Galaxy Digital
Takes as collateral: bitcoin and ether
Events for this venue: dated moves past a published rule and levels crossed.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC collateral — collateral the desk reports holding against its cash loans ($787m), converted at today's price — it does not say how much of it is bitcoin.
- Dollar debt against bitcoin — a bounded estimate ($668m–$859m); the midpoint is shown.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | bilateral_unpublishedsourcebilateral_unpublished — negotiated per counterparty, as Maple's is; no card is posted. |
|---|---|
| Term structure | undisclosedsourceNot published; terms are per deal. |
| Rate certainty | undisclosedsourceNot published; a rate exists per loan and none is quotable. A retail bitcoin-collateralised credit line was announced 2026-08-25 and is not yet read here. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceGalaxy Digital Inc. — institutional lending negotiated per counterparty; no rate card, LTV schedule, price source or liquidation policy is posted (the registry files it bilateral_unpublished). Its lending book is reported in its SEC filings, which is why the venue is registered; the loan terms are not in what was read. |
|---|---|
| Default & liquidation | undisclosedsourceNot published — bilateral. Institutional financing of this kind is normally margined under a negotiated agreement, but no public document read here establishes it for this book. |
| Custody & backing | undisclosedsourceNot established from what was read: the filings report a lending book and collateral payable in digital assets, not who holds the collateral or whether it may be reused. |
| Recourse | undisclosedsourceNot published. |
| Track record | 0 months observedsourceDerived from credit_venues.first_date (2026-09-16), the day the venue was registered from its filings. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | Digital assets including BTC (share not disclosed)sourceGalaxy's SEC filings report loans receivable with collateral payable in digital assets; which collateral secures which loan is not disclosed, and nothing read supports a bitcoin share. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: none — No posted card this estate can read. Galaxy's institutional lending is negotiated per counterparty, which is `bilateral_unpublished` in the same sense as Maple — a rate exists per loan and none of them is quotable to a named borrower. A retail BTC-collateralised credit line was announced 2026-08-25 and is not yet read here. quantity: partial — A PUBLIC FILER, which is why this venue is registered at all: Galaxy reports its lending book in SEC filings (loans receivable, with collateral payable in digital assets), quarterly and audited — the only desk on this surface whose book carries an auditor's assurance rather than a reporter's disclaimer. Over $1.1bn of loans at the end of Q2 2026 per its filings. NOT YET INGESTED: the figure must be read from the filing itself to cefi_book_observations, with the accession number on the row, exactly as the corporate instruments are read. Registered now so the absence is a named gap rather than a venue nobody listed. composition: none — The filings report a lending book, not a collateral composition: which collateral secures which loan is not disclosed, and the digital assets payable line mixes collateral types. Nothing here supports a bitcoin share. |
What the loans are denominated in
other — as the venue's filings state itAssets: fiat (currency not named; 'fiat-denominated loans'). "In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral." — Galaxy Digital Inc. 10-Q Q2 2026, Note 11 Loans Receivable, https://www.sec.gov/Archives/edgar/data/1859392/000185939226000091/glxy-20260630.htm, read 2026-10-05
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- desk undisclosed
source
attribute · custody_model = undisclosedNot established from what was read: the filings report a lending book and collateral payable in digital assets, not who holds the collateral or whether it may be reused. - sub_custodian incompleteno borrow card for this venue names one
- reuse incompleteno borrow card for this venue carries a custody model
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | unknown (not published by the venue) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | unknown (not published by the venue) — this venue has no borrow rate to compare |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | unknown (not published by the venue) — the desk publishes no realised LTV of its book |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | unknown (not published by the venue) — the venue publishes no liquidations |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/cefi_galaxy |
|---|---|
| MCP | get_venue({ venue_id: "cefi_galaxy" }) get_venue({ venue_id: "cefi_galaxy", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp