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FAIR VALUE MEASUREMENTS (Tables) - Galaxy Digital Holdings, LP

3 Months Ended

Mar. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Recurring Basis at Fair Value

Items measured on a recurring basis at fair value:

						As of March 31, 2025
(in thousands)						Level 1						Level 2						Level 3						Total
Assets
Digital financial assets						$	477,899					$	36,580					$	—					$	514,479
Digital intangible assets at fair value						1,611,833						63,581						10,963						1,686,377
Digital assets loan receivable, net of allowance - Financial assets						—						173,452						—						173,452
Digital assets receivable						18						10						19,642						19,670
Assets posted as collateral — Digital assets												506,634						—						506,634
Derivative assets						120,130						8,223						—						128,353
Embedded derivative – Collateral payable						—						143,027						—						143,027
Embedded derivative – Digital assets borrowed						—						223,469						—						223,469
Investments(1)						503,356						5,568						391,441						900,365
						$	2,713,236					$	1,160,544					$	422,046					$	4,295,826
Liabilities
Investments sold short(2)						69,358						—						—						69,358
Derivative liabilities						81,237						8,465						—						89,702
Embedded derivative – Digital assets borrowed						—						41,027						—						41,027
Embedded derivative –Collateral payable						—						58,988						—						58,988
Embedded derivative – Notes payable						—						—						46,586						46,586
						$	150,595					$	108,480					$	46,586					$	305,661

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($315.0 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($66.4 million).

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.

						As of December 31, 2024
(in thousands)						Level 1						Level 2						Level 3						Total
Assets
Digital financial assets						$	354,851					$	4,814					$	—					$	359,665
Digital intangible assets at fair value						1,929,661						68,239						20,457						2,018,357
Digital assets loan receivable, net of allowance Financial assets						—						393,734						—						393,734
Digital assets receivable						204						24						60,492						60,720
Assets posted as collateral – Digital assets						—						278,527						—						278,527
Derivative assets						188,836						18,817												207,653
Embedded derivative – Collateral payable						—						55,848						—						55,848
Embedded derivative – Digital assets borrowed						—						24,039						—						24,039
Investments(1)						751,220						—						524,573						1,275,793
						$	3,224,772					$	844,042					$	605,522					$	4,674,336
Liabilities
Investments sold short						6,524						—						—						6,524
Derivative liabilities						58,155						107,703												165,858
Embedded derivative – Digital assets borrowed												252,635												252,635
Embedded derivative – Collateral payable												161,261												161,261
Embedded derivative – Notes payable						—						—						136,192						136,192
						$	64,679					$	521,599					$	136,192					$	722,470

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $304.5 million and equity securities utilizing the measurement alternative of $63.2 million as they are without readily determinable fair values.

Items measured on a recurring basis at fair value:

						As of December 31, 2024
(in thousands)						Level 1						Level 2						Level 3						Total
Assets
Digital financial assets						$	354,851					4,814						$	—					359,665
Digital intangible assets at fair value						1,929,661						68,239						20,457						2,018,357
Digital assets loan receivable, net of allowance — Financial assets						—						393,734						—						393,734
Digital assets receivable						204						24						60,492						60,720
Assets posted as collateral — Digital assets						—						278,527						—						278,527
Derivative assets						188,836						18,817												207,653
Embedded derivative — Collateral payable						—						55,848						—						55,848
Embedded derivative — Digital assets borrowed						—						24,039						—						24,039
Investments(1)						751,220						—						524,573						1,275,793
						$	3,224,772					$	844,042					$	605,522					$	4,674,336
Liabilities
Investments sold short (2)						6,524						—						—						6,524
Derivative liabilities						58,155						107,703												165,858
Embedded derivative — Digital assets borrowed												252,635												252,635
Embedded derivative — Collateral payable												161,261												161,261
Embedded derivative — Notes payable						—						—						136,192						136,192
						$	64,679					$	521,599					$	136,192					$	722,470

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($304.5 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($63.2 million).

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.

