparty trading and advisory revenue, exceeding the combined total from the previous two years. The sequential growth was primarily driven by robust derivatives activity and increased demand for our lending solutions. Counterparty trading volumes increased 56% versus the third quarter, fueled by heightened spot market activity, while our average loan book size expanded to $861 million, reflecting growing institutional demand for structured financing. As Galaxy continues to expand its platform and deepen client relationships, we successfully onboarded new institutional counterparties, closing the year with 1,328 total trading counterparties.
Investment Banking successfully closed 3 deals in the fourth quarter. Notable transactions included serving as the exclusive financial advisor to Attestant in its sale to Bitwise Asset Management and advising Thunder Bridge Capital on its merger with Coincheck.
|
KEY PERFORMANCE INDICATORS |
Q4 2024 |
Q3 2024 |
Q/Q % Change |
FY 2024 |
|||||
|
Counterparty Trading and Advisory Revenue |
$68.1M |
$54.1M |
26 % |
$215M |
|||||
|
Loan Book Size (Average) |
$861M |
$668M |
29 % |
$640M |
|||||
|
Total Trading Counterparties |
1,328 |
1,280 |
4 % |
— |
|||||
|
Active Trading Counterparties |
315 |
296 |
6 % |
— |
|||||
|
Counterparty Trading and Advisory Revenue: revenue from counterparty-facing activities from our Derivatives, Credit, Over-the-Counter Trading, and Quantitative Trading businesses, net of associated funding charges, and fee revenue associated with the Advisory business. Loan Book Size (Average): This quarter reflects a revised methodology for calculating Loan Book Size (Average), This metric is now based on the average market value of all open loans, excluding uncommitted credit facilities. Previously, these facilities were included in the calculation—amounting to $225M in 4Q24. As a result of this change, the 3Q24 average loan book size, which had included $195M of uncommitted credit facilities, has been restated to align with the updated methodology. Active Trading Counterparties: Counterparties with whom we have traded within the past 12 months and who are still onboarded with Galaxy’s trading business. |
|||||||||
Galaxy Asset Management
Galaxy Asset Management (GAM) reported management and performance fees of $8.6 million in the fourth quarter and a record $49 million for the full year 2024. Growth was driven by strong organic asset inflows, market appreciation and the successful execution in monetizing the FTX Estate’s digital asset holdings for creditors. GAM closed the year with $5.7 billion of assets under management (“AUM”) spanning more than 15 ETF and alternative investment strategies.
|
KEY PERFORMANCE INDICATORS |
Q4 2024 |
Q3 2024 |
Q/Q % Change |
FY 2024 |
|||||
|
Management and Performance Fees |
$8.6M |
$8.1M |
6 % |
$49.0M |
|||||
|
Total Assets Under Management |
$5,660M |
$4,636M |
22 % |
— |
|||||
|
ETFs |
$3,482M |
$2,589M |
34 % |
— |
|||||
|
Alternatives |
$2,178M |
$2,046M |
6 % |
— |
|||||
|
|
|||||||||
Digital Infrastructure
Mining revenue totaled $22.1 million in the fourth quarter, with expenses – net of curtailment credits – of $11.9 million, resulting in a 46% direct mining profit margin. Galaxy’s average marginal cost to mine remained highly competitive at under $38,000 per bitcoin in the fourth quarter and approximately $26,000 for the full year 2024, underscoring the success of our power management strategy. Galaxy mined 977 BTC in 2024, but anticipates a decline in quarterly Hashrate Under Management and bitcoin production in the coming quarters as operations at the Helios Campus are retrofitted to support AI and HPC demands.
Blockchain Infrastructure continued its strong growth, generating $26.4 million in net blockchain rewards in the fourth quarter, representing a 147% QoQ increase. As of December 31, 2024, Assets Under Stake reached $4.2 billion, up from $240 million at the start of the year, driven by robust organic growth and the strategic acquisition of CryptoManufaktur in the third quarter.
|
KEY PERFORMANCE INDICATORS |
Q4 2024 |
Q3 2024 |
Q/Q % Change |
FY 2024 |
|||||
|
Mining Revenue |
$22.1M |
$18.5M |
19 % |
$94.9M |
|||||
|
Total Hashrate Under Management |
6.1 |
6.2 |
(3) % |
— |
|||||
|
Number of Proprietary BTC Mined |
187 |
176 |
6 % |
977 |
|||||
|
Average Marginal Cost to Mine |
< $38.0K |
< $38.0K |
N.M. |
~ $26.0K |
|||||
|
Net Blockchain Rewards1 |
$26.4M |
$10.7M |
147 % |
$58.5M |
|||||
|
Assets Under Stake |
$4,235M |
$3,394M |
25 % |
— |
|||||
|
(1) Blockchain rewards are net of staking costs. Hashrate Under Management: the total combined hashrate of active proprietary and hosted mining capacity managed by Galaxy. Number of Proprietary BTC Mined: The total amount of bitcoin mined from proprietary mining operations. Average Marginal Cost to Mine: The marginal cost of production for each bitcoin generated during the period. The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead. Assets Under Stake: all figures are unaudited. AUS reflects the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. This includes certain Galaxy balance sheet assets, Galaxy affiliate assets, and third-party assets. |
|||||||||
High-Performance Computing
Helios Data Center: Subsequent to year-end, and further to the term sheet announced on November 7, 2024, Galaxy entered a 15-year lease agreement with CoreWeave. As part of the agreement, Galaxy will deliver 133 megawatts (“MW”) of Critical IT Load to host CoreWeave’s artificial intelligence (“AI”) and high-performance computing (“HPC”) infrastructure at our Helios data center campus in the panhandle region of West Texas.1 Over the 15-year term, Galaxy expects to generate approximately $4.5 billion of total revenue.
