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FAIR VALUE MEASUREMENTS (Tables) - Galaxy Digital Holdings, LP | 3 Months Ended
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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 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 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 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 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%
|  |  |  | 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 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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