Galaxy Digital
0 of 10 criteria researched. Unresearched criteria are shown as unknown with the reason — never guessed, and never omitted. What the eight 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_unpublished |
|---|---|
| Term structure | unknown (not researched yet) |
| Rate certainty | unknown (not researched yet) |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | unknown (not researched yet) |
|---|---|
| Default & liquidation | unknown (not researched yet) |
| Custody & backing | unknown (not researched yet) |
| Recourse | unknown (not researched yet) |
| Track record | under 1 month observed (since 2026-09-16). No incident recorded — which is "none observed", not "none occurred".sourceDerived from the registry's first_date for this venue, measured to 2026-09-16. Months observed is how long THIS DATASET has observed the venue, which is a lower bound on how long the venue has existed. |
Composition
Who and what makes up this market?
| Collateral accepted | unknown (not researched yet) |
|---|---|
| Book depth & concentration | unknown (the criteria spec defines this (Pillar III) but the attribute matrix has no column for it yet — a gap in this dataset, not in the venue) |
| 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 (migration 094), 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. |
Backing chain
backing_chain (v1 §9.5, D29): 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 incompletecustody_model
source
attribute · custody_model - sub_custodian incompleteno borrow card for this venue names one
- reuse incompleteno borrow card for this venue carries a custody model
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.
| Collateral locked | not available — this venue runs no contracts, so there is no market state to read |
|---|---|
| Debt outstanding | not available — this venue runs no contracts, so there is no market state to read |
| Utilisation | not available — this venue runs no contracts, so there is no market state to read |
| Venue-level borrow APR | not available — this venue runs no contracts, so there is no market state to read |
| Venue-level lend APR | not available — this venue runs no contracts, so there is no market state to read |
| Intermediation margin | not available — this venue runs no contracts, so there is no market state to read |
| Trailing realised average (7/30/90d) | not available — no per-venue time series is held, so a trailing figure would be a single reading dressed as an average |
| Rate volatility (30/90d) | not available — no per-venue time series is held, so a trailing figure would be a single reading dressed as an average |
| Spread to the pair aggregate | not available — this venue runs no contracts, so there is no market state to read |
| Spread to matched Treasuries | not available — this venue runs no contracts, so there is no market state to read |
| Origination flow | not available — needs loan-level history, which is held for Morpho Blue only |
| Repayment flow | not available — needs loan-level history, which is held for Morpho Blue only |
| Aggregate and distributional LTV | not available — needs loan-level history, which is held for Morpho Blue only |
| Residence distribution | not available — needs loan-level history, which is held for Morpho Blue only |
| Liquidation incidence | not available — needs loan-level history, which is held for Morpho Blue only |
| Top-10 concentration share | not available — needs loan-level history, which is held for Morpho Blue only |
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
Not yet surveyed. 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.
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