Summary of Select Operating Expenses1
|
Operating expenses |
Q4 2024 |
Q3 2024 |
Q/Q % Change |
FY 2024 |
|
Compensation and compensation related |
$66M |
$40M |
65 % |
$191M |
|
Equity based compensation |
$16M |
$13M |
23 % |
$58M |
|
General and administrative |
$235M |
$48M |
390 % |
$378M |
|
Mining costs |
$12M |
$10M |
20 % |
$48M |
|
Trading, commission and custody expenses |
$10M |
$6M |
67 % |
$29M |
|
Technology |
$9M |
$8M |
13 % |
$31M |
|
Depreciation and amortization |
$16M |
$16M |
— % |
$56M |
|
Legal settlement |
$166M |
$0M |
N.M. |
$166M |
|
Other2 |
$22M |
$8M |
175 % |
$48M |
|
Professional fees |
$13M |
$11M |
18 % |
$51M |
|
Interest |
$40M |
$29M |
38 % |
$110M |
|
Notes interest expense |
$10M |
$7M |
43 % |
$31M |
|
(1) Excludes blockchain reward distributions. |
|
(2) “Other” includes expenses such as those related to impairment loss, marketing, provision for credit loss, insurance, fund administration and director fees. Additional detail can be found in Note 20 of GDH LP Financial Statements for this quarter. |
Overview of Fourth Quarter Operating Expenses:
- Compensation and compensation related expenses of $66 million increased by approximately $26 million QoQ, primarily driven by a bonus accrual adjustment.
- General and administrative expenses increased by approximately $187 million QoQ, driven by a legal provision of $166 million, $7 million loss on disposal of mining equipment, $4 million provisions for credit losses on our receivables and a $4 million QoQ increase in trading, commission and custody expenses.
- Professional fees of $13 million increased by approximately $2 million QoQ, primarily driven by higher legal expenses incurred during the quarter.
- Interest expense rose approximately $11 million QoQ, reflecting increased non-dilutive borrowing activity, which is directly tied to increased Global Markets operating activity.
- Notes interest expense increase by approximately $3 million QoQ, reflecting the interest on the new exchangeable note we issued in November 2024.
— Balance Sheet Net Digital Asset Exposure By Token
The Company’s balance sheet maintains exposure to bitcoin, ether, and other digital assets through a diversified allocation across spot positions, ETFs, private equity holdings and other non-current investments.
Balance sheet net digital asset exposure as of December 31, 2024, is as follows:
— GDH Ltd.’s Financial Highlights
As the only significant asset of GDH Ltd. is its minority interest in GDH LP, its results are driven by the results of GDH LP. GDH Ltd. accounts for its investment in this associate (GDH LP) using the equity method. The investment, initially recorded at cost, is increased or decreased to recognize GDH Ltd.’s share of the earnings and losses of GDH LP.
The net comprehensive income (loss) of GDH Ltd. was $34.7 million and $78.9 million for the three and twelve months ended December 31, 2024, respectively.
Important U.S. Tax Information – Action Required by U.S. Shareholders
Galaxy shareholders who are U.S. taxpayers should be aware that there may be significant and adverse U.S. federal income tax consequences relating to Galaxy’s PFIC status for 2024 and prior years and in connection with Galaxy’s domestication from Cayman to Delaware unless they make certain elections on their originally filed U.S. federal income tax returns for 2024, which are generally due on April 15, 2025 (subject to allowable extensions). These consequences and, therefore, the need to take action apply to both direct and indirect holdings of Galaxy shares. These elections are described in the notice posted by Galaxy
in March 2024 on its website at https://investor.galaxy.com/financials/annual-reports/default.aspx. Before filing their U.S. federal income tax returns for 2024, direct and indirect Galaxy shareholders who are, or who have investors who are, U.S. taxpayers are urged to review the notice and to consult their tax advisors regarding the advisability of making these elections on their U.S. federal income tax returns for 2024.
Earnings Conference Call
An investor conference call will be held today, March 28, 2025, at 8:30 AM Eastern Time. A live webcast with the ability to ask questions will be available at: https://investor.galaxy.com/. The conference call can also be accessed by investors in the United States or Canada by dialing 1-800-245-3047, or 1-203-518-9765 (outside the U.S. and Canada). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website. Through April 28, 2025, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 158488.
About Galaxy Digital Holdings Ltd. (TSX: GLXY) (“GDH Ltd.”) and Galaxy Digital Holdings LP (“GDH LP”)
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy. We serve a diversified client base, including institutions, startups, and qualified individuals. Since 2018, Galaxy has been building a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Our offerings include, amongst others, trading, lending, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise self-custodial technology. The company is headquartered in New York City, with global offices across North America, Europe, and Asia. Additional information about Galaxy’s businesses and products is available on www.galaxy.com.
This press release should be read in conjunction with (i) GDH LP’s Management Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2024 and (ii) GDH Ltd.’s Management Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2024 (together, the “Consolidated Financial Statements” and “MD&As”), which have been filed on SEDAR at www.sedarplus.ca.
Disclaimers and Additional Information
The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy.
This press release contains certain pre-released first quarter 2025 financial information (the “pre-released financial information”). The pre-released financial information contained in this press release is preliminary and represents the most current information available to management. The Partnership’s actual consolidated financial statements for such period may result in material changes to the pre-released financial information summarized in this press release (including by any one financial metric, or all of the financial metrics) as a result of the completion of normal quarter accounting procedures and adjustments or due to other risks contained in the Annual Information Form for the year ended December 31, 2024. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.