						As of December 31, 2023
(in thousands)						Level 1						Level 2						Level 3						Total
Assets
Digital financial assets						$	74,386					$	—					$	—					74,386
Digital intangible assets at fair value						655,473						12,674						68,004						736,151
Digital assets loan receivable, net of allowance — Financial assets						—						12,000						—						12,000
Digital assets receivable						196						95						20,569						20,860
Assets posted as collateral — Digital assets						—						316,104						—						316,104
Derivative assets						59,724						113,485						—						173,209
Embedded derivative — Collateral payable						—						4,244						—						4,244
Embedded derivative — Digital assets borrowed						—						877						—						877
Investments(1)						43,568						—						364,576						408,144
						$	833,347					$	459,479					$	453,149					$	1,745,975
Liabilities
Investments sold short						25,295						—						—						25,295
Derivative liabilities						55,567						105,075						—						160,642
Embedded derivative — Digital assets borrowed						—						29,874						—						29,874
Embedded derivative — Collateral payable						—						134,695						—						134,695
Embedded derivative — Notes payable						—						—						10,472						10,472
						$	80,862					$	269,644					$	10,472					$	360,978

_______________

(1)Excludes equity securities measured utilizing net asset value as a practical expedient ($243.3 million) and equity securities utilizing the measurement alternative as they are without readily determinable fair values ($83.7 million).

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended March 31, 2025 and December 31, 2024, respectively.

(in thousands)						Fair value, Beginning Balance						Purchases						Sales/Distributions						Net Realized Gain / (Loss)						Net Unrealized Gain / (Loss)						Transfers in /(out) of Level 3						Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025						$	20,457					$	—					$	—					$	—					$	(3,438)					$	(6,056)					$	10,963
December 31, 2024						$	68,004					$	—					$	—					$	—					$	(17,043)					$	(30,504)					$	20,457
Digital assets receivable
March 31, 2025						$	60,492					$	500					$	—					$	—					$	(34,646)					$	(6,884)					$	19,462
December 31, 2024						$	20,569					$	—					$	(4,727)					$	4,724.00					$	52,477					$	(12,551)					$	60,492
Investments
March 31, 2025						$	524,573					$	3,852					$	(104,257)					$	69,624					$	(103,351)					$	1,000					$	391,441
December 31, 2024						$	364,576					$	129,188					$	(221,564)					$	117,036					$	119,803					$	15,534					$	524,573
Embedded derivative - Notes payable
March 31, 2025						$	136,192					$	—					$	—					$	—					$	(89,606)					$	—					$	46,586
December 31, 2024						$	10,472					$	93,993					$	—					$	—					$	31,727					$	—					$	136,192

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the years ended December 31, 2024 and 2023 respectively:

(in thousands) Assets						Fair value, Beginning Balance						Purchases						Sales/Distributions						Net Realized Gain / (Loss)						Net Unrealized Gain / (Loss)						Transfers in/(out) of Level 3						Fair value, Ending Balance
Digital intangible assets
2024						$	68,004					$	—					$	—					$	—					$	(17,043)					$	(30,504)					$	20,457
2023						$	—					$	—					$	—					$	—					$	65,073					$	2,931					$	68,004
Digital assets receivable
2024						$	20,569					$	—					$	(4,727)					$	4,724					$	52,477					$	(12,551)					$	60,492
2023						$	16,054					$	200					$	—					$	—					$	17,101					$	(12,786)					$	20,569
Investments
2024						$	364,576					$	129,188					$	(221,564)					$	117,036					$	119,803					$	15,534					$	524,573
2023						$	170,526					$	30,077					$	(2,890)					$	949					$	121,242					$	44,672					$	364,576
Embedded derivative - Notes payable
2024						$	10,472					$	93,993					$	—					$	—					$	31,727					$	—					$	136,192
2023						$	—					$	—					$	—					$	—					$	9,604					$	868					$	10,472

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the periods ended March 31, 2025 and December 31, 2024, respectively.

