Galaxy Digital Shares Plunge 3.78% as $240M Trading Volume Ranks 435th in U.S. Exchanges

On Sept. 26, 2025, Galaxy Digital Holdings Ltd. (GLXY) closed down 3.78% with a trading volume of $240 million, ranking 435th in market activity across U.S. exchanges. The decline came amid mixed signals from its broader business operations and regulatory developments.

Recent disclosures highlighted ongoing challenges in expanding cryptocurrency custody services, with management noting delays in cross-border compliance initiatives. Analysts observed that the stock’s sensitivity to macroeconomic factors intensified this quarter, particularly as interest rate expectations shifted. The firm’s digital asset trading segment also reported reduced client activity compared to prior periods.

Regulatory scrutiny in key markets remains a watchpoint, though no new enforcement actions were announced. The company reiterated its focus on institutional-grade infrastructure solutions, but near-term profitability remains constrained by market volatility and capital allocation decisions. Market participants are closely monitoring upcoming quarterly earnings for clarity on cost management strategies.

To set up an accurate back-test, I need to pin down a few practical details about the strategy’s implementation. I can move forward immediately with sensible defaults, or adjust them if you prefer something else.

Draft assumptions (please edit if needed):

1. Universe • All U.S. common stocks listed on NYSE, NASDAQ and AMEX that have been active since 2022-01-01.

2. Daily selection rule • At each trading day’s close, rank the tradable universe by that day’s dollar volume (shares × close price). • Go long the top 500 names, equal-weight.

3. Trade execution & holding period • Enter at the next day’s open, exit at the same day’s close (i.e., 1-day holding period). • If you’d rather “buy the close, sell next close,” let me know.

4. Costs & frictions • No transaction costs or slippage (can add if you have a figure in mind).

5. Benchmark • SPY total-return index (unless you’d like a different benchmark).

Let me know if these defaults are acceptable or if you’d like adjustments (universe, entry/exit timing, weighting, costs, etc.). Once confirmed, I’ll pull the required volume and price data, build the daily portfolios, and run the back-test.