No Offer or Solicitation
As previously announced, the Company intends to complete its proposed reorganization and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of the SEC’s ongoing review and subject to stock exchange approval of such listing. The proposed reorganization and domestication is subject to approval by shareholders the Company and applicable regulatory authorities, including the Toronto Stock Exchange. In connection with the proposed reorganization and domestication, the Company has filed a registration statement, including a management information circular/prospectus, with the SEC, which has not yet become effective. SHAREHOLDERS ARE ADVISED TO READ THE FINAL VERSIONS OF SUCH DOCUMENTS, WHEN AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the registration statement (including the management information circular/prospectus) and any other relevant documents from the SEC’s website at http://www.sec.gov. Copies of the final versions of such documents can also be obtained, when available, without charge, via Galaxy’s investor relations website: https://investor.galaxy.com/. The Company anticipates holding a shareholder meeting to seek approval following the effectiveness of the registration statement, and further details will be included in the management information circular to be mailed to shareholders and posted on the Company’s SEDAR profile at www.sedarplus.ca.
This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the domestication or any of the other proposed reorganization transactions. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The information in this document may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and “forward-looking information” under Canadian securities laws (collectively, “forward-looking statements”). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy’s pre-released financial information, Galaxy’s business plans and goals, including with respect to the lease with CoreWeave and the pending domestication and the related transactions (the “transactions”), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed domestication and reorganization transactions, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the proposed domestication and reorganization transactions that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the transactions; (3) the ability to meet and maintain listing standards following the consummation of the proposed domestication and reorganization transactions; (4) the risk that the proposed domestication and reorganization transactions disrupt current plans and operations; (5) costs related to AI/HPC plans, the transactions, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (8) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (9) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (10) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (11) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (12) any delay or failure to consummate the business mandates or achieve its pipeline goals (13) technological challenges, cyber incidents or exploits; (14) risks related to retrofitting our existing facility from mining to AI and HPC infrastructure, including the timing of construction and its impact on lease revenue; (15) any inability or difficulty in obtaining financing for the AI and HPC financing on acceptable terms or at all; (16) changes to the AI and HPC infrastructure needs and their impact on future plans at the Helios campus; (17) risks associated with the leasing business, including those associated with counterparties; and (18) those other risks contained in the Annual Information Form for the year ended December 31, 2024 available on the Company’s profile at www.sedarplus.ca and its Management’s Discussion and Analysis, filed on March 28, 2025. Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, financing and construction terms and conditions, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving our mandates; delays or other challenges in the mining and AI/HPC infrastructure business related to hosting, power or construction; any challenges faced with respect to exploits, considerations with respect to liquidity and capital planning and changes in applicable law or regulation and adverse regulatory developments. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
©Copyright Galaxy Digital 2025. All rights reserved.
Galaxy Digital Holdings LP’s Consolidated Statements of Financial Position (unaudited)
|
(in thousands) |
December 31, 2024 |
December 31, 2023 |
|
|
Assets |
|||
|
Current assets |
|||
|
Cash and cash equivalents |
$ 462,103 |
$ 316,610 |
|
|
Digital assets |
2,952,633 |
