Equity capital was $2.1
billion as of June 30,
2024
Net loss of $177
million for the second quarter, driven primarily by net
losses on digital assets and investments as a result of a decline
in digital asset markets
Net income of $245
million for the six months ended June
30, 2024, driven by strong operating performance and
positive digital asset markets
Assets Under Stake of $3.3 billion as of July
18, 2024, up from $486 million
at the end of March 2024
NEW
YORK, Aug. 1, 2024 /CNW/ - Galaxy Digital
Holdings Ltd. (TSX: GLXY) (the "Company" or "GDH Ltd.") today
released financial results for the three months and six months
ended June 30, 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.
Corporate Updates
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
July 26, 2024, Galaxy filed an
amendment to its registration statement responding to SEC comments,
which is under review.
CryptoManufaktur Acquisition: On July 19, 2024, Galaxy announced that it acquired
the assets of CryptoManufaktur ("CMF"), a blockchain node operator
that provides trusted, secure services to
decentralized protocols across the digital asset
ecosystem. The addition of CMF brings approximately $1 billion in Ether assets under stake ("AUS"),
raising the Company's total AUS to $3.3
billion as of July 18, 2024.
As part of the transaction, CMF's seasoned three-person engineering
team, led by founder Thorsten
Behrens, joined Galaxy's Blockchain Infrastructure team,
which provides staking and validator services to investors,
protocols, and digital asset platforms.
Select GDH LP
Financial Metrics
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Equity
Capital
|
$2,129M
|
$2,192M
|
(3) %
|
Liquidity
|
$1,328M
|
$1,499M
|
(11) %
|
Cash & Net
Stablecoins1
|
$409M
|
$163M
|
150 %
|
Net Digital Assets
Excluding Stablecoins2
|
$501M
|
$821M
|
(39) %
|
Spot Bitcoin ETFs
|
$418M
|
$515M
|
(19) %
|
Net Income
(loss)
|
($177M)
|
$422M
|
N.M.3
|
Book Value Per Share
in CAD4
|
$8.45 CAD
|
$9.11 CAD
|
(7) %
|
|
|
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)
|
Includes Cash
Equivalents.
|
(2)
|
Refer to page 15 of
this release for a breakout of our net digital assets
position.
|
(3)
|
Abbreviation for "Not
Meaningful".
|
(4)
|
Calculated as equity
capital divided by outstanding Class A and Class B Units multiplied
by the end of period foreign exchange rate.
|
Galaxy Global Markets
Galaxy Global Markets ("GGM") offers institutional-grade
expertise and access to a broad range of digital asset products,
including digital asset spot and derivatives trading, financing,
capital markets and M&A advisory services to a diversified
client base. GGM operates in two discrete business units – Trading
and Investment Banking.
Trading
Trading reported counterparty trading revenue of $24 million in the second quarter. The decrease
was primarily driven by lower trading volumes, which decreased by
19% quarter-over-quarter ("QoQ"), and unfavorable asset price
movements. Despite the QoQ decrease, our counterparty trading
business generated approximately $90
million in revenue year-to-date through June, a nearly 80%
increase relative to the first half of 2023. Galaxy's average loan
book size expanded to $699 million,
driven by increased borrowing demand from both new and existing
counterparties. Galaxy continues to onboard new counterparties,
including large traditional institutions, and ended the second
quarter with 1,212 total trading counterparties.
Key Performance
Indicators
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Counterparty Trading
Revenue
|
$24M
|
$66M
|
(64) %
|
Loan Book Size
(Average)
|
$699M
|
$664M
|
5 %
|
Total Trading
Counterparties
|
1,212
|
1,161
|
4 %
|
Active Trading
Counterparties
|
294
|
281
|
5 %
|
Investment Banking
Investment Banking successfully closed two deals in the second
quarter, serving as the exclusive financial advisor to Toposware in
its sale to Polygon and to another client on its strategic
financing. In the quarter, Galaxy also served as the exclusive
financial advisor to Bitstamp in its pending sale to Robinhood,
which is expected to close in the first half of 2025 at which time
Galaxy expects to recognize the revenue associated with this deal.
Galaxy is executing against a pipeline of mandates representing
$2.1 billion in potential deal
value.
Key Performance
Indicators
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Deals
Closed
|
2
|
1
|
100 %
|
Pipeline
|
19
|
20
|
(5) %
|
Deal Value of
Pipeline
|
$2.1B
|
$2.2B
|
(5) %
|
____
KEY TERMS
Counterparty Trading Revenue: revenue from
counterparty-facing activities from our Derivatives, Credit,
Over-the-Counter Trading, and Quantitative Trading businesses, net
of associated funding charges.
Loan Book Size (Average): average market value of all
open loans, un-funded arrangements to finance delayed
trading/settlement (for example over weekends), and uncommitted
credit facilities in the period.
Active Trading Counterparties: counterparties with whom
we have traded within the past 12 months and who are still
onboarded with Galaxy's trading business.
Pipeline: the number of open engagements and transactions
the Investment Banking team has in market.
Deal Value of Pipeline: the theoretical aggregate deal
value associated with the Investment Banking pipeline.
Galaxy Asset Management
Galaxy Asset Management ("GAM") provides investors access
to the digital asset ecosystem via a diverse suite of
institutional-grade investment vehicles that span passive, active,
and venture strategies.
GAM reported assets under management ("AUM") of approximately
$4.6 billion and management and
performance fees of $14.5 million in
the second quarter, down 42% and 19% QoQ respectively, primarily
driven by the continued successful liquidation of assets associated
with an ongoing opportunistic mandate to unwind portfolios on
behalf of the FTX estate and market depreciation. In the quarter,
GAM announced a collaboration with State Street Global Advisors to
develop a suite of manager-directed digital asset ETFs that will
offer investors exposure to companies in the digital asset space,
going beyond crypto and bitcoin.
Subsequent to quarter-end, GAM, in partnership with Invesco,
announced the launch of the Invesco Galaxy Ethereum
ETF (ticker: QETH). GAM conducted a $113
million initial close for Galaxy Ventures Fund I LP at the
end of June, a venture capital fund focused on investing in
early-stage companies across crypto protocols,
software infrastructure, and financialized applications.
Key Performance
Indicators
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Management and
Performance Fees
|
$14.5M
|
$17.8M
|
(19) %
|
Total
AUM1
|
$4,563M
|
$7,818M
|
(42) %
|
Passive
AUM
|
$2,392M
|
$2,730M
|
(12) %
|
Active AUM2
|
$632M
|
$3,584M
|
(82) %
|
Venture
AUM
|
$1,539M
|
$1,504M
|
2 %
|
|
|
(1)
|
In Galaxy's monthly AUM
disclosures, the "funds" line item consists of AUM held in GAM's
Passive, Active, and Venture funds, excluding opportunistic assets.
Total AUM for Q1 2024 was updated from what was previously reported
as AUM for quarterly close vehicles are reported as of the most
recent information available for the applicable period.
|
(2)
|
Includes opportunistic
AUM. "Opportunistic" AUM are near-term or mid-term engagements to
unwind portfolios managed by GAM. Opportunistic AUM was $520M as of
June 30, 2024 and $3,440M as of March 31, 2024.
|
____
KEY TERMS
Assets Under Management: all figures are unaudited. AUM
is inclusive of sub-advised funds, committed capital closed-end
vehicles, seed investments by affiliates, affiliated and
unaffiliated separately managed accounts, engagements to unwind
portfolios, and fund of fund products. Changes in AUM are generally
the result of performance, contributions, withdrawals, liquidations
and opportunistic mandate wins.
- AUM for committed capital closed-end vehicles that have
completed their investment period is reported as NAV (Net Asset
Value) plus unfunded commitment.
- AUM for quarterly close vehicles is reported as of the most
recent quarter available for the applicable period.
- AUM for affiliated separately managed accounts is reported as
NAV as of the most recently available estimate for the applicable
period.
Passive Strategies: single- and multi-asset private
funds, as well as a suite of regulated spot digital asset
exchange-traded funds offered through partnerships with asset
managers globally.
Active Strategies: Galaxy's Liquid Crypto
Fund and the management of certain opportunistic mandates.
Venture Strategies: organized around two investment
themes: Interactive Ventures and Crypto Ventures.
Galaxy Interactive invests at the intersection of content,
technology, and social commerce, managing client capital across
three funds. GAM's Crypto Ventures sleeve includes
Galaxy's inaugural crypto venture fund, which is
focused on investing in early-stage companies across
crypto protocols, software infrastructure, and
financialized applications, as well as two global, multi-manager
venture funds and a subset of Galaxy's balance sheet venture
investments.
Galaxy Digital Infrastructure Solutions
Galaxy Digital Infrastructure Solutions ("GDIS") consists
of proprietary and hosted bitcoin mining services, GK8
self-custody technology solutions, and blockchain
infrastructure.
Mining
Mining revenue was $24.0 million
for the second quarter, relative to power purchase costs and
external hosting expenses, net of curtailment credits, of
$10.5 million, resulting in a 56%
direct mining profit margin. The QoQ decrease in revenue was
primarily driven by the Bitcoin halving in April.
Currently, Galaxy has 200 megawatts of energized mining capacity
and is bringing on an additional 300 megawatts of high-voltage
capacity in the third quarter of 2025. Galaxy has firm capacity
approval from both the Electric Reliability Council of Texas and the Wind Energy Transmission of
Texas to scale up to 800 megawatts
of power from the existing interconnect. In the first quarter, we
expanded our campus by purchasing an additional 160 acres adjacent
to Helios. We now have a total of 320 acres of contiguous land and
have submitted additional load studies and a new interconnection
request that are pending approval.
Key Performance
Indicators
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Mining
Revenue
|
$24.0M
|
$31.5M
|
(24) %
|
Proprietary Mining
Revenue
|
$16.3M
|
$20.1M
|
(19) %
|
Hosted and Other
Mining Revenue1
|
$7.7M
|
$11.4M
|
(32) %
|
Total Hashrate Under
Management
|
5.6 EH/s
|
5.7 EH/s
|
(3) %
|
Proprietary Mining
Hashrate
|
2.9 EH/s
|
3.1 EH/s
|
(5) %
|
Hosted Mining
Hashrate
|
2.6 EH/s
|
2.6 EH/s
|
(1) %
|
Number of
Proprietary BTC Mined
|
242
|
373
|
(35) %
|
Average Marginal
Cost to Mine
|
<$22.5K
|
<$19.5K
|
N.M.
|
|
|
(1)
|
Includes revenue from
hosting clients and other mining related activities.
|
Blockchain Infrastructure and GK8
Blockchain Infrastructure and GK8 continue to build and invest
in the technology that powers the digital assets ecosystem.
