As of June 30, 2026 and December 31, 2025, the Company held digital assets of $3.5 billion and $4.5 billion, respectively. The Company had net gains / (losses) on digital assets of $237.3 million and $516.3 million for the three and six months ended June 30, 2026, respectively, and $134.9 million and $116.7 million for the three and six months ended June 30, 2025, respectively.


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		June 30, 2026
Digital intangible assets (includes $450.6 million measured at fair value)	$	605,335	$	—	$	4,045	$	609,380
Digital financial assets	—		521,340		—		521,340
Total self-custodied (1)	605,335		521,340		4,045		1,130,720

Digital intangible assets (includes $523.8 million measured at fair value)	889,812		—		6,978		896,790
Digital financial assets	—		436,077		—		436,077
Total held with third parties, including centralized trading platforms (1)	889,812		436,077		6,978		1,332,866

Collateral posted with counterparties (2) (measured at fair value)	652,068		—		—		652,068



Digital assets associated with decentralized finance protocols (2)(3)	303,519		98,238		—		401,757
Total digital assets	$	2,450,733	$	1,055,655	$	11,023	$	3,517,411


(in thousands)	Digital intangible assets, current		Digital financial assets		Digital intangible assets, non-current		December 31, 2025
Digital intangible assets (includes $1,168.4 million measured at fair value)	$	1,236,892	$	—	$	591	$	1,237,483
Digital financial assets	—		422,144		—		422,144
Total self-custodied (1)	1,236,892		422,144		591		1,659,627

Digital intangible assets (includes $758.3 million measured at fair value)	840,960		—		26,233		867,193
Digital financial assets	—		8,304		—		8,304
Total held with third parties, including centralized trading platforms (1)	840,960		8,304		26,233		875,497

Collateral posted with counterparties (2) (includes $779.4 million measured at fair value)	810,338		—		—		810,338





Digital assets associated with decentralized finance protocols (2) (3)	638,026		558,173		—		1,196,199
Total digital assets	$	3,526,216	$	988,621	$	26,824	$	4,541,661

(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.

(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of $520.9 million and $608.9 million as of June 30, 2026 and December 31, 2025, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $29.8 million and $74.2 million as of June 30, 2026 and December 31, 2025, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

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 $31.9 million and $58.3 million of digital assets restricted by lock-up schedules as of June 30, 2026 and December 31, 2025, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from less than one week to approximately 3 years.

The Company had staked $209.1 million and $239.6 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of June 30, 2026 and December 31, 2025, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods on the respective blockchains. As of both June 30, 2026 and December 31, 2025, the majority of the Company’s staked digital assets on various blockchains, including Ethereum, could be unbonded within 7 days.

The Company’s digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as collateral and retains control. The following tables show the Company’s most significant gross digital asset holdings as of June 30, 2026 and December 31, 2025:


	June 30, 2026
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	21,084	$	1,307,858	$	1,234,326
USDC	805,549,343	806,222		805,308
Ether	97,764	158,183		153,471
SWEEP	99,785,436	100,165		100,287
HYPE	1,212,527	81,975		78,467
SOL	760,835	96,870		55,972
KV-PYUSD	42,600,727	42,631		42,592
Other	not meaningful	321,242		280,554
Digital assets measured at fair value		2,915,146		2,750,977
Digital assets not measured at fair value	not meaningful	805,319		766,434
Total digital assets		$	3,720,465	$	3,517,411


	December 31, 2025
(in thousands except for quantity)	Quantity	Historical cost		Carrying value
Bitcoin	25,723	$	2,282,988	$	2,251,410
USDC	392,816,281	393,418		392,659
AETHUSDC	231,655,352	231,601		231,562
Ether	61,137	180,946		181,422
SUSDC	138,611,076	149,634		150,083
GTSY	99,926,786	99,997		100,216
SOL	775,289	132,044		96,506

Other	not meaningful	423,804		328,957
Digital assets measured at fair value		3,894,432		3,732,815
Digital assets not measured at fair value	not meaningful	825,224		808,846
Total digital assets		$	4,719,656	$	4,541,661