1,078,587 |
|
|
Receivable for digital asset trades |
20,974 |
41,339 |
|
|
Digital asset loans receivable, net of allowance |
579,530 |
104,504 |
|
|
Digital assets receivables |
53,608 |
14,686 |
|
|
Investments (includes $84.5 million and $0 of equity method |
834,812 |
— |
|
|
Assets posted as collateral |
277,147 |
318,195 |
|
|
Receivables |
30,314 |
15,983 |
|
|
Derivative assets |
207,653 |
173,209 |
|
|
Prepaid expenses and other assets |
26,444 |
37,910 |
|
|
Loans receivable, net of allowance |
476,620 |
377,105 |
|
|
Due from related party |
5,263 |
5,007 |
|
|
Total current assets |
5,927,101 |
2,483,135 |
|
|
Digital assets receivables |
7,112 |
6,174 |
|
|
Investments (includes $433.6 million and $290.4 million of equity method |
808,694 |
735,103 |
|
|
Restricted digital assets |
11,560 |
41,356 |
|
|
Loans receivable, net of allowance, non-current |
— |
10,259 |
|
|
Property and equipment |
267,648 |
259,965 |
|
|
Other non-current assets |
107,300 |
95,000 |
|
|
Goodwill |
58,037 |
44,257 |
|
|
Total non-current assets |
1,260,351 |
1,192,114 |
|
|
Total assets |
$ 7,187,452 |
$ 3,675,249 |
|
|
Liabilities and Equity |
|||
|
Current liabilities |
|||
|
Investments sold short |
6,524 |
25,295 |
|
|
Derivative liabilities |
165,858 |
160,642 |
|
|
Accounts payable and accrued liabilities |
163,644 |
69,212 |
|
|
Payables to customers |
19,520 |
3,503 |
|
|
Taxes payable |
5,315 |
25,936 |
|
|
Payable for digital asset trades |
20,970 |
4,176 |
|
|
Digital asset loans payable |
1,497,609 |
398,277 |
|
|
Loans payable |
510,718 |
93,069 |
|
|
Collateral payable |
1,399,655 |
581,362 |
|
|
Due to related party |
97,871 |
67,953 |
|
|
Lease liability |
3,294 |
3,860 |
|
|
Total current liabilities |
3,890,978 |
1,433,285 |
|
|
Notes payable |
845,186 |
408,053 |
|
|
Other non-current liabilities |
174,256 |
44,130 |
|
|
Total non-current liabilities |
1,019,442 |
452,183 |
|
|
Total liabilities |
4,910,420 |
1,885,468 |
|
|
Equity |
|||
|
Partners’ capital |
2,277,032 |
1,789,781 |
|
|
Total equity |
2,277,032 |
1,789,781 |
|
|
Total liabilities and equity |
$ 7,187,452 |
$ 3,675,249 |
Galaxy Digital Holdings LP’s Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited)
|
(in thousands) |
Year ended |
||
|
December 31, 2024 |
December 31, 2023 |
||
|
Income |
|||
|
Fee revenue |
$ 103,194 |
$ 51,342 |
|
|
Net realized gain (loss) on digital assets |
615,687 |
311,830 |
|
|
Net realized gain (loss) on investments |
(171,108) |
13,412 |
|
|
Lending and staking revenue |
274,254 |
52,216 |
|
|
Net derivative gain |
267,769 |
151,583 |
|
|
Revenue from proprietary mining |
63,305 |
33,121 |
|
|
Other income |
1,457 |
357 |
|
|
1,154,558 |
613,861 |
||
|
Operating expenses |
|||
|
Compensation and compensation related |
191,052 |
138,401 |
|
|
Equity based compensation |
58,489 |
72,275 |
|
|
General and administrative |
377,523 |
75,637 |
|
|
Professional fees |
51,076 |
37,062 |
|
|
Blockchain reward distributions |
130,298 |
1,086 |
|
|
Interest |
109,539 |
24,653 |
|
|
Notes interest expense |
30,804 |
27,285 |
|
|
(948,781) |
(376,399) |
||
|
Other |
|||
|
Net unrealized gain (loss) on digital assets |
(255,380) |
1,950 |
|
|
Net unrealized gain (loss) on investments |
429,899 |
84,415 |
|
|
Net gain (loss) on notes payable – derivative |
(31,727) |
(9,603) |
|
|
Foreign currency loss |
1,317 |
(493) |
|
|
144,109 |
76,269 |
||
|
Income (loss) before income taxes |
349,886 |
313,731 |
|
|
Income taxes expense (benefit) |
(15,426) |
17,833 |
|
|
Net income (loss) for the period |
$ 365,312 |
$ 295,898 |
|
|
Other comprehensive income (loss) |
|||
|
Foreign currency translation adjustment |
$ 1,190 |
$ 88 |
|
|
Comprehensive income (loss) for the period |
$ 366,502 |
$ 295,986 |
|
|
(in thousands) |
Three Months ended |
Three Months ended |
|
|
Income |
|||
|
Fee revenue |
$ 27,891 |
$ 17,135 |
|
|
Net realized gain on digital assets |
560,649 |
293,149 |
|
|
Net realized gain on investments |
(84,919) |
(55,299) |
|
|
Lending and staking revenue |
116,270 |
16,893 |
|
|
Net derivative gain |
62,467 |
71,121 |
|
|
Revenue from proprietary mining |
15,430 |
12,449 |
|
|
Other income |
298 |
24 |
|
|
698,086 |
355,472 |
||
|
Operating expenses |
|||
|
Compensation and compensation related |
66,015 |
42,154 |
|
|
Equity based compensation |
16,382 |
14,581 |
|
|
General and administrative |
234,791 |
15,529 |
|
|
Professional fees |
12,829 |
10,548 |
|
|
Blockchain reward distributions |
60,760 |
260 |
|
|
Interest |
39,829 |
8,983 |
|
|
Notes interest expense |
9,683 |
6,913 |
|
|
(440,289) |
(98,968) |
||
|
Other |
|||
|
Net unrealized gain (loss) on digital assets |
