XML 248 R232.htm IDEA: XBRL DOCUMENT v3.25.1
FAIR VALUE MEASUREMENTS - Significant Unobservable Inputs Used for Assets and Liabilities (Details) - Galaxy Digital Holdings, LP
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Assets, fair value $ 4,295,826 $ 4,674,336 $ 1,745,975
Liabilities, fair value 305,661 722,470 360,978
Level 3      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Assets, fair value 422,046 605,522 453,149
Liabilities, fair value $ 46,586 $ 136,192 $ 10,472
Level 3 | Marketability discount | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Crypto asset, measurement input 0.157 0.159 0.033
Crypto asset receivable, measurement input 0.028 0.055 0.061
Level 3 | Marketability discount | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Crypto asset, measurement input 0.391 0.452 0.594
Crypto asset receivable, measurement input 0.618 0.728 0.744
Level 3 | Marketability discount | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Crypto asset, measurement input 0.284 0.321 15.4
Crypto asset receivable, measurement input 0.211 0.358 28.5
Level 3 | Digital intangible assets      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Assets, fair value $ 10,963 $ 20,457 $ 68,004
Level 3 | Digital assets receivable      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Assets, fair value   $ 60,492  
Level 3 | Investments | Marketability discount | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.250 0.035 0.057
Level 3 | Investments | Marketability discount | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.400 0.518 0.400
Level 3 | Investments | Marketability discount | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.276 0.260 15.4
Level 3 | Investments | Time to liquidity event (years) | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.8 1.0 3.0
Level 3 | Investments | Time to liquidity event (years) | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 5 5.0 5.0
Level 3 | Investments | Time to liquidity event (years) | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 4.1 4.1 4.6
Level 3 | Investments | Annualized equity volatility      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     90
Level 3 | Investments | Annualized equity volatility | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.700 0.70  
Level 3 | Investments | Annualized equity volatility | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.900 0.900  
Level 3 | Investments | Annualized equity volatility | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.888 0.888 90
Level 3 | Investments | Risk free rate | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.034 0.034 0.035
Level 3 | Investments | Risk free rate | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.044 0.044 0.042
Level 3 | Investments | Risk free rate | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.039 0.042 3.9
Level 3 | Investments | Market adjustment discount | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.300 0.30 0.250
Level 3 | Investments | Market adjustment discount | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.900 0.90 0.650
Level 3 | Investments | Market adjustment discount | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.397 0.410 37.4
Level 3 | Investments | Market adjustment premium | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.250 0.25  
Level 3 | Investments | Market adjustment premium | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 1.500 1.30  
Level 3 | Investments | Market adjustment premium | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 1.005 0.796  
Level 3 | Investments | Expected dividend payout ratio      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0    
Level 3 | Investments | Expected dividend payout ratio | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   0  
Level 3 | Investments | Expected dividend payout ratio | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   0  
Level 3 | Investments | Expected dividend payout ratio | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0 0  
Level 3 | Investments | Enterprise value to LTM revenue multiple | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 2.5 2.5  
Level 3 | Investments | Enterprise value to LTM revenue multiple | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 16.8 16.8  
Level 3 | Investments | Enterprise value to LTM revenue multiple | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 9.5 10.8  
Level 3 | Investments | Enterprise value to revenue multiple | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     2.0
Level 3 | Investments | Enterprise value to revenue multiple | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     12.0
Level 3 | Investments | Enterprise value to revenue multiple | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     9.4
Level 3 | Investments | Enterprise value to projected revenue multiple | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   2.0 2.0
Level 3 | Investments | Enterprise value to projected revenue multiple | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   10.5 8.0
Level 3 | Investments | Enterprise value to projected revenue multiple | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   7.0 4.4
Level 3 | Investments | Enterprise value to annualized revenue | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 2.5 3.5  
Level 3 | Investments | Enterprise value to annualized revenue | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 9.0 9.0  
Level 3 | Investments | Enterprise value to annualized revenue | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 5.8 6.7  
Level 3 | Investments | Enterprise value to LTM volume      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 2.8 3.0 5.5
Level 3 | Investments | Enterprise value to LTM volume | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 2.8 3.0 5.5
Level 3 | Investments | Enterprise Value to ARR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 8.0    
Level 3 | Investments | Enterprise Value to ARR | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   8.5  
Level 3 | Investments | Enterprise Value to ARR | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   15.8  
Level 3 | Investments | Enterprise Value to ARR | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 8.0 10.9  
Level 3 | Investments | Price to tangible book value      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 1.3 1.5  
Level 3 | Investments | Price to tangible book value | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 1.3 1.5  
Level 3 | Investments | Enterprise value to projected EBITDA | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   9.0  
Level 3 | Investments | Enterprise value to projected EBITDA | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   14.0  
Level 3 | Investments | Enterprise value to projected EBITDA | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   11.5  
Level 3 | Investments | Enterprise value to gross profit      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 6.0    
Level 3 | Investments | Enterprise value to gross profit | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 6.0    
Level 3 | Investments | Scenario probability      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.350 0.350  
Level 3 | Investments | Scenario probability | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.350 0.350  
Level 3 | Investments | Recovery percentage      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.440   120.1
Level 3 | Investments | Recovery percentage | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   0.350  
Level 3 | Investments | Recovery percentage | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input   0.616  
Level 3 | Investments | Recovery percentage | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input 0.440 0.515 120.1
Level 3 | Investments | Control discount | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     0.075
Level 3 | Investments | Control discount | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     0.200
Level 3 | Investments | Control discount | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     11.1
Level 3 | Investments | Claims percentage      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     68
Level 3 | Investments | Claims percentage | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Debt securities, available-for-sale, measurement input     68
Level 3 | Embedded derivative – Notes payable | Risk free rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input     4
Level 3 | Embedded derivative – Notes payable | Risk free rate | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.038 0.042  
Level 3 | Embedded derivative – Notes payable | Risk free rate | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.040 0.044  
Level 3 | Embedded derivative – Notes payable | Risk free rate | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.039 0.043 4
Level 3 | Embedded derivative – Notes payable | Volatility      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input     67
Level 3 | Embedded derivative – Notes payable | Volatility | Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.470 0.456  
Level 3 | Embedded derivative – Notes payable | Volatility | Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.770 0.750  
Level 3 | Embedded derivative – Notes payable | Volatility | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.562 0.554 67
Level 3 | Embedded derivative – Notes payable | Time-step (years)      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.004 0.004 0.004
Level 3 | Embedded derivative – Notes payable | Time-step (years) | Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Derivative liability, measurement input 0.004 0.004 0.004