Galaxy Digital Files Application for National Trust Bank Charter with OCC

On October 29, Galaxy Digital (NASDAQ: GLXY) announced that its subsidiary, Galaxy Digital LP, has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The proposed entity, Galaxy National Bank, would be headquartered in New York and operate under OCC supervision.

Proposed Services and Strategic Rationale

If approved, the bank intends to offer a suite of digital asset-focused financial services, including:

  • Digital Asset Custody: Secure storage solutions for client assets.
  • Trading Execution: Facilitating the buying and selling of digital assets.
  • Staking Services: Supporting participation in proof-of-stake and related blockchain networks.
  • Trust Investment Advisory Services: Providing professional asset management guidance.

Operating under a single federal charter would allow Galaxy National Bank to serve clients across all U.S. states through a unified regulatory framework.

Leadership Commentary and Regulatory Foundation

Mike Novogratz, Founder and CEO of Galaxy Digital, stated that securing a national trust bank charter would enable the firm to bring more of its business activities under a consolidated federal framework. He added that this structure would position the company to scale client services more effectively as adoption accelerates.

The company highlighted its extensive regulatory compliance track record. Galaxy Digital holds more than 50 licenses and regulatory approvals across the United States, Europe, and Asia, which include:

  • A broker-dealer subsidiary registered with the SEC and a member of FINRA.
  • A swap dealer subsidiary registered with the CFTC.
  • A subsidiary authorized by the UK's Financial Conduct Authority (FCA).

Furthermore, its New York subsidiary was recently granted a BitLicense and a money transmission license by the New York State Department of Financial Services, strengthening its operational base in a key market.

The application to establish Galaxy National Bank remains pending and subject to OCC approval.