(439,427) |
(22,501) |
|
|
Net unrealized gain (loss) on investments |
368,876 |
92,932 |
|
|
Net gain (loss) on notes payable – derivative |
(16,583) |
(8,581) |
|
|
Foreign currency loss |
(131) |
350 |
|
|
(87,265) |
62,200 |
||
|
Income (loss) before income taxes |
170,532 |
318,704 |
|
|
Income taxes expense (benefit) |
(3,765) |
17,247 |
|
|
Net income (loss) for the period |
$ 174,297 |
$ 301,457 |
|
|
Other comprehensive income (loss) |
|||
|
Foreign currency translation adjustment |
$ 218 |
$ 85 |
|
|
Comprehensive income (loss) for the period |
$ 174,515 |
$ 301,542 |
|
Year ended |
Year ended |
||
|
GDH LP Net income (loss) per unit: |
|||
|
Basic |
$ 1.08 |
$ 0.92 |
|
|
Diluted |
1.02 |
0.90 |
|
|
Weighted average units: |
|||
|
Basic |
336,730,894 |
321,599,100 |
|
|
Diluted |
357,988,647 |
329,613,940 |
|
|
End of period share count: |
343,440,123 |
325,227,806 |
Reportable segments (unaudited)
Income and expenses by each reportable segment of GDH LP for the three months ended December 31, 2024 are as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate and Other (1) |
Totals |
|
Income (loss) |
|||||
|
Fee revenue(1) |
|||||
|
Mining hosting fees |
$ — |
$ — |
$ 6,626 |
$ — |
$ 6,626 |
|
Licensing fees |
1 |
1 |
1,037 |
(120) |
919 |
|
Management and performance fees |
8,676 |
8,560 |
11 |
(663) |
16,584 |
|
Advisory fees |
3,762 |
— |
— |
— |
3,762 |
|
Total fee revenue (1) |
12,439 |
8,561 |
7,674 |
(783) |
27,891 |
|
Lending and staking revenue |
|||||
|
Lending income |
27,546 |
(1) |
1,524 |
3 |
29,072 |
|
Blockchain rewards |
11,150 |
1,886 |
81,412 |
(7,250) |
87,198 |
|
Total lending and staking revenue (1)(2) |
38,696 |
1,885 |
82,936 |
(7,247) |
116,270 |
|
Net realized gain on digital assets |
511,511 |
49,138 |
— |
— |
560,649 |
|
Net realized gain (loss) on investments |
(86,238) |
1,319 |
— |
— |
(84,919) |
|
Net derivative gain (loss) |
62,501 |
— |
(34) |
— |
62,467 |
|
Revenue from proprietary mining |
— |
— |
15,430 |
— |
15,430 |
|
Other income (expense) |
(131) |
59 |
150 |
220 |
298 |
|
538,778 |
60,962 |
106,156 |
(7,810) |
698,086 |
|
|
Compensation expense |
36,300 |
16,892 |
13,669 |
15,536 |
82,397 |
|
Interest |
37,742 |
— |
— |
2,087 |
39,829 |
|
Notes interest expense |
— |
— |
— |
9,683 |
9,683 |
|
Blockchain reward distributions (1)(2) |
— |
— |
68,010 |
(7,250) |
60,760 |
|
Depreciation and amortization |
1,341 |
123 |
12,586 |
1,801 |
15,851 |
|
Other operating expenses |
9,517 |
2,646 |
22,066 |
197,542 |
231,771 |
|
Operating expenses |
84,900 |
19,661 |
116,331 |
219,399 |
440,289 |
|
Other income |
|||||
|
Net unrealized gain (loss) on digital assets |
(409,911) |
(29,723) |
207 |
— |
(439,427) |
|
Net unrealized gain on investments |
304,880 |
66,497 |
(2,501) |
— |
368,876 |
|
Net (loss) on notes payable – derivative |
— |
— |
— |
(16,583) |
(16,583) |
|
Foreign currency gain |
(131) |
— |
— |
— |
(131) |
|
(105,162) |
36,774 |
(2,294) |
(16,583) |
(87,265) |
|
|
Income (loss) before income taxes |
348,716 |
78,075 |
(12,469) |
(243,792) |
170,532 |
|
Income tax expense |
— |
— |
— |
(3,765) |
(3,765) |
|
Net income (loss) for the period |
$ 348,716 |
$ 78,075 |
$ (12,469) |
$ (240,027) |
$ 174,297 |
|
Foreign currency translation adjustment |
$ — |
$ — |
$ — |
$ 218 |
$ 218 |
|
Comprehensive income (loss) for the period |
$ 348,716 |
$ 78,075 |
$ (12,469) |
$ (239,809) |
$ 174,515 |
|
(1) All intercompany transactions are eliminated in the Corporate and Other segment. |
|
(2) The Partnership operates public proof of stake validation infrastructure which allows third parties to stake their digital assets on its validator nodes. Blockchain rewards include amounts earned by these third parties. These corresponding costs are included in blockchain reward distribution. |
Income and expenses by each reportable segment of GDH LP for the three months ended December 31, 2023 are as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate |
Totals |
|
Income (loss) |
|||||
|
Fee revenue |
|||||
|
Hosting fees |
$ — |
$ — |
$ 6,345 |
$ — |
$ 6,345 |
|
Licensing fees |
— |
1 |
415 |
118 |
534 |
|
Management and performance fees |
414 |
8,369 |
1,443 |
(1,127) |
9,099 |
|
Advisory fees |
2,147 |
— |
55 |
— |
2,202 |
|
Other fee revenue |
54 |
— |
(1,099) |
— |
(1,045) |
|
Total fee revenue (1) |
2,615 |
8,370 |
7,159 |
(1,009) |
17,135 |
|
Lending and staking revenue |
|||||
|
Lending income |
16,063 |
166 |
272 |
(975) |
15,526 |
|
Blockchain rewards |
— |
1,367 |
— |
— |
1,367 |
|
Total lending and staking revenue |
16,063 |
1,533 |
272 |
(975) |
16,893 |
|
Net realized gain (loss) on digital assets |
292,796 |
353 |
— |
— |
293,149 |
