DAFFEY MICHAEL D 4

What Happened

• Michael Daffey, a director of Galaxy Digital (GLXY), exercised 250,000 stock options (set to expire May 27, 2026) at $16.54 per share, paying $4,135,000, and disposed of the 250,000 shares issued on exercise the same day.
• He sold 171,076 shares at a weighted average price of $28.66 (proceeds $4,902,183) and 78,924 shares at a weighted average price of $29.03 (proceeds $2,291,085), for total sale proceeds of $7,193,268. Net proceeds before taxes/fees were roughly $3.06M (sales minus exercise cost).
• This sequence (exercise then sell) is effectively a cashless outcome—common for option exercises and not necessarily a signal of long-term view.

Key Details

• Transaction date: May 21, 2026.
• Exercise: 250,000 shares acquired at $16.54 each (total $4,135,000). Options were vested and exercisable through May 27, 2026 (F1, F6).
• Sales: 171,076 shares at weighted avg $28.66 (range $28.18–$28.99) and 78,924 shares at weighted avg $29.03 (range $28.99–$29.235) (F4, F5). Total sale proceeds: $7,193,268.
• Footnotes: F2 notes 5,419 Class A shares to be delivered in settlement of deferred share units. F3 notes the sales correspond to the 250,000 shares issued on exercise and are consistent with a Form 144 filed May 21, 2026.
• Shares owned after transaction: not specified in the excerpt provided; 5,419 DSU-settled shares are noted (F2).
• Filing timeliness: Report filed May 21, 2026 for transactions on May 21, 2026 (no late filing indicated).

Context

• For retail investors: exercising options and immediately selling the resulting shares is common (a cashless exercise) and primarily reflects liquidity from option vesting/expiration rather than a clear buy/sell sentiment about the company.
• The filing shows material proceeds but does not, by itself, indicate long-term insider buying or selling intent.