(in thousands)						Fair value, Beginning Balance						Purchases						Sales/Distributions						Net Realized Gain / (Loss)						Net Unrealized Gain / (Loss)						Transfers in /(out) of Level 3						Fair value, Ending Balance
Assets
Digital intangible assets
March 31, 2025						$	20,457					$	—					$	—					$	—					$	(3,438)					$	(6,056)					$	10,963
December 31, 2024						$	68,004					$	—					$	—					$	—					$	(17,043)					$	(30,504)					$	20,457
Digital assets receivable
March 31, 2025						$	60,492					$	500					$	—					$	—					$	(34,646)					$	(6,884)					$	19,462
December 31, 2024						$	20,569					$	—					$	(4,727)					$	4,724.00					$	52,477					$	(12,551)					$	60,492
Investments
March 31, 2025						$	524,573					$	3,852					$	(104,257)					$	69,624					$	(103,351)					$	1,000					$	391,441
December 31, 2024						$	364,576					$	129,188					$	(221,564)					$	117,036					$	119,803					$	15,534					$	524,573
Embedded derivative - Notes payable
March 31, 2025						$	136,192					$	—					$	—					$	—					$	(89,606)					$	—					$	46,586
December 31, 2024						$	10,472					$	93,993					$	—					$	—					$	31,727					$	—					$	136,192

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the years ended December 31, 2024 and 2023 respectively:

(in thousands) Assets						Fair value, Beginning Balance						Purchases						Sales/Distributions						Net Realized Gain / (Loss)						Net Unrealized Gain / (Loss)						Transfers in/(out) of Level 3						Fair value, Ending Balance
Digital intangible assets
2024						$	68,004					$	—					$	—					$	—					$	(17,043)					$	(30,504)					$	20,457
2023						$	—					$	—					$	—					$	—					$	65,073					$	2,931					$	68,004
Digital assets receivable
2024						$	20,569					$	—					$	(4,727)					$	4,724					$	52,477					$	(12,551)					$	60,492
2023						$	16,054					$	200					$	—					$	—					$	17,101					$	(12,786)					$	20,569
Investments
2024						$	364,576					$	129,188					$	(221,564)					$	117,036					$	119,803					$	15,534					$	524,573
2023						$	170,526					$	30,077					$	(2,890)					$	949					$	121,242					$	44,672					$	364,576
Embedded derivative - Notes payable
2024						$	10,472					$	93,993					$	—					$	—					$	31,727					$	—					$	136,192
2023						$	—					$	—					$	—					$	—					$	9,604					$	868					$	10,472

Schedule of Significant Unobservable Inputs Used for Assets and Liabilities

The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of March 31, 2025 and December 31, 2024, respectively:

Financial Instrument						Fair Value at March 31, 2025 (in thousands)						Significant Unobservable Inputs						Range						Weighted Average
Digital intangible assets						$	10,963					Marketability discount						15.7% - 39.1%						28.4%
Digital assets receivable						$	19,642					Marketability discount						2.8% - 61.8%						21.1%
Investments						$	391,441					Time to liquidity event (years)						0.8 - 5.0						4.1
												Annualized equity volatility						70.0% - 90.0%						88.8%
												Risk free rate						3.4% - 4.4%						3.9%
												Market adjustment discount						30.0% - 90.0%						39.7%
												Market adjustment premium						25.0% - 150.0%						100.5%
												Marketability discount						25.0% - 40.0%						27.6%
												Expected dividend payout ratio						—%						—%
												Enterprise value to LTM revenue multiple						2.5x - 16.8x						9.5x
												Enterprise value to projected revenue						2.0x - 10.5x						6.2x
												Enterprise value to annualized revenue						2.5x - 9.0x						5.8x
												Enterprise value to LTM volume						2.8x						2.8x
												Enterprise value to ARR						8.0x						8.0x
												Price to tangible book value						1.3x						1.3x
												Enterprise value to gross profit						6.0x						6.0x
												Scenario probability						35.0%						35.0%
												Recovery percentage						44.0%						44.0%
Embedded derivative - Notes payable						$	46,586					Volatility						47.0% - 77.0%						56.2%
												Risk free rate						3.8% - 4.0%						3.9%
												Time-step (years)						0.004						0.004

