Question 1

What is Galaxy Digital's transaction expenses?

Accepted Answer

Galaxy Digital (GLXY) reported transaction expenses of $10.02B in Q1 2026.

Question 2

How has Galaxy Digital's transaction expenses changed year-over-year?

Accepted Answer

Galaxy Digital's transaction expenses decreased by 22.6% year-over-year, from $12.95B to $10.02B.

Question 3

What is the long-term trend for Galaxy Digital's transaction expenses?

Accepted Answer

Over 2 years (2023 to 2025), Galaxy Digital's transaction expenses has grown at a 8.1% compound annual growth rate (CAGR), from $51.49B to $60.18B.

Question 4

What does transaction expenses mean?

Accepted Answer

Costs directly associated with executing, clearing, and settling digital asset transactions on behalf of clients or for the firm's own account. These expenses typically include network fees, exchange execution costs, and liquidity provider fees necessary to facilitate trading volume. Monitoring this metric is essential for assessing the cost-efficiency of the firm's trading infrastructure and its impact on net margins.

Line item	Three Months Ended / March 31, 2026	Three Months Ended / March 31, 2025
Gains / (losses) from operations	171,781	(120,331)
Revenues and gains / (losses) from operations	10,213,225	12,855,875
Operating expenses:
Transaction expenses	10,016,745	12,947,010
Impairment of digital assets	284,402	112,429
Compensation and benefits	83,548	56,953
General and administrative	20,421	86,575
Technology	14,763	9,887

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