Blockchain Infrastructure expanded its Assets Under Stake by 341%
QoQ to $2.1 billion as of
June 30th, with Galaxy growing to
become one of the largest validators globally on the
Solana network. As of July 18,
2024, AUS grew to $3.3 billion
with the addition of approximately $1
billion in Ether AUS from the acquisition of CMF. GK8
continues to execute against its pipeline of enterprise
clients.
Key Performance
Indicators
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Assets Under
Stake
|
$2,144M
|
$486M
|
341 %
|
GK8 Total Client
Count
|
22
|
21
|
5 %
|
_____
KEY TERMS
Hashrate Under Management: the total combined hashrate of
active proprietary and hosted mining capacity managed by
Galaxy.
Proprietary Mining Hashrate: the hashrate attributed to
Galaxy owned and operated mining machines.
Hosted Mining Hashrate: the hashrate attributed to
third-party machines operated by Galaxy for a client.
Number of Proprietary BTC Mined: the total amount of
bitcoin mined from proprietary mining operations.
Average Marginal Cost to Mine: the average 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.
GK8 Total Client Count: the total number of clients
contracted to use GK8's technology solutions.
Summary of Operating Expenses
Operating
expenses
|
Q2
2024
|
Q1
2024
|
Q/Q %
Change
|
Compensation and
compensation related
|
$43M
|
$42M
|
1 %
|
Equity based
compensation
|
$12M
|
$18M
|
(36) %
|
General and
administrative
|
$45M
|
$48M
|
(6) %
|
Mining
costs
|
$10M
|
$15M
|
(31) %
|
Trading and
commission expense
|
$4M
|
$6M
|
(35) %
|
Technology
|
$7M
|
$6M
|
13 %
|
Depreciation and
amortization
|
$14M
|
$11M
|
18 %
|
Impairment
reversal
|
$0M
|
$0M
|
N.M.
|
Other
|
$9M
|
$8M
|
13 %
|
Professional
fees
|
$14M
|
$13M
|
2 %
|
Staking
costs
|
$32M
|
$1M
|
N.M.
|
Interest
|
$21M
|
$20M
|
5 %
|
Notes interest
expense
|
$7M
|
$7M
|
1 %
|
|
|
Note:
|
Quarter-over-quarter
percentage change calculations are based on unrounded
results.
|
Overview of Second Quarter Operating Expenses:
- Compensation and compensation related expenses of $43 million were roughly flat QoQ.
- Equity based compensation decreased by approximately
$6 million QoQ, primarily driven by
fully vested high-priced equity grants issued in 2021, partially
offset by new grants issued in 2022, 2023 and 2024 at lower share
prices.
- General and administrative expenses declined by approximately
$3 million from the first quarter of
2024, driven by lower mining costs and trading and commission
expenses, partially offset by higher depreciation and amortization
costs.
- Mining costs decreased by approximately $5 million QoQ; reflecting our actively
managed power strategy, leading to a reduction in electricity
costs.
- Trading commission expenses decreased by approximately
$2 million QoQ, on account of
lower trading volumes in the quarter.
- Depreciation and amortization expenses increased by over
$2 million QoQ, reflecting the
additional depreciation from new mining machines and electrical
infrastructure that were energized during the prior quarter.
- Professional fees of $14 million
were slightly up QoQ.
- Staking costs was a new line item this quarter, and reflected
the staking rewards that Galaxy generates from its AUS, which were
paid to the delegators. This amount offsets the staking rewards
received, which were included in the Lending and Staking
revenue.
- Interest expense of $21 million
was up approximately $1 million QoQ,
reflecting our ability to source non-dilutive wholesale financing
to help fund our Trading and Lending businesses and consistent with
our risk management principles of sound Asset and Liability
Management and maintaining substantial liquidity buffers.
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 $(49.4) million for the three months
ended June 30, 2024 and $60.6 million for the six months ended
June 30, 2024.
Earnings Conference Call
An investor conference call will be held today, August 1, 2024, 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 1-800-274-8461, or
1-203-518-9814 (outside the U.S. and Canada) using the Conference ID: GALAXY. 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 September 1, 2024,
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: 11156334.
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 three and six months ended June 30, 2024 and (ii) GDH Ltd.'s Management
Discussion and Analysis and Consolidated Financial Statements for
the three and six months ended June 30,
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 is not an offer to buy or sell, nor is it a
solicitation of an offer to buy or sell, interests in the fund or
any advisory services or any other security or to participate in
any advisory services or trading strategy. If any offer and sale of
securities is made, it will be pursuant to the confidential
offering memorandum of the fund (the Offering Memorandum or fund
prospectus ("Prospectus")). Any decision to make an investment in
the fund should be made after reviewing such Offering Memorandum or
Prospectus, conducting such investigations as the investor deems
necessary and consulting the investor's own investment, legal,
accounting and tax advisors in order to make an independent
determination of the suitability and consequences of an
investment.
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 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 business pipelines for
banking and Gk8, mining goals, focus on self custody and validator
solutions and our commitment to the future of
decentralized networks 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 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 transactions; (4) the
risk that the transactions disrupt current plans and operations;
(5) costs related to 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 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; and (11) the possibility that there is a
disruption in mining impacting our ability to achieve expected
results or change in power dynamics impacting our results, (12) any
delay or failure to consummate the business mandates or achieve its
pipeline goals in banking and Gk8, (13) liquidity or economic
conditions impacting our business (14) regulatory concerns,
technological challenges, cyber incidents or exploits on
decentralized networks (15) those other risks
contained in the Annual Information Form for the year ended
December 31, 2023 available on the
Company's profile at www.sedarplus.ca and its Management's
Discussion and Analysis, filed on August 1,
2024. Factors that could cause actual results to differ
materially from those described in such forward-looking statements
include, but are not limited to, 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 banking and Gk8 mandates;
delays or other challenges in the mining business related to
hosting, power or our mining infrastructure; any challenges faced
with respect to decentralized networks, 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 2024. All rights reserved.
