
(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 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.

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.

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.

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
Bitcoin	17,102	$	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
Other	not meaningful	287,618		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
Bitcoin	13,704	$	1,335,194	$	1,277,816
Ether	112,248	378,907		373,871
USDC	333,713,029	334,224		333,652
SOL	498,767	73,567		94,288
UNI	5,216,565	71,911		68,922
TIA	9,626,784	17,995		34,116
Other	not meaningful	231,228		195,357
Digital assets measured at fair value		2,443,026		2,378,022
Digital assets not measured at fair value	not meaningful	598,295		550,203
Total digital assets		$	3,041,321	$	2,928,225

As of 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.