Galaxy Digital was awarded a BitLicense contract from New York on May