Galaxy Digital Inc.GLXY

Galaxy Digital Inc. PP&E Disclosure

10-KFiled Feb 26, 20262 min read
Depreciation is recognized in General and administrative expenses in the Company’s consolidated statements of operations on a straight-line basis over the following estimated useful lives:
• Mining equipment 3 – 5 years
• Data center infrastructure 15 – 25 years
• Corporate assets other than leasehold improvements 3 – 10 years
• Leasehold improvements The shorter of the lease term or useful life of the assets
The following table represents property and equipment balances and accumulated depreciation as of December 31, 2025 and 2024:
(in thousands)
December 31, 2025December 31, 2024
Corporate assets (1)
$
15,084 
$
11,093 
Mining equipment
79,250 
172,572 
Data center infrastructure (2)
67,669 
113,710 
Land
35,272 
12,809 
WIP / Construction in progress (3)
1,344,211 
35,777 
Property and equipment, gross (4)
1,541,486 
345,961 
Less: Accumulated depreciation
(30,135)
(57,934)
Less: Impairment (5)
(88,238)
(50,989)
Property and equipment, net
$
1,423,113 
$
237,038 
__________________
(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 Artificial Intelligence (“AI”) and High Performance Computing (“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 consolidated statements of operations.

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.

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