← Galaxy Digital Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and Cash Equivalents, at Carrying Value | $661k | $748k | $644k | $296k | $861k | $8.9m | $2.9m | $2.4m | $462.1m | $1.2b | |
| Prepaid Expense and Other Assets, Current | — | — | $452k | $351k | $268k | $196k | $242k | $278k | $26.9m | $99.7m | |
| Short-term Investments | — | — | — | — | — | — | — | — | $834.8m | $709.1m | |
| Digital asset loans receivable, net of allowance | — | — | — | — | — | — | — | — | $579.5m | $1.1b | |
| Accounts receivable (includes $3.4 and $4.6 million due from related parties) | — | — | $1.7m | $979k | $665k | $1.4m | $1.2m | $1.0m | $55.3m | $34.0m | |
| Digital assets receivable | — | — | — | — | — | — | — | — | $7.1m | $4.7m | |
| Loans receivable, net of allowance | — | — | — | — | — | — | — | — | $476.6m | $554.4m | |
| Prepaid expenses and other assets | $381k | $352k | $473k | — | — | $5k | $1.3m | $3.0m | $26.9m | $99.7m | |
| Digital asset loans receivable, net of allowance, non-current | — | — | — | — | — | — | — | — | $0 | $8.9m | |
| Loans receivable, net of allowance, non-current | — | — | — | — | — | — | — | — | $0 | $2.6m | |
| Prepaid expenses and other current assets | — | — | $452k | $351k | $268k | $196k | $242k | $278k | $269k | $310k | |
| Other current assets | — | — | $21k | $49k | $111k | $17k | — | — | — | — | |
| Accounts receivable and unbilled receivables, net | $2.5m | $3.0m | $1.7m | — | — | — | — | — | — | — | |
| Prepayments and other current assets | — | — | — | $64.8m | $50.7m | $79.1m | $34.6m | — | — | — | |
| Prepaid income tax | — | — | — | $12.3m | $14.5m | $14.5m | — | — | — | — | |
| Assets, Current | — | — | — | — | — | — | — | — | $5.9b | $8.5b | |
| Total current assets | $3.6m | $4.1m | $2.8m | $1.7m | $1.9m | $10.4m | $4.3m | $3.7m | $5.9b | $8.5b | |
| Property, Plant and Equipment, Net | $512k | $209k | $80k | $299k | $238k | $252k | $268k | $151k | $237.0m | $1.4b | |
| Goodwill | $12.6m | $12.6m | $7.8m | $5.6m | $5.6m | $16.0m | $16.0m | $8.5m | $58.0m | $66.5m | |
| Intangible Assets, Net (Excluding Goodwill) | — | — | — | — | — | — | — | — | $37.4m | $29.5m | |
| Digital intangible assets (includes $2,717.4 and $1,997.4 million measured at fair value) | — | — | — | — | — | — | — | — | $21.0m | $26.8m | |
| Intangible assets, net | $548k | $263k | $20k | $3.5m | $2.6m | $7.8m | $6.3m | $4.9m | $3.9m | $3.2m | |
| Operating Lease, Right-of-Use Asset | — | — | — | — | — | — | — | — | $8.2m | $10.3m | |
| Other Assets, Noncurrent | — | — | — | — | — | — | — | — | $107.1m | $276.3m | |
| Finance lease right of use assets, net | — | — | — | — | — | — | $5.3m | $14.3m | $8.8m | $17.8m | |
| Other assets | — | — | — | — | — | — | $8.9m | $4.5m | $19.3m | $144.9m | |
| Right of use asset, net | — | — | — | — | — | $0 | $6.4m | — | — | — | |
| Additional Financial Items | |||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | — | — | — | — | — | — | — | — | $55.3m | $34.0m | |
| Digital financial assets | — | — | — | — | — | — | — | — | $359.7m | $988.6m | |
| Investments | — | — | — | — | — | — | — | — | $808.7m | $1.0b | |
| Assets posted as collateral, net of allowance | — | — | — | — | — | — | — | — | $277.1m | $200.0m | |
| Derivative assets | — | — | — | — | — | — | — | — | $207.7m | $83.8m | |
| Other non-current assets | $436k | $334k | $280k | $115k | $49k | $76k | $123k | $73k | $107.1m | $276.3m | |
| Derivative liabilities | — | — | — | — | — | — | — | — | $165.9m | $40.5m | |
| Digital assets borrowed | — | — | — | — | — | — | — | — | $1.5b | $2.4b | |
| Payable to customers | — | — | — | — | — | — | — | — | $19.5m | $85.8m | |
| Loans payable | — | — | — | — | — | — | — | — | $510.7m | $52.6m | |
| Collateral payable | — | — | — | — | — | — | — | — | $1.4b | $2.0b | |
| Notes payable - current | — | — | — | — | — | $0 | $1.3m | $8.0m | $0 | $428.5m | |
| Other current liabilities | — | — | — | — | — | $0 | $16k | $8.1m | $13.0m | $85.1m | |