Galaxy Digital Holdings LP's Consolidated Statements of
Financial Position (unaudited)
(in
thousands)
|
June 30,
2024
|
|
December 31,
2023
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalent
|
$
314,033
|
|
$
316,610
|
Digital
assets
|
1,954,398
|
|
1,078,587
|
Receivable for digital
asset trades
|
26,907
|
|
41,339
|
Digital assets loans
receivable, net of allowance
|
177,230
|
|
104,504
|
Digital assets
receivables
|
44,576
|
|
14,686
|
Investments (includes
$45.1 million and $0 of equity method investments,
respectively)
|
508,380
|
|
—
|
Assets posted as
collateral
|
203,942
|
|
318,195
|
Receivables
|
25,840
|
|
15,983
|
Derivative
assets
|
153,470
|
|
173,209
|
Prepaid expenses and
other assets
|
27,780
|
|
37,910
|
Loans receivable, net
of allowance
|
404,991
|
|
377,105
|
Due from related
party
|
31,891
|
|
5,007
|
Total current
assets
|
3,873,438
|
|
2,483,135
|
|
|
|
|
Digital assets
receivables
|
3,854
|
|
6,174
|
Investments (includes
$394.8 million and $290.4 million of equity method investments,
respectively)
|
800,315
|
|
735,103
|
Restricted digital
assets
|
15,863
|
|
41,356
|
Digital asset loans
receivable, non-current
|
12,881
|
|
—
|
Loans receivable,
non-current
|
—
|
|
10,259
|
Property and
equipment
|
267,431
|
|
259,965
|
Other non-current
assets
|
107,284
|
|
95,000
|
Goodwill
|
44,257
|
|
44,257
|
Total non-current
assets
|
1,251,885
|
|
1,192,114
|
Total
assets
|
$
5,125,323
|
|
$
3,675,249
|
|
|
|
|
Liabilities and
equity
|
|
|
|
Current
liabilities
|
|
|
|
Investments sold
short
|
115,240
|
|
25,295
|
Derivative
liabilities
|
118,770
|
|
160,642
|
Accounts payable and
accrued liabilities
|
73,118
|
|
69,212
|
Payable to
customers
|
94,816
|
|
3,503
|
Taxes
payable
|
12,636
|
|
25,936
|
Payable for digital
asset trades
|
34,751
|
|
4,176
|
Digital assets loans
payable
|
950,178
|
|
398,277
|
Loans
payable
|
211,384
|
|
93,069
|
Collateral
payable
|
811,656
|
|
581,362
|
Due to related
party
|
87,403
|
|
67,953
|
Lease
liability
|
3,960
|
|
3,860
|
Total current
liabilities
|
2,513,912
|
|
1,433,285
|
|
|
|
|
Notes
payable
|
427,679
|
|
408,053
|
Deferred tax
liability
|
46,734
|
|
33,894
|
Lease
liability
|
8,271
|
|
10,236
|
Total non-current
liabilities
|
482,684
|
|
452,183
|
Total
liabilities
|
2,996,596
|
|
1,885,468
|
|
|
|
|
Equity
|
|
|
|
Partners'
capital
|
2,128,727
|
|
1,789,781
|
Total
equity
|
2,128,727
|
|
1,789,781
|
|
|
|
|
Total liabilities
and equity
|
$
5,125,323
|
|
$
3,675,249
|
Galaxy Digital Holdings LP's Consolidated Statements of
Income (Loss) and Comprehensive Income (Loss) (unaudited)
(in
thousands)
|
Three months
ended
|
|
Six months
ended
|
|
June 30,
2024
|
June 30,
2023
|
|
June 30,
2024
|
June 30,
2023
|
Income
|
|
|
|
|
|
Fee revenue
|
$
26,483
|
$
11,097
|
|
$
54,611
|
$
25,526
|
Net realized gain
(loss) on digital assets
|
(161,738)
|
20,179
|
|
108,660
|
86,298
|
Net realized gain
(loss) on investments
|
12,826
|
48,334
|
|
(160,008)
|
46,356
|
Lending and staking
revenue
|
54,371
|
10,809
|
|
84,309
|
21,318
|
Net derivative
gain
|
105,322
|
9,641
|
|
188,962
|
64,725
|
Revenue from
proprietary mining
|
16,312
|
8,563
|
|
36,440
|
10,980
|
Other
income
|
140
|
43
|
|
475
|
206
|
|
53,716
|
108,666
|
|
313,449
|
255,409
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Compensation and
compensation related
|
42,921
|
34,632
|
|
85,397
|
65,252
|
Equity based
compensation
|
11,601
|
15,655
|
|
29,590
|
38,925
|
General and
administrative
|
44,721
|
14,742
|
|
92,777
|
29,647
|
Mining
costs
|
10,452
|
(130)
|
|
25,638
|
5,830
|
Trading and commission
expense
|
4,112
|
2,341
|
|
10,434
|
3,285
|
Technology
|
7,356
|
4,599
|
|
13,852
|
8,994
|
Depreciation and
amortization
|
13,505
|
7,318
|
|
24,932
|
11,765
|
Impairment
reversal
|
—
|
(5,932)
|
|
—
|
(11,914)
|
Other
|
9,296
|
6,546
|
|
17,921
|
11,687
|
Professional
fees
|
13,704
|
8,785
|
|
27,077
|
18,603
