Galaxy Digital, led by Mike Novogratz, has applied to the Office of the Comptroller of the Currency for a national trust bank charter. The OCC has already conditionally approved charters for several crypto firms, including Circle, Ripple and Paxos.
Mike Novogratz's Galaxy Digital said a subsidiary has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The firm follows other crypto-focused companies that have received conditional or full approval for such charters.
Galaxy Digital Bank would sit under federal oversight
According to a press release dated October 29, Galaxy Digital Bank would operate as a federally regulated trust institution under the OCC. The proposed New York-based bank would offer digital asset services and fiduciary investment advisory.
The charter would bring Galaxy's crypto custody, trading, staking and other services under a single federal framework. It would also let the firm expand its services to more clients as adoption accelerates.
Galaxy said the application builds on its over 50 licenses across the U.S., Europe and Asia. Those include SEC-registered broker-dealer subsidiaries that are FINRA members, a CFTC-registered swap dealer subsidiary and a UK subsidiary authorized by the Financial Conduct Authority.
Other crypto firms already hold OCC approvals
The OCC has conditionally approved numerous bank charters for crypto firms, including Circle, Ripple, Paxos, BitGo and Fidelity Digital Assets. Ripple received final approval for Ripple National Trust Bank earlier this week.
Circle, for its part, received final approval for First National Digital Currency Bank in July.
Galaxy recently reported third-quarter 2026 results with a swing to net income of about $323 million. However, GLXY stock was down more than 4% to $18.25 in premarket trading on Thursday.
Separately, Citigroup upgraded Galaxy Digital to Buy and raised its price target from $26 to $28 per share.
Source: CoinGape
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