Galaxy Digital wins NY BitLicense for GalaxyOne Prime NY

On Monday the New York State Department of Financial Services granted GalaxyOne Prime NY a BitLicense and a Money Transmission License, authorizing the unit to offer trading, custody and money-transmission services to New York residents, institutions and businesses.

GalaxyOne Prime NY is the Galaxy Digital subsidiary that will operate under the New York licenses. The approvals permit custody of client assets, facilitation of trading and the transfer of funds on behalf of customers in the state, subject to NYDFS oversight and ongoing compliance obligations.

Galaxy Digital manages roughly $9 billion in client assets across its digital-asset business. The company said the new permissions add to a portfolio of more than 50 licenses it holds globally.

The BitLicense, introduced by NYDFS in 2015, requires firms to meet standards for anti-money-laundering controls, cybersecurity protections and capital reserves. The framework requires regular reporting to and examination by NYDFS. A Money Transmission License covers the handling and transfer of customer funds and complements the BitLicense for firms that move value on clients’ behalf.

Under the approvals, Galaxy can offer custodial and trading services to retail customers, institutional asset managers and corporate clients located in New York. The licenses impose ongoing regulatory obligations in areas including capital adequacy, transaction monitoring and cybersecurity preparedness.

Mike Novogratz, Galaxy’s founder and chief executive, said in a statement: “New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting at the edge of those allocations. Galaxy was built to meet that demand, and now we can better serve New York's institutions directly.”

Galaxy joins a small group of firms that hold a BitLicense. Earlier this year the bitcoin payments firm Strike received a BitLicense in March. In 2025, MoonPay and Bullish were among companies that also secured BitLicenses.

Galaxy Digital operates trading, principal investments, asset management and custody businesses in the digital-asset sector. The New York approvals allow GalaxyOne Prime NY to provide onshore, regulated custody and trading services under state rules.