|
Staking
costs
|
32,034
|
308
|
|
32,696
|
539
|
Interest
|
20,927
|
4,334
|
|
40,775
|
9,873
|
Notes interest
expense
|
7,040
|
6,790
|
|
14,016
|
13,521
|
|
(172,948)
|
(85,246)
|
|
(322,328)
|
(176,360)
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
Net unrealized gain
(loss) on digital assets
|
42,900
|
(4,774)
|
|
139,713
|
(1,745)
|
Net unrealized gain
(loss) on investments
|
(114,314)
|
(65,850)
|
|
121,538
|
16,863
|
Net loss on notes
payable - derivative
|
(2,573)
|
(799)
|
|
(12,286)
|
(2,104)
|
Foreign currency gain
(loss)
|
1,474
|
63
|
|
1,353
|
(75)
|
|
(72,513)
|
(71,360)
|
|
250,318
|
12,939
|
|
|
|
|
|
|
Income before income
taxes
|
(191,745)
|
(47,940)
|
|
241,439
|
91,988
|
Income taxes expense
(benefit)
|
(14,736)
|
(1,900)
|
|
(3,216)
|
3,826
|
Net income for the
period
|
$
(177,009)
|
$
(46,040)
|
|
$
244,655
|
$
88,162
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
Foreign currency
translation adjustment
|
1,724
|
$
39
|
|
1,089
|
(416)
|
|
|
|
|
|
|
Comprehensive income
for the period
|
$
(175,285)
|
$
(46,001)
|
|
$
245,744
|
$
87,746
|
|
Three months
ended
|
Six months
ended
|
|
June 30,
2024
|
June 30,
2023
|
June 30,
2024
|
June 30,
2023
|
GDH LP Net income
(loss) per unit:
|
|
|
|
|
Basic
|
$
(0.52)
|
$
(0.14)
|
$
0.74
|
$
0.28
|
Diluted
|
(0.52)
|
(0.14)
|
0.70
|
0.27
|
Weighted average
units:
|
|
|
|
|
Basic
|
338,212,221
|
321,392,562
|
331,685,773
|
320,391,466
|
Diluted
|
338,212,221
|
321,392,562
|
350,414,148
|
327,417,371
|
Reportable segments (unaudited)
Income and expenses by each reportable segment of GDH LP for the
three months ended June 30, 2024 are
as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and
Other
|
Totals
|
Income
(loss)
|
|
|
|
|
|
Fee
revenue(1)
|
|
|
|
|
|
Mining hosting
fees
|
$
—
|
$
—
|
$
7,775
|
$
—
|
$
7,775
|
Licensing
fees
|
—
|
—
|
612
|
(120)
|
492
|
Management and
performance fees
|
3,694
|
14,535
|
—
|
(734)
|
17,495
|
Advisory
fees
|
721
|
—
|
—
|
—
|
721
|
Total fee
revenue
|
4,415
|
14,535
|
8,387
|
(854)
|
26,483
|
Lending and staking
revenue
|
|
|
|
|
|
Lending
income
|
16,012
|
—
|
—
|
8
|
16,020
|
Blockchain
rewards
|
578
|
3,808
|
37,497
|
(3,532)
|
38,351
|
Total lending and
staking revenue
|
16,590
|
3,808
|
37,497
|
(3,524)
|
54,371
|
|
|
|
|
|
|
Net realized gain on
digital assets
|
(178,808)
|
16,274
|
796
|
—
|
(161,738)
|
Net realized gain
(loss) on investments
|
10,206
|
2,620
|
—
|
—
|
12,826
|
Net derivative
gain
|
105,550
|
—
|
(228)
|
—
|
105,322
|
Revenue from
proprietary mining
|
—
|
—
|
16,312
|
—
|
16,312
|
Other income
|
(4)
|
33
|
111
|
—
|
140
|
Total revenues and
gain (loss) from operations
|
(42,051)
|
37,270
|
62,875
|
(4,378)
|
53,716
|
|
|
|
|
|
|
Operating
expenses
|
68,604
|
13,781
|
69,230
|
21,333
|
172,948
|
|
|
|
|
|
|
Net unrealized gain on
digital assets
|
136,323
|
(86,685)
|
(6,738)
|
—
|
42,900
|
Net unrealized gain
(loss) on investments
|
(81,230)
|
(34,369)
|
1,285
|
—
|
(114,314)
|
Net loss on notes
payable - derivative
|
—
|
—
|
—
|
(2,573)
|
(2,573)
|
Foreign currency
loss
|
1,474
|
—
|
—
|
—
|
1,474
|
|
56,567
|
(121,054)
|
(5,453)
|
(2,573)
|
(72,513)
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
(54,088)
|
$
(97,565)
|
$
(11,808)
|
$
(28,284)
|
$
(191,745)
|
Income tax
expense
|
—
|
—
|
—
|
(14,736)
|
(14,736)
|
Net income
(loss)
|
$
(54,088)
|
$
(97,565)
|
$
(11,808)
|
$
(13,548)
|
$
(177,009)
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
1,724
|
1,724
|
Comprehensive income
(loss)
|
$
(54,088)
|
$
(97,565)
|
$
(11,808)
|
$
(11,824)
|
$
(175,285)
|
|
|
(1)
|
Asset Management fee
revenue includes management fees generated off the Partnership's
balance sheet venture investments. Licensing fees are attributable
to GK8, and include license fees paid by the Partnership for the
use of GK8's technology. All intercompany transactions are
eliminated in the Corporate & Other segment.
