GACLO-1, issued by Galaxy Digital Inc. and tokenized by INX, is a tokenized interest in a debt tranche of a collateralized loan obligation that finances a credit facility to a digital-asset lender [S1].

The token represents a tokenized debt tranche of Galaxy CLO 2025-1, which finances an uncommitted credit facility to Arch Lending whose underlying loans are overcollateralized with Bitcoin, Ethereum and other digital assets [S1]. Approximately US$75 million (USD) was financed initially, with potential scaling to roughly US$200 million [S1]. The senior coupon is disclosed as the Secured Overnight Financing Rate (SOFR) plus 570 basis points, with distributions paid monthly [S1].

Galaxy Digital Inc. is a publicly traded company headquartered in New York and listed on Nasdaq and the Toronto Stock Exchange (both GLXY) [S1][S2]. Holders hold tokenized debt tranches of the collateralized loan obligation [S1]. Trading on INX's alternative trading system is limited to qualified investors [S1]. The instrument carries a stated initial maturity of December 2026 with monthly distributions and no general open redemption mechanism disclosed [S1]. Anchorage Digital Bank serves as qualified custodian and bond trustee, Anchorage Digital acts as collateral and administrative agent, and Accountable provides real-time collateral verification protecting tokenholders [S1].

INX issues and tokenizes the debt tranches on Avalanche, with the instrument expected to list on INX's alternative trading system [S1]. Settlement and collateral operations run through Anchorage's Atlas Settlement Network, with distributions paid monthly [S1]. NAV Consulting, Inc. provides fund administration [S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://investor.galaxy.com/news-releases/news-release-details/galaxy-announces-initial-closing-debut-tokenized-clo-75-million" },
    { id: "S2", url: "https://investor.galaxy.com/news-releases/news-release-details/galaxy-and-superstate-launch-glxy-tokenized-public-shares-solana" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized funds

Galaxy operates as a multi-faceted financial services platform with over 1,500 institutional trading counterparties, maintaining $17B in assets on platform and $1.8B average loan book size, while simultaneously developing 1.6+ GW of approved power capacity through their Helios data center campus. The company generates revenue through trading spreads, lending services, asset management fees, data center operations, and investment banking advisory services across the digital asset ecosystem.

Galaxy provides a full suite of digital asset services including institutional trading, lending, derivatives, asset management, custody solutions through GK8, and venture capital investments in blockchain projects. The company operates cutting-edge AI and high-performance computing data centers while offering tokenization services and staking solutions to maximize digital asset yields for institutional and individual investors.

Galaxy Digital is a leading institutional digital assets and data center infrastructure company that serves as a comprehensive platform for cryptocurrency trading, investment management, and AI-powered computing facilities.

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Real-world asset (RWA) issuers

Galaxy Digital

Galaxy CLO 2025-1 - Class B (GACLO-1) is a tokenized fund share issued by Galaxy Digital and managed by Galaxy Asset Management.

Its assets sit with Anchorage Digital Bank, administered by NAV Consulting, Inc.

GACLO-1 has been issued on Avalanche as an ERC-1404 token since July 2025.

Galaxy CLO 2025-1 - Class BGACLO-1