| Notes payable | — | — | — | — | — | $0 | $5.9m | $68.5m | $845.2m | $2.4b | |
| Digital assets borrowed, non-current | — | — | — | — | — | — | — | — | $0 | $56.1m | |
| Other non-current liabilities (includes $72.3 and $0.0 million due to related parties) | $400k | $172k | $54k | $8k | $15k | $774k | $646k | $572k | $192.4m | $513.2m | |
| GDH LP Unit Holders | — | — | — | — | — | — | — | — | $2.2b | $0 | |
| Operating lease assets | — | — | — | $484.2m | $294k | $481k | $589k | $390k | $163k | $134k | |
| Current portion of operating lease liabilities | — | — | — | $142.2m | $96k | $161k | $199k | $148k | $157k | $61k | |
| Operating lease liabilities, net of current portion | — | — | — | $333.6m | $198k | $320k | $390k | $241k | $6k | $73k | |
| Warrant liabilities | — | — | $180k | $3.5m | $2.5m | $4.4m | $749k | $174k | $98k | $102k | |
| Purchase price and contingent consideration payable, current portion | — | — | — | — | — | $3.5m | $250k | $0 | — | — | |
| Purchase price and contingent consideration payable, net of current portion (Note 17) | — | — | — | — | $0 | $2.4m | $0 | — | — | — | |
| Amounts due from related parties | — | — | — | $9.7m | $7.9m | $7.3m | — | — | $400k | $1.3m | |
| Digital assets | — | — | — | — | — | — | $626k | $436k | $1.1m | $7.6m | |
| Equity method investments | — | — | — | $26.1m | $24.6m | $24.4m | $19.9m | $2.9m | $4.0m | $4.3m | |
| Short term loans | — | — | — | — | — | — | $6.0m | $125k | $484k | $2.2m | |
| Current assets from discontinued operations | — | — | — | — | — | $142.2m | — | $0 | $374.6m | $304.2m | |
| Restricted cash | — | — | — | $11.6m | $10.4m | $8.8m | — | $14.6m | $21.3m | — | |
| Amounts due to related parties | — | — | — | $851k | $50.2m | $30.5m | $46.5m | — | $400k | $1.3m | |
| Current liabilities from discontinued operations | — | — | — | — | — | $684.3m | — | — | $336.4m | $216.0m | |
| Contract assets | — | — | — | $7.8m | $6.2m | $5.3m | — | — | — | — | |
| Other contract costs | — | — | — | $54.1m | $47.1m | $32.2m | — | — | — | — | |
| Deferred tax assets | — | — | — | $4.2m | $7.0m | $26.0m | — | — | — | — | |
| Long-term prepayments and other non-current assets | — | — | — | $62.4m | $40.8m | $26.3m | — | — | — | — | |
| Bank loans (including amounts of VIEs without recourse to the Company of RMB 133,900 and RMB 6,000 as of December 31, 2020 and 2021, respectively ) | — | — | — | $92.0m | $133.9m | $6.0m | — | — | — | — | |
| Salary and welfare payable (including amounts of VIEs without recourse to the Company of RMB 65,927 and RMB 26,075 as of December 31, 2020 and 2021, respectively) | — | — | — | $74.1m | $67.6m | $27.4m | — | — | — | — | |
| Financial liabilities from contracts with customers (including amounts of VIEs without recourse to the Company of RMB 384,561 and RMB 337,932 as of December 31, 2020 and 2021, respectively) | — | — | — | $490.1m | $384.6m | $337.9m | — | — | — | — | |
| Income taxes payable (including amounts of VIEs without recourse to the Company of RMB 267 and RMB 195 as of December 31, 2020 and 2021, respectively) | — | — | — | $495k | $267k | $195k | — | — | — | — | |
| Non-current tax payable (including amounts of VIEs without recourse to the Company of RMB 33,718 and RMB 34,137 as of December 31, 2020 and 2021, respectively) | — | — | — | $26.1m | $33.7m | $34.1m | — | — | — | — | |
| Funds for construction | — | — | — | — | — | — | — | — | $0 | $41.0m | |
| Letters of credit | — | — | — | — | — | — | — | — | $21.3m | $31.3m | |
| Current portion of finance lease liability | — | — | — | — | — | — | $813k | $5.7m | $5.3m | $13.6m | |
| Customer deposits | — | — | — | — | — | $0 | $9.5m | $36.4m | $15.4m | $16.1m | |
| Due to customer | — | — | — | — | — | — | — | $0 | $13.0m | $4.8m | |
| Long-term portion of finance lease liability | — | — | — | — | — | — | $4.4m | $8.3m | $3.4m | $15k | |
| Sales and use tax payable | — | — | — | — | — | — | $0 | $1.6m | — | — | |
| Utility deposits | — | — | — | — | — | $0 | $1.4m | — | — | — | |