|
Income and expenses by each reportable segment of GDH LP for the
six months ended June 30, 2024 are as
follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and
Other(1)
|
Totals
|
Income
(loss)
|
|
|
|
|
|
Fee revenue
(1)
|
|
|
|
|
|
Mining hosting
fees
|
$
—
|
$
—
|
$
17,916
|
$
—
|
17,916
|
Licensing
fees
|
1
|
—
|
1,419
|
(240)
|
1,180
|
Management and
performance fees
|
3,694
|
32,372
|
—
|
(1,481)
|
34,585
|
Advisory
fees
|
930
|
—
|
—
|
—
|
930
|
Total fee
revenue
|
4,625
|
32,372
|
19,335
|
(1,721)
|
54,611
|
Lending and staking
revenue
|
|
|
|
|
|
Lending
income
|
32,756
|
5
|
2
|
12
|
32,775
|
Blockchain
rewards
|
5,660
|
11,046
|
43,575
|
(8,747)
|
51,534
|
Total lending and
staking revenue
|
38,416
|
11,051
|
43,577
|
(8,735)
|
84,309
|
|
|
|
|
|
|
Net realized gain on
digital assets
|
91,497
|
16,367
|
796
|
—
|
108,660
|
Net realized gain
(loss) on investments
|
(173,323)
|
13,315
|
—
|
—
|
(160,008)
|
Net derivative
gain
|
188,095
|
—
|
867
|
—
|
188,962
|
Revenue from
proprietary mining
|
—
|
—
|
36,440
|
—
|
36,440
|
Other income
|
153
|
33
|
289
|
—
|
475
|
|
149,463
|
73,138
|
101,304
|
(10,456)
|
313,449
|
|
|
|
|
|
|
Operating
expenses
|
133,033
|
29,585
|
110,110
|
49,600
|
322,328
|
|
|
|
|
|
|
Net unrealized gain on
digital assets
|
184,582
|
(41,358)
|
(3,511)
|
—
|
139,713
|
Net unrealized gain
(loss) on investments
|
98,480
|
23,108
|
(50)
|
—
|
121,538
|
Net loss on notes
payable - derivative
|
—
|
—
|
—
|
(12,286)
|
(12,286)
|
Foreign currency
loss
|
1,353
|
—
|
—
|
—
|
1,353
|
|
284,415
|
(18,250)
|
(3,561)
|
(12,286)
|
250,318
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
300,845
|
$
25,303
|
$
(12,367)
|
$
(72,342)
|
$
241,439
|
Income tax
expense
|
—
|
—
|
—
|
(3,216)
|
(3,216)
|
Net income
(loss)
|
$
300,845
|
$
25,303
|
$
(12,367)
|
$
(69,126)
|
$
244,655
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
1,089
|
1,089
|
Comprehensive income
(loss)
|
$
300,845
|
$
25,303
|
$
(12,367)
|
$
(68,037)
|
$
245,744
|
|
|
(1)
|
Asset Management fee
revenue includes management fees generated off the Partnership's
balance sheet venture investments. Licensing fees are attributable
to GK8, and include license fees paid by the Partnership for the
use of GK8's technology. All intercompany transactions are
eliminated in the Corporate & Other segment.
|
Income and expenses by each reportable segment of GDH LP for the
three months ended June 30, 2023 are
as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and
Other
|
Totals
|
Income
(loss)
|
|
|
|
|
|
Fee revenue
(1)
|
|
|
|
|
|
Mining hosting
fees
|
—
|
—
|
6,548
|
—
|
$
6,548
|
Licensing
fees
|
—
|
—
|
610
|
—
|
610
|
Management and
performance fees
|
—
|
4,216
|
—
|
(762)
|
3,454
|
Advisory
fees
|
57
|
—
|
—
|
—
|
57
|
Other fee
revenues
|
—
|
—
|
428
|
—
|
428
|
Total fee
revenue
|
57
|
4,216
|
7,586
|
(762)
|
11,097
|
Lending and staking
revenue
|
|
|
|
|
|
Lending
income
|
9,990
|
9
|
—
|
—
|
9,999
|
Blockchain
rewards
|
(706)
|
1,516
|
—
|
—
|
810
|
Total lending and
staking revenue
|
9,284
|
1,525
|
—
|
—
|
10,809
|
|
|
|
|
|
|
Net realized gain on
digital assets
|
17,601
|
2,578
|
—
|
—
|
20,179
|
Net realized gain
(loss) on investments
|
23,725
|
24,609
|
—
|
—
|
48,334
|
Net derivative
gain
|
8,769
|
1,008
|
(136)
|
—
|
9,641
|
Revenue from
proprietary mining
|
—
|
—
|
8,563
|
—
|
8,563
|
Other income
(expense)
|
96
|
(96)
|
11
|
32
|
43
|
Total revenues and
gain (loss) from operations
|
59,532
|
33,840
|
16,024
|
(730)
|
108,666
|
|
|
|
|
|
|
Operating
expenses
|
40,894
|
13,790
|
7,748
|
22,814
|
85,246
|
|
|
|
|
|
|
Net unrealized gain
(loss) on digital assets
|
(1,067)
|
(3,707)
|
—
|
—
|
(4,774)
|
Net unrealized gain on
investments
|
(23,726)
|
(45,532)
|
3,408
|
—
|
(65,850)
|
Net loss on notes
payable - derivative
|
—
|
—
|
—
|
(799)
|
(799)
|
Foreign currency
loss
|
63
|
—
|
—
|
—
|
63
|
|
(24,730)
|
(49,239)
|
3,408
|
(799)
|
(71,360)
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
(6,092)
|
$
(29,189)
|
$
11,684
|
$
(24,343)
|
$
(47,940)
|
Income tax
expense
|
—
|
—
|
—
|
(1,900)
|
(1,900)
|
Net income
(loss)
|
$
(6,092)
|
$
(29,189)
|
$
11,684
|
$
(22,443)
|
$
(46,040)
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
39
|
39
|
Comprehensive income
(loss)
|
$
(6,092)
|
$
(29,189)
|
$
11,684
|
$
(22,404)
|
$
(46,001)
|
|
|
(1)
|
Asset Management fee
revenue includes management fees generated off the Partnership's
balance sheet venture investments, which are eliminated in the
Corporate & Other segment.
