REVENUES

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

The following tables provide additional details related to the Company’s Revenues by segment for the three months ended September 30, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		September 30, 2025
Digital assets sales	$	28,199,024	$	—	$	—	$	28,199,024
Fees	106,216		—		(1,937)		104,279
Blockchain rewards	56,918		—		(4,719)		52,199
Proprietary mining	—		—		1,171		1,171
Revenues from contracts with customers	$	28,362,158	$	—	$	(5,485)	$	28,356,673

Blockchain rewards from non-customers (1)	2,350		—		262		2,612
Lending	33,236		2,662		6,688		42,586
Total revenues	$	28,397,744	$	2,662	$	1,465	$	28,401,871


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		September 30, 2024
Digital assets sales	$	8,464,827	$	—	$	—	$	8,464,827
Fees	14,527		—		6,195		20,722
Blockchain rewards	53,590		—		(5,491)		48,099
Proprietary mining	—		—		11,435		11,435
Revenues from contracts with customers	$	8,532,944	$	—	$	12,139	$	8,545,083

Blockchain rewards from non-customers (1)	960		—		984		1,944
Lending	21,905		—		1,725		23,630
Total revenues	$	8,555,809	$	—	$	14,848	$	8,570,657

_______________

(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.

The following tables provide additional details related to the Company’s Revenues by segment for the nine months ended September 30, 2025 and 2024.


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		September 30, 2025
Digital assets sales	$	49,613,572	$	—	$	—	$	49,613,572
Fees	139,883		—		(7,095)		132,788
Blockchain rewards	180,168		—		(15,695)		164,473
Proprietary mining	—		—		13,351		13,351
Revenues from contracts with customers	$	49,933,623	$	—	$	(9,439)	$	49,924,184

Blockchain rewards from non-customers (1)	4,610		—		8,609		13,219
Lending	86,785		2,662		12,782		102,229
Total revenues	$	50,025,018	$	2,662	$	11,952	$	50,039,632


(in thousands)	Digital Assets		Data Centers		Treasury and Corporate		September 30, 2024
Digital assets sales	$	26,507,682	$	—	$	—	$	26,507,682
Fees	52,988		—		22,390		75,378
Blockchain rewards	98,983		—		(2,930)		96,053
Proprietary mining	—		—		47,875		47,875
Revenues from contracts with customers	$	26,659,653	$	—	$	67,335	$	26,726,988

Blockchain rewards from non-customers (1)	4,544		—		984		5,528
Lending	53,154		—		3,250		56,404
Total revenues	$	26,717,351	$	—	$	71,569	$	26,788,920

_______________

(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.

Contract Liabilities

Contract liabilities consist of deferred revenue and include payments received in advance of performance obligations being met under the terms of the contract. Such amounts are recognized as revenue over the contractual period as the Company satisfies its performance obligations. As of September 30, 2025 and December 31, 2024, the Company had contract liabilities of $57.1 million and $0.0 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Galaxy Digital Inc. 10-Q