Galaxy Digital Inc. (NASDAQ:GLXY) said the New York State Department of Financial Services has approved both a BitLicense and a Money Transmission License for its subsidiary GalaxyOne Prime NY, allowing the company to broaden its regulated digital asset operations within New York State.
Approval expands regulated services in New York
The newly granted licenses enable Galaxy to provide institutional trading and custody services to clients including registered investment advisors, hedge funds and family offices located in New York.
Galaxy said it currently oversees approximately $9 billion in client assets through its digital asset operations.
The company added that New York now becomes part of a broader regulatory network that includes more than 50 licenses globally.
According to Galaxy, the regulatory approval will allow the company to work directly with institutional clients in one of the world’s largest financial markets.
CEO highlights growing institutional demand for digital assets
“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,” founder and chief executive Mike Novogratz said.
“Galaxy was built to meet that demand, and now we can better serve New York’s institutions directly.”
Company continues expanding digital asset and AI infrastructure business
Galaxy Digital operates as a global digital assets and data center infrastructure company, offering institutional services across trading, advisory, asset management, staking, self-custody and tokenization technology.
The company is also developing infrastructure tied to artificial intelligence and high-performance computing, including a 1.6-gigawatt data center campus in Texas.
Galaxy is headquartered in New York City and maintains offices across North America, Europe, the Middle East and Asia.