Other DebtActive
Galaxy Digital Lending Agreement
GEMI-Galaxy
BTC Holdings
4,619 BTC
Total Debt
$241.88M
Leverage
0.0%
mNAV
1.61x
Outstanding
$12.48M
Issue date
2023-03-02
Principal
$116.50M
Coupon
11.00%
Maturity
—
Conversion price
—
- Evergreen maturity; multiple loan tranches consolidated over time
- Fully repaid Oct 8, 2025 with IPO proceeds
Terms & Documentation
Terms
- BTC strategy
- No
- Facility type
- Other
- Rate type
- Fixed
- Collateral
- BTC and ETH (145-155% collateral rate)
- Covenants
- Margin call if collateral value falls 10% from initial collateral level; additional crypto must be pledged to reset
- Prepayment
- 90-day notice period for repayment
Sources(1)
- Form 10-Q (Q3 2025)FilingForm 10-Q (Q3 2025)Note 14 — Third Party LoansGemini Space Station, Inc. — 2025-11-10
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding | Source |
|---|---|---|---|
| 2025-12-31 | — | $12.48M Loans 13 (BTC, 11%), 14 (ETH, 11%), 15 (BTC, 12%) remain as evergreen | Form 10-K (2025) |
| 2025-10-08 | Repayment | $0.00 Fully repaid with IPO proceeds | Form 10-Q (Q3 2025) |
| 2025-09-30 | Issuance | $116.50M 3 tranches: $51.9M + $54.6M + $10M | Form 10-Q (Q3 2025) |
| 2023-03-02 | Issuance | $116.50M Multiple tranches; $116.5M aggregate at peak | Form 10-Q (Q3 2025) |
- 2025-12-31 — $12,485,000Note 15 — Funding Debt — filing — Gemini Space Station, Inc.Source
- 2025-10-08 — $0Note 23 — Subsequent Events — filing — Gemini Space Station, Inc.Source
- 2025-09-30 — $116,500,000Note 14 — Third Party Loans — filing — Gemini Space Station, Inc.Source
- 2023-03-02 — $116,500,000Note 14 — Third Party Loans — filing — Gemini Space Station, Inc.Source