|
Income and expenses by each reportable segment of GDH LP for the
six months ended June 30, 2023 are as
follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and
Other
|
Totals
|
Income
(loss)
|
|
|
|
|
|
Fee revenue
(1)
|
|
|
|
|
|
Mining hosting
fees
|
$
—
|
$
—
|
$
12,816
|
$
—
|
$
12,816
|
Licensing
fees
|
—
|
—
|
790
|
—
|
790
|
Management and
performance fees
|
—
|
9,148
|
—
|
(1,382)
|
7,766
|
Advisory
fees
|
2,265
|
—
|
—
|
—
|
2,265
|
Other fee
revenues
|
(54)
|
—
|
1,943
|
—
|
1,889
|
Total fee
revenue
|
2,211
|
9,148
|
15,549
|
(1,382)
|
25,526
|
Lending and staking
revenue
|
|
|
|
|
|
Lending
income
|
19,078
|
17
|
—
|
—
|
19,095
|
Blockchain
rewards
|
707
|
1,516
|
—
|
—
|
2,223
|
Total lending and
staking revenue
|
19,785
|
1,533
|
—
|
—
|
21,318
|
|
|
|
|
|
|
Net realized gain on
digital assets
|
82,633
|
3,665
|
—
|
—
|
86,298
|
Net realized gain
(loss) on investments
|
24,099
|
22,257
|
—
|
—
|
46,356
|
Net derivative
gain
|
63,319
|
1,542
|
(136)
|
—
|
64,725
|
Revenue from
proprietary mining
|
—
|
—
|
10,980
|
—
|
10,980
|
Other income
(expense)
|
134
|
(163)
|
55
|
180
|
206
|
Total revenues and
gain (loss) from operations
|
192,181
|
37,982
|
26,448
|
(1,202)
|
255,409
|
|
|
|
|
|
|
Operating
expenses
|
83,103
|
29,978
|
17,062
|
46,217
|
176,360
|
|
|
|
|
|
|
Net unrealized gain
(loss) on digital assets
|
(1,744)
|
(1)
|
—
|
—
|
(1,745)
|
Net unrealized gain on
investments
|
16,647
|
(6,435)
|
6,651
|
—
|
16,863
|
Net loss on notes
payable - derivative
|
—
|
—
|
—
|
(2,104)
|
(2,104)
|
Foreign currency
loss
|
(75)
|
—
|
—
|
—
|
(75)
|
|
14,828
|
(6,436)
|
6,651
|
(2,104)
|
12,939
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
$
123,906
|
$
1,568
|
$
16,037
|
$
(49,523)
|
$
91,988
|
Income tax
expense
|
—
|
—
|
—
|
3,826
|
3,826
|
Net income
(loss)
|
$
123,906
|
$
1,568
|
$
16,037
|
$
(53,349)
|
$
88,162
|
Foreign currency
translation adjustment
|
—
|
—
|
—
|
(416)
|
(416)
|
Comprehensive income
(loss)
|
$
123,906
|
$
1,568
|
$
16,037
|
$
(53,765)
|
$
87,746
|
|
|
(1)
|
Asset Management fee
revenue includes management fees generated off the Partnership's
balance sheet venture investments, which are eliminated in the
Corporate & Other segment.
