PROPERTY AND EQUIPMENT |
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| 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:
__________________ (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.
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