Financial Instrument						Fair Value at December 31, 2024 (in thousands)						Significant Unobservable Inputs						Range						Weighted Average
Digital intangible assets						$	20,457					Marketability discount						15.9% - 45.2%						32.1%
Digital assets receivable						$	60,492					Marketability discount						5.5% - 72.8%						35.8%
Investments						$	524,573					Time to liquidity event (years)						1.0 - 5.0						4.1
												Annualized equity volatility						70% - 90%						88.8%
												Risk free rate						3.4% - 4.4%						4.2%
												Market adjustment discount						30% - 90%						41.0%
												Market adjustment premium						25% - 130%						79.6%
												Marketability discount						3.5% - 51.8%						26.0%
												Expected dividend payout ratio						0% - 0%						0%
												Enterprise value to LTM revenue multiple						2.5x - 16.8x						10.8x
												Enterprise value to projected revenue multiple						2.0x - 10.5x						7.0x
												Enterprise value to annualized revenue						3.5x - 9.0x						6.7x
												Enterprise value to LTM volume						3.0x						3.0x
												Enterprise Value to ARR						8.5x - 15.8x						10.9x
												Price to tangible book value						1.5x						1.5x
												Enterprise value to projected EBITDA						9.0x - 14.0x						11.5x
												Scenario probability						35.0%						35.0%
												Recovery percentage						35.0% - 61.6%						51.5%
Embedded derivative - Notes payable						$	136,192					Volatility						45.6% - 75.0%						55.4%
												Risk free rate						4.2% - 4.4%						4.3%
												Time-step (years)						0.004						0.004

The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of December 31, 2024 and 2023, respectively:

Financial Instrument						Fair Value at December 31, 2024 (in thousands)						Significant Unobservable Inputs						Range						Weighted Average
Digital intangible assets						$	20,457					Marketability discount						15.9% - 45.2%						32.1%
Digital assets receivable						$	60,492					Marketability discount						5.5% - 72.8%						35.8%
Investments						$	524,573					Time to liquidity event (years)						1.0 - 5.0						4.1
												Annualized equity volatility						70.0% - 90.0%						88.8%
												Risk free rate						3.4% - 4.4%						4.2%
												Market adjustment discount						30.0% - 90.0%						41.0%
												Market adjustment premium						25.0% - 130.0%						79.6%
												Marketability discount						3.5% - 51.8%						26.0%
												Expected dividend payout ratio						0% - 0%						0%
												Enterprise value to LTM revenue multiple						2.5x - 16.8x						10.8x
												Enterprise value to projected revenue multiple						2.0x - 10.5x						7.0x
												Enterprise value to annualized revenue						3.5x - 9.0x						6.7x
												Enterprise value to LTM volume						3.0x						3.0x
												Enterprise Value to ARR						8.5x - 15.8x						10.9x
												Price to tangible book value						1.5x						1.5x
												Enterprise value to projected EBITDA						9.0x - 14.0x						11.5x
												Scenario probability						35.0%						35.0%
												Recovery percentage						35.0% - 61.6%						51.5%
Embedded derivative — Notes payable						$	136,192					Volatility						45.6% - 75.0%						55.4%
												Risk free rate						4.2% - 4.4%						4.3%
												Time-step (years)						0.004						0.004

Financial Instrument						Fair Value at December 31, 2023 (in thousands)						Significant Unobservable Inputs						Range						Weighted Average
Digital intangible assets						$	68,004					Marketability discount						3.3% - 59.4%						15.4%
Digital assets receivable						$	20,569					Marketability discount						6.1% - 74.4%						28.5%
Investments						$	364,576					Time to liquidity event (years)						3.0 - 5.0						4.6
												Annualized equity volatility						90.0%						90.0%
												Risk free rate						3.5% - 4.2%						3.9%
												Control discount						7.5% - 20.0%						11.1%
												Market adjustment discount						25.0% - 65.0%						37.4%
												Marketability discount						5.7% - 40.0%						15.4%
												Enterprise value to revenue multiple						2.0x- 12.0x						9.4x
												Enterprise value to projected revenue multiple						2.0x - 8.0x						4.4x
												Enterprise value to volume multiple						5.5x						5.5x
												Recovery percentage						120.1%						120.1%
												Claims percentage						68.0%						68.0%
Embedded derivative — Notes payable						$	10,472					Volatility						67.0%						67.0%
												Risk free rate						4.0%						4.0%
												Time-step (years)						0.004						0.004

Schedule of Financial Instruments not Measured at Fair Value

The following table presents the fair value of financial instruments not measured at fair value in the Company’s condensed consolidated interim statements of financial position. This table excludes non-financial assets and liabilities.