| Deposit on equipment | — | — | — | — | — | $3.3m | $0 | — | — | — | |
| Current portion of lease liability | — | — | — | — | — | $0 | $1.0m | — | — | — | |
| Related party notes payable | — | — | — | — | — | $2.1m | $0 | — | — | — | |
| Long-term portion of lease liability | — | — | — | — | — | $0 | $5.3m | — | — | — | |
| Total non-current assets | — | — | — | $1.1b | $855.3m | $495.6m | $112.3m | $15.6m | $1.2b | $2.8b | |
| Total non-current liabilities | — | — | — | $434.3m | $288.7m | $133.9m | — | — | $1.0b | $3.0b | |
| Total stockholders’ equity | $11.5m | $11.3m | $4.4m | $3.8m | $4.4m | $17.6m | $20.4m | $11.5m | $2.2b | $2.0b | |
| Total equity | — | — | — | ($242.9m) | ($362.5m) | $36.6m | $133.0m | $69.7m | $2.2b | $3.0b | |
| Total Mezzanine equity and stockholders' deficit | — | — | — | — | — | $12.6m | $79.2m | — | — | — | |
| Assets | $17.7m | $17.6m | $11.0m | $11.2m | $10.7m | $35.0m | $27.5m | $17.6m | $7.1b | $11.3b | |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts Payable, Current | $1.3m | $1.2m | $1.6m | $1.7m | $1.3m | $974k | $972k | $1.3m | $6.9m | $17.6m | |
| Operating Lease, Liability, Noncurrent | — | — | — | — | — | — | — | — | $6.9m | $8.6m | |
| Deferred Revenue, Noncurrent | $1.4m | $1.5m | $594k | $1.3m | $1.5m | $2.1m | $1.9m | $2.1m | $0 | $183.3m | |
| Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties) | — | — | — | — | — | $249k | $13.3m | $14.8m | $281.5m | $277.7m | |
| Current portion of long-term debt | — | — | $1.0m | — | $88k | $732k | $429k | $267k | $282k | $156k | |
| Accrued liabilities | $946k | $920k | $580k | $835k | $599k | $908k | $995k | $995k | $988k | $819k | |
| Long-term debt, net of current portion | $2.1m | $2.5m | $2.6m | — | $0 | $1.2m | $588k | $435k | $244k | $170k | |
| Accrued expenses and other payables | — | — | — | $48.5m | $46.0m | $36.6m | — | — | $121k | $261k | |
| Current portion of debt, at fair value | — | — | — | — | — | — | — | $0 | $35.8m | $0 | |
| Accrued dividends | — | — | — | — | — | $116k | $0 | — | — | — | |
| Liabilities, Current | — | — | — | — | — | — | — | — | $3.9b | $5.3b | |
| Total current liabilities | $3.7m | $3.6m | $3.8m | $3.8m | $3.6m | $8.3m | $4.8m | $4.7m | $3.9b | $5.3b | |
| Other Liabilities, Noncurrent | — | — | — | — | — | — | — | — | $192.4m | $513.2m | |
| Deferred tax liabilities (including amounts of VIEs without recourse to the Company of RMB 7,661 and RMB 4,433 as of December 31, 2020 and 2021, respectively) | — | — | — | $14.1m | $7.7m | $4.4m | $540k | $0 | — | — | |
| Liabilities | $6.2m | $6.3m | $6.6m | $7.4m | $6.3m | $17.4m | $7.2m | $6.2m | $4.9b | $8.3b | |
| Stockholders’ equity: | |||||||||||
| Additional Paid in Capital | $64.2m | $65.9m | $66.6m | $75.6m | $78.3m | $100.2m | $100.7m | $101.3m | $0 | $1.6b | |
| Retained Earnings (Accumulated Deficit) | ($52.4m) | ($54.2m) | ($61.8m) | ($71.5m) | ($73.6m) | ($82.3m) | ($80.1m) | ($89.6m) | $0 | $342.9m | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | ($353k) | ($350k) | ($351k) | ($338k) | ($381k) | ($353k) | ($220k) | ($248k) | $0 | ($2.0m) | |
| Convertible Preferred Stock | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | |
| Preferred stock | — | — | — | — | — | $15.1m | $0 | — | $0 | $136.0m | |
| Treasury stock, 9,291,199 shares at May 31, 2025 and 5,032,802 shares at May 31, 2024, at cost | — | — | — | — | — | — | — | ($62k) | ($62k) | ($31.4m) | |
| Treasury stock, 5,001,728 shares at May 31, 2023 and 36,296 shares at May 31, 2022, at cost | — | — | — | — | — | ($62k) | ($62k) | ($62k) | — | — | |
| Stockholders' Equity Attributable to Parent | — | — | — | — | — | — | — | — | $2.2b | $2.0b | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | — | — | $17.9m | $16.1m | $14.1m | $7.0m | $10.2m | $0 | $1.1b | |
| Liabilities and Equity | $17.7m | $17.6m | $11.0m | $11.2m | $10.7m | $35.0m | $27.5m | $17.6m | $7.1b | $11.3b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.