|
Net realized gain (loss) on investments |
(55,036) |
(263) |
— |
— |
(55,299) |
|
Net derivative gain (loss) |
71,730 |
(468) |
(141) |
— |
71,121 |
|
Revenue from proprietary mining |
— |
— |
12,449 |
— |
12,449 |
|
Other income (expense) |
(35) |
4 |
— |
55 |
24 |
|
328,133 |
9,529 |
19,739 |
(1,929) |
355,472 |
|
|
Compensation |
28,319 |
10,565 |
8,474 |
9,377 |
56,735 |
|
Interest |
5,501 |
— |
— |
3,482 |
8,983 |
|
Notes interest expense |
— |
— |
— |
6,913 |
6,913 |
|
Depreciation and amortization |
117 |
61 |
6,649 |
1,195 |
8,022 |
|
Blockchain reward distributions |
— |
— |
260 |
— |
260 |
|
Other operating expenses |
26,110 |
3,914 |
(7,772) |
(4,197) |
18,055 |
|
Operating expenses |
60,047 |
14,540 |
7,611 |
16,770 |
98,968 |
|
Other |
|||||
|
Net unrealized gain (loss) on digital assets |
(98,968) |
75,248 |
1,219 |
— |
(22,501) |
|
Net unrealized loss on investments |
65,922 |
25,675 |
1,335 |
— |
92,932 |
|
Net gain on notes payable – derivative |
— |
— |
— |
(8,581) |
(8,581) |
|
Foreign currency loss |
350 |
— |
— |
— |
350 |
|
(32,696) |
100,923 |
2,554 |
(8,581) |
62,200 |
|
|
Income (loss) before income taxes |
235,390 |
95,912 |
14,682 |
(27,280) |
318,704 |
|
Income tax benefit |
— |
— |
— |
17,247 |
17,247 |
|
Net income (loss) for the period |
$ 235,390 |
$ 95,912 |
$ 14,682 |
$ (44,527) |
$ 301,457 |
|
Foreign currency translation adjustment |
— |
— |
— |
85 |
85 |
|
Comprehensive income (loss) for the period |
$ 235,390 |
$ 95,912 |
$ 14,682 |
$ (44,442) |
$ 301,542 |
|
(1) All intercompany transactions are eliminated in the Corporate and Other segment. |
Income and expenses by each reportable segment of GDH LP for the year ended December 31, 2024 are as follows:
|
(in thousands) |
Global |
Asset |
Digital |
Corporate |
Totals |
|
Income (loss) |
|||||
|
Fee revenue |
|||||
|
Mining hosting fees |
$ — |
$ — |
$ 31,566 |
$ — |
$ 31,566 |
|
Licensing fees |
2 |
2 |
3,256 |
(480) |
2,780 |
|
Management and performance fees |
17,896 |
49,026 |
11 |
(2,853) |
64,080 |
|
Advisory fees |
4,768 |
— |
— |
— |
4,768 |
|
Total fee revenue (1) |
22,666 |
49,028 |
34,833 |
(3,333) |
103,194 |
|
Lending and staking revenue |
|||||
|
Lending income |
82,731 |
100 |
2,636 |
22 |
85,489 |
|
Blockchain rewards (1) (2) |
20,813 |
14,790 |
174,420 |
(21,258) |
188,765 |
|
Total lending and staking revenue |
103,544 |
14,890 |
177,056 |
(21,236) |
274,254 |
|
Net realized gain (loss) on digital assets |
547,349 |
67,542 |
796 |
— |
615,687 |
|
Net realized gain (loss) on investments |
(187,058) |
13,527 |
2,423 |
— |
(171,108) |
|
Net derivative gain |
267,010 |
— |
759 |
— |
267,769 |
|
Revenue from proprietary mining |
— |
— |
63,305 |
— |
63,305 |
|
Other income |
674 |
119 |
444 |
220 |
1,457 |
|
754,185 |
145,106 |
279,616 |
(24,349) |
1,154,558 |
|
|
Compensation expense |
112,019 |
47,181 |
40,418 |
49,923 |
249,541 |
|
Blockchain reward distributions (2) |
— |
— |
151,556 |
(21,258) |
130,298 |
|
Interest |
102,010 |
— |
— |
7,529 |
109,539 |
|
Notes interest expense |
— |
— |
— |
30,804 |
30,804 |
|
Depreciation and amortization |
3,090 |
406 |
47,043 |
5,796 |
56,335 |
|
Other operating expenses |
82,083 |
12,684 |
69,613 |
207,884 |
372,264 |
|
Operating expenses |
299,202 |
60,271 |
308,630 |
280,678 |
948,781 |
|
Net unrealized gain (loss) on digital assets |
(207,072) |
(45,165) |
(3,143) |
— |
(255,380) |
|
Net unrealized gain (loss) on investments |
368,331 |
64,904 |
(3,336) |
— |
429,899 |
|
Net loss on notes payable – derivative |
— |
— |
— |
(31,727) |
(31,727) |
|
Foreign currency loss |
1,317 |
— |
— |
— |
1,317 |
|
162,576 |
19,739 |
(6,479) |
(31,727) |
144,109 |
|
|
Income (loss) before income taxes |
$ 617,559 |
$ 104,574 |
$ (35,493) |
$ (336,754) |
$ 349,886 |
|
Income tax expense (benefit) |
— |
— |
— |
(15,426) |
(15,426) |
|
Net income (loss) |
$ 617,559 |
$ 104,574 |
$ (35,493) |
$ (321,328) |
$ 365,312 |
|
Foreign currency translation adjustment |
— |
— |
— |
1,190 |
1,190 |
|
Comprehensive income (loss) |
$ 617,559 |
$ 104,574 |
$ (35,493) |
$ (320,138) |
$ 366,502 |
|
(1) All intercompany transactions are eliminated in the Corporate and Other segment. |
|
(2) The Partnership operates public proof of stake validation infrastructure which allows third parties to stake their digital assets on its validator nodes. Blockchain rewards include amounts earned by these third parties. These corresponding costs are included in blockchain reward distribution. |
Income and expenses by each reportable segment of GDH LP for the year ended December 31, 2023 are as follows:
|
(in thousands) |
Global |
Asset |
Digital |
Corporate |
Totals |
|