						As of March 31, 2025
(in thousands)						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents						$	509,438					$	509,438					$	509,438					$	—					$	—
Assets posted as collateral - Cash						—						—						—						—						—
Accounts receivable						28,864						28,864						28,864						—						—
Loans receivable						464,766						464,766						—						464,766						—
Total Assets						$	1,003,068					$	1,003,068					$	538,302					$	464,766					$	—
Accounts payable and accrued liabilities						270,468						270,468						270,468						—						—
Notes payable						763,798						724,856						—						724,856						—
Collateral payable — Cash						49,418						49,418						—						49,418						—
Payable to customers — Cash						19,288						19,288						—						19,288						—
Loans payable						345,249						345,249						—						345,249						—
Total Liabilities						$	1,448,221					$	1,409,279					$	270,468					$	1,138,811					$	—

						As of December 31, 2024
(in thousands)						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents						$	462,103					$	462,103					$	462,103					$	—					$	—
Assets posted as collateral - Cash						—						—						—						—						—
Accounts receivable						55,279						55,279						55,279						—						—
Loans receivable						476,620						476,620						—						476,620						—
Total Assets						$	994,002					$	994,002					$	517,382					$	476,620					$	—
Accounts payable and accrued liabilities						281,531						281,531						281,531						—						—
Notes payable						845,186						836,402						—						836,402						—
Collateral payable — Cash						74,995						74,995						—						74,995						—
Payable to customers — Cash						19,520						19,520						—						19,520						—
Loans payable						510,718						510,718						—						510,718						—
Total Liabilities						$	1,731,950					$	1,723,166					$	281,531					$	1,441,635					$	—

The following table presents the fair value of financial instruments not measured at fair value in the Company’s consolidated statements of financial position. This table excludes non-financial assets and liabilities.

						As of December 31, 2024
(in thousands)						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents						$	462,103					$	462,103					$	462,103					$	—					$	—
Assets posted as collateral — Cash						—						—						—						—						—
Accounts receivable						55,279						55,279						55,279						—						—
Loans receivable						476,620						476,620						—						476,620						—
Total Assets						$	994,002					$	994,002					$	517,382					$	476,620					$	—
Accounts payable and accrued liabilities						281,531						281,531						281,531						—						—
Notes payable						845,186						836,402						—						836,402						—
Collateral payable — Cash						74,995						74,995						—						74,995						—
Payable to customers — Cash						19,520						19,520						—						19,520						—
Loans payable						510,718						510,718						—						510,718						—
Total Liabilities						$	1,731,950					$	1,723,166					$	281,531					$	1,441,635					$	—

						As of December 31, 2023
(in thousands)						Carrying Value						Fair Value						Level 1						Level 2						Level 3
Cash and cash equivalents						$	316,610					$	316,610					$	316,610					$	—					$	—
Assets posted as collateral — Cash						2,091						2,091						2,091						—						—
Accounts receivable						60,929						60,929						60,929						—						—
Loans receivable						387,364						387,364						—						387,364						—
Total Assets						$	766,994					$	766,994					$	379,630					$	387,364					$	—
Accounts payable and accrued liabilities						140,376						140,376						140,376						—						—
Notes payable						408,053						342,161						—						342,161						—
Collateral payable — Cash						11,367						11,367						—						11,367						—
Payable to customers — Cash						3,442						3,442						—						3,442						—
Loans payable						93,069						93,069						—						93,069						—
Total Liabilities						$	656,307					$	590,415					$	140,376					$	450,039					$	—

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