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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025:
(in thousands)
June 30, 2026
December 31, 2025
Corporate assets (1)
$
16,135 
$
15,084 
Mining equipment
79,250 
79,250 
Data center infrastructure (2)
1,701,829 
67,669 
Land
36,633 
35,272 
WIP / Construction in progress (3)
512,334 
1,344,211 
Property and equipment, gross (4)
2,346,181 
1,541,486 
Less: Accumulated depreciation
(39,738)
(30,135)
Less: Impairment (5)
(88,238)
(88,238)
Property and equipment, net
$
2,218,204 
$
1,423,113 
__________________
(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 AI and HPC leasing businesses. During the year ended December 31, 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)Gross asset amounts are net of any asset disposals.
(5)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Depreciation expense was $7.2 million and $9.6 million for the three and six months ended June 30, 2026, respectively, and $3.5 million and $12.2 million for the three and six months ended June 30, 2025, respectively.
Impairment of Mining Equipment and Related Infrastructure
The Company assesses mining equipment and related infrastructure for impairment when a triggering event is identified. During the year ended December 31, 2025, the Company recognized an impairment of $87.3 million, of which $49.2 million was recognized during the six months ended June 30, 2025. Impairment was related to its mining equipment and related infrastructure, 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 and related infrastructure using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.