|
Assets and liabilities by reportable segment of GDH LP as of
June 30, 2024 are as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and Other
|
Totals
|
Total
assets
|
$
3,972,284
|
$
643,731
|
$
351,145
|
$
158,163
|
$
5,125,323
|
|
|
|
|
|
|
Total
liabilities
|
$
2,356,282
|
$
1,250
|
$
10,055
|
$
629,009
|
$
2,996,596
|
Assets and liabilities by reportable segment of GDH LP as of
December 31, 2023 are as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and Other
|
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 June 30, 2024 is as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and Other
|
Totals
|
Digital
assets
|
$ 1,925,574
|
$
44,687
|
$
—
|
$
—
|
$ 1,970,261
|
Digital assets
receivables
|
12,241
|
35,253
|
936
|
—
|
48,430
|
Assets posted as
collateral
|
203,942
|
—
|
—
|
—
|
203,942
|
Loans
receivable
|
595,102
|
—
|
—
|
—
|
595,102
|
Investments
|
764,285
|
532,084
|
12,326
|
—
|
1,308,695
|
Property and
equipment
|
—
|
—
|
260,258
|
7,173
|
267,431
|
|
$ 3,501,144
|
$
612,024
|
$
273,520
|
$
7,173
|
$ 4,393,861
|
Select assets by reporting segment of GDH LP as of December 31, 2023 is as follows:
(in
thousands)
|
Global
Markets
|
Asset
Management
|
Digital
Infrastructure
Solutions
|
Corporate
and Other
|
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
|
491,868
|
—
|
—
|
—
|
491,868
|
Investments
|
244,807
|
476,262
|
14,034
|
—
|
735,103
|
Property and
equipment
|
109
|
—
|
252,552
|
7,304
|
259,965
|
|
$ 2,113,498
|
$
557,327
|
$
267,805
|
$
7,304
|
$ 2,945,934
|
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 June 30, 2024 and December
31, 2023 is as follows:
(in
thousands)
|
BTC (3)
|
ETH (4)
|
Stablecoin
|
Other (5)
|
As of
June 30,
2024
|
Assets
|
|
|
|
|
|
Digital
assets
|
$
1,202,920
|
$
344,110
|
$
236,122
|
$
171,246
|
$
1,954,398
|
Digital asset loans
receivable, net of allowance
|
16,656
|
28,612
|
118,733
|
26,110
|
190,111
|
Digital assets
receivable, current
|
—
|
—
|
—
|
44,576
|
44,576
|
Digital assets
receivable, non-current
|
—
|
—
|
—
|
3,854
|
3,854
|
Assets posted as
collateral - Digital assets(1)
|
163,950
|
28,594
|
|
1,429
|
193,973
|
Restricted digital
assets, non-current(2)
|
—
|
—
|
—
|
15,863
|
15,863
|
|
1,383,526
|
401,316
|
354,855
|
263,078
|
2,402,775
|
Liabilities
|
|
|
|
|
|
Digital asset loans
payable
|
620,602
|
57,089
|
242,529
|
29,958
|
950,178
|
Collateral
payable(1)
|
584,957
|
145,166
|
17,807
|
14,621
|
762,551
|
Payables to
customers
|
94,586
|
—
|
—
|
—
|
94,586
|
|
1,300,145
|
202,255
|
260,336
|
44,579
|
1,807,315
|
Digital assets,
net
|
$
83,381
|
$
199,061
|
$
94,519
|
$
218,499
|
595,460
|
Stablecoins,
net
|
$
—
|
$
—
|
$
94,519
|
$
—
|
94,519
|
Digital assets, net
excl. stablecoins
|
$
83,381
|
$
199,061
|
$
—
|
$
218,499
|
$
500,941
|
|
|
|
|
|
|
Bitcoin spot ETFs included in
Investments
|
418,068
|
—
|
—
|
—
|
418,068
|
|
|
(1)
|
Excludes cash portion
of balance on the Partnership's statement of financial
position.
|
(2)
|
Represents TIA and SOL
tokens that are subject to a sale restriction of greater than one
year.
|
(3)
|
Includes associated
tokens such as wBTC. The Partnership also held interests in
investment vehicles designed to hold BTC, including Galaxy
sponsored BTC funds and Mt. Gox Investment Fund LP, valued at
$129.1 million as of June 30, 2024 reflected in the
investments balance in addition to the digital assets noted above.
The Partnership also held bitcoin derivative positions not
reflected above in addition to the noted bitcoin investment
vehicles.
|
(4)
|
Includes associated
tokens such as wETH and stETH. The Partnership also held interests
in investment vehicles designed to hold ETH, including Galaxy
sponsored ETH funds, valued at $42.3 million as of June
30, 2024 reflected in the investments balance in addition to the
digital assets noted above. The Partnership also held Ether
derivative positions not reflected above in addition to the noted
Ether investment vehicles.
|
(5)
|
Includes
$43.6 million net SOL and $45.3 million net TIA. The
Partnership also held an interest in investment vehicles designed
to hold SOL, the Galaxy sponsored Galaxy Digital Crypto Vol Fund
LLC valued at $91.4 million as of June 30, 2024 reflected in
the investments balance in addition to the digital assets noted
above, and the Partnership held digital asset derivative positions
not reflected above in addition to the noted investment
vehicle.
|
(in
thousands)
|
BTC (4)
|
ETH (5)
|
Stablecoin
|
Other (5)
|
As of December
31, 2023
|
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(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
|
|
|
|
|
|
|
Bitcoin spot ETFs included in
Investments
|
$
—
|
$
—
|
$
—
|
$
—
|
$
—
|
|
|
(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. The Partnership also held interests in
investment vehicles designed to hold BTC, including ProShares
Bitcoin Strategy ETF, Galaxy sponsored BTC funds, and Mt. Gox
Investment Fund LP, valued at $123.1 as of December 31, 2023
reflected in the investments balance in addition to the digital
assets noted above. The Partnership also held bitcoin derivative
positions not reflected above in addition to the noted bitcoin
investment vehicles.
|
(5)
|
Includes associated
tokens such as wETH and stETH. The Partnership also held interests
in investment vehicles designed to hold ETH, including Galaxy
sponsored ETH funds, valued at $22.1 million as of
December 31, 2023 reflected in the investments balance in addition
to the digital assets noted above. The Partnership also held
Ethereum derivative positions not reflected above in addition to
the noted Ethereum investment vehicles.
|
(6)
|
Includes
$12.0 million net SOL and $68.5 million net TIA. The
Partnership also held digital asset derivative positions not
reflected above.
|
All figures are in U.S. Dollars unless
otherwise noted.
SOURCE Galaxy Digital Holdings Ltd.