Income (loss) |
|||||
|
Fee revenue |
|||||
|
Mining hosting fees |
$ — |
$ — |
$ 24,335 |
$ — |
$ 24,335 |
|
Licensing fees |
— |
1 |
1,649 |
— |
1,650 |
|
Management and performance fees |
414 |
22,202 |
1,443 |
(3,220) |
20,839 |
|
Advisory fees |
4,463 |
— |
55 |
— |
4,518 |
|
Total fee revenue (1) |
4,877 |
22,203 |
27,482 |
(3,220) |
51,342 |
|
Lending and staking revenue |
|||||
|
Lending income |
48,572 |
190 |
272 |
(975) |
48,059 |
|
Blockchain rewards |
1,344 |
2,813 |
— |
— |
4,157 |
|
Total lending and staking revenue |
49,916 |
3,003 |
272 |
(975) |
52,216 |
|
Net realized gain (loss) on digital assets |
307,057 |
4,773 |
— |
— |
311,830 |
|
Net realized gain (loss) on investments |
(8,936) |
22,348 |
— |
— |
13,412 |
|
Net derivative gain (loss) |
150,715 |
1,074 |
(206) |
— |
151,583 |
|
Revenue from proprietary mining |
— |
— |
33,121 |
— |
33,121 |
|
Other income |
175 |
(127) |
254 |
55 |
357 |
|
Total revenues and gain (loss) from operations |
503,804 |
53,274 |
60,923 |
(4,140) |
613,861 |
|
Compensation expense |
109,297 |
46,401 |
26,565 |
28,413 |
210,676 |
|
Blockchain reward distributions |
— |
— |
1,086 |
— |
1,086 |
|
Interest |
19,825 |
— |
— |
4,828 |
24,653 |
|
Notes interest expense |
— |
— |
— |
27,285 |
27,285 |
|
Depreciation and amortization |
401 |
197 |
22,798 |
4,521 |
27,917 |
|
Other operating expenses |
57,137 |
10,051 |
(3,843) |
21,437 |
84,782 |
|
Operating expenses |
186,660 |
56,649 |
46,606 |
86,484 |
376,399 |
|
Net unrealized gain (loss) on digital assets |
(73,492) |
74,223 |
1,219 |
— |
1,950 |
|
Net unrealized gain (loss) on investments |
79,001 |
(2,193) |
7,607 |
— |
84,415 |
|
Net gain (loss) on notes payable – derivative |
— |
— |
— |
(9,603) |
(9,603) |
|
Foreign currency loss |
(493) |
— |
— |
— |
(493) |
|
5,016 |
72,030 |
8,826 |
(9,603) |
76,269 |
|
|
Income (loss) before income taxes |
$ 322,160 |
$ 68,655 |
$ 23,143 |
$ (100,227) |
$ 313,731 |
|
Income tax expense (benefit) |
— |
— |
— |
17,833 |
17,833 |
|
Net income (loss) |
$ 322,160 |
$ 68,655 |
$ 23,143 |
$ (118,060) |
$ 295,898 |
|
Foreign currency translation adjustment |
— |
— |
— |
88 |
88 |
|
Comprehensive income (loss) |
$ 322,160 |
$ 68,655 |
$ 23,143 |
$ (117,972) |
$ 295,986 |
|
(1) All intercompany transactions are eliminated in the Corporate and Other segment. |
Assets and liabilities by reportable segment of GDH LP as of December 31, 2024 are as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate and |
Totals |
|
Total assets |
$ 6,089,936 |
$ 632,751 |
$ 356,713 |
$ 108,052 |
$ 7,187,452 |
|
Total liabilities |
$ 3,644,943 |
$ 194 |
$ 23,497 |
$ 1,241,786 |
$ 4,910,420 |
Assets and liabilities by reportable segment of GDH LP as of December 31, 2023 are as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate and |
Totals |
|
Total assets |
$ 2,726,950 |
$ 575,056 |
$ 321,322 |
$ 51,921 |
$ 3,675,249 |
|
Total liabilities |
$ 1,289,792 |
$ 10,968 |
$ 9,817 |
$ 574,891 |
$ 1,885,468 |
Select statement of financial position information
Select assets by reporting segment of GDH LP as of December 31, 2024 is as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate and |
Totals |
|
Digital assets |
$ 2,940,659 |
$ 23,534 |
$ — |
$ — |
$ 2,964,193 |
|
Digital assets receivables |
12,027 |
47,390 |
1,303 |
— |
60,720 |
|
Assets posted as collateral |
277,147 |
— |
— |
— |
277,147 |
|
Loans receivable (1) |
1,056,150 |
— |
— |
— |
1,056,150 |
|
Investments |
1,087,588 |
547,466 |
8,452 |
— |
1,643,506 |
|
Property and equipment |
— |
— |
260,388 |
7,260 |
267,648 |
|
(1) Includes digital asset and fiat loans. |
Select assets by reporting segment of GDH LP as of December 31, 2023 is as follows:
|
(in thousands) |
Global Markets |
Asset |
Digital |
Corporate and |
Totals |
|
Digital assets |
$ 1,052,013 |
$ 67,930 |
$ — |
$ — |
$ 1,119,943 |
|
Digital assets receivables |
6,506 |
13,135 |
1,219 |
— |
20,860 |
|
Assets posted as collateral |
318,195 |
— |
— |
— |
318,195 |
|
Loans receivable (1) |
491,868 |
— |
— |
— |
491,868 |
|
Investments |
244,807 |
476,262 |
14,034 |
— |
735,103 |
|
Property and equipment |
109 |
— |
252,552 |
7,304 |
259,965 |
|
(1) Includes digital asset and fiat loans. |
Net Digital Assets Position
Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position and is included in the Company’s liquidity measure. Net digital assets as of December 31, 2024 is as follows:
|
(in thousands) |
BTC(3) |
ETH(4) |
Stablecoin |
Other(5) |
As of |
|
Assets |
|||||
|
Digital assets |
$ 1,578,553 |
$ 453,503 |
$ 512,476 |
$ 408,101 |
$ 2,952,633 |
|
Digital asset loans receivable, net of allowance |
2,540 |
94,338 |
393,733 |
88,919 |
579,530 |
|
Digital assets receivable, current |
— |
— |
— |
53,608 |
53,608 |
|
Digital assets receivable, noncurrent |
— |
— |
— |
7,112 |
7,112 |
|
Assets posted as collateral – Digital assets(1) |
256,214 |
20,933 |
— |
— |
277,147 |
|
Restricted digital assets, non-current(2) |
— |
— |
— |
11,560 |
11,560 |
|
1,837,307 |
568,774 |
906,209 |
569,300 |
3,881,590 |
|
|
Liabilities |
|||||
|
Digital asset loans payable |
934,381 |
193,432 |
189,336 |
180,461 |
1,497,609 |
|
Collateral payable – Digital assets(1) |
822,494 |
137,332 |
163,237 |
201,597 |
1,324,660 |
|
1,756,875 |
330,764 |
352,573 |
382,058 |
2,822,269 |
|
|
Digital assets, net |
$ 80,432 |
$ 238,010 |
$ 553,636 |
$ 187,242 |
$ 1,059,321 |
|
Stablecoins, net(2) |
$ — |
$ — |
$ 553,636 |
$ — |
$ 553,636 |
|
Digital assets, net excl. stablecoins |
$ 80,432 |
$ 238,010 |
$ — |
$ 187,242 |
$ 505,685 |
|
Digital asset investment vehicles included in investments |
$ 768,948 |
$ 32,089 |
$ — |
$ 219,706 |
$ 1,020,743 |
|
(1) Excludes cash portion of balance on the Partnership’s statement of financial position. |
|
(2) Represents tokens that are subject to a sale restriction of greater than one year. |
|
(3) Includes associated tokens such as wBTC. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold BTC, including spot ETFs, Galaxy sponsored BTC funds, Mt. Gox Investment Fund LP, and Xapo Holdings Limited reflected in the last row of this table. |
|
(4) Includes associated tokens such as wETH and stETH. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold ETH, including spot ETFs and Galaxy sponsored ETH funds, reflected in the last row of this table. |
|
(5) Includes $52.8 million net SOL and $27.7 million net TIA digital assets. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold digital assets, including the Galaxy sponsored Galaxy Digital Crypto Vol Fund LLC (includes $119.9 million SOL and $31.4 million of AVAX) and Ripple Lab Inc., reflected in the last row of this table. |
|
(6) The Partnership also held digital asset derivative positions not reflected in this table. |
Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position and is included in the Company’s liquidity measure. Net digital assets as of December 31, 2023 is as follows:
|
(in thousands) |
BTC(4) |
ETH(5) |
Stablecoin |
Other(6) |
As of |
|
Assets |
|||||
|
Digital assets |
$ 589,011 |
$ 174,978 |
$ 179,222 |
$ 135,376 |
1,078,587 |
|
Digital asset loans receivable, net of allowance |
3,044 |
87,252 |
12,000 |
2,208 |
104,504 |
|
Digital assets receivable, current |
— |
— |
— |
14,686 |
14,686 |
|
Digital assets receivable, non-current |
— |
— |
— |
6,174 |
6,174 |
|
Assets posted as collateral – Digital assets(1) |
197,092 |
119,012 |
— |
— |
316,104 |
|
Restricted digital assets, non-current(2) |
— |
— |
— |
41,356 |
41,356 |
|
789,147 |
381,242 |
191,222 |
199,800 |
1,561,411 |
|
|
Liabilities |
|||||
|
Digital asset loans payable |
48,202 |
14,603 |
297,762 |
37,710 |
398,277 |
|
Collateral payable – Digital assets(1) |
437,889 |
116,723 |
9,457 |
5,926 |
569,995 |
|
486,091 |
131,326 |
307,219 |
43,636 |
968,272 |
|
|
Digital assets, net |
$ 303,056 |
$ 249,916 |
$ (115,997) |
$ 156,164 |
$ 593,139 |
|
Stablecoins, net(3) |
$ — |
$ — |
(115,997) |
$ — |
$ (115,997) |
|
Digital assets, net excl. stablecoins |
$ 303,056 |
$ 249,916 |
$ — |
$ 156,164 |
$ 709,136 |
|
Digital asset investment vehicles included in investments |
$ 130,583 |
$ 22,107 |
$ — |
$ 37,171 |
$ 189,861 |
|
(1) Excludes cash portion of balance on the Partnership’s statement of financial position. |
|
(2) Represents TIA tokens that are subject to a sale restriction of greater than one year. |
|
(3) As of December 31, 2023, stablecoin liabilities were greater than stablecoin assets. |
|
(4) Includes associated tokens such as wBTC. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold BTC, including bitcoin futures ETFs, Galaxy sponsored BTC funds, Mt. Gox Investment Fund LP, and Xapo Holdings Limited, net of associated investment liabilities, reflected in the last row of this table. |
|
(5) Includes associated tokens such as wETH and stETH. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold ETH, including Galaxy sponsored ETH funds, reflected in the last row of this table. |
|
(6) Includes $12.0 million net SOL and $68.5 million net TIA. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold digital assets, including Ripple Lab Inc., reflected in the last row of this table. |
|
(7) The Partnership also held digital asset derivative positions not reflected in this table. |
|
All figures are in U.S. Dollars unless otherwise noted. |
SOURCE Galaxy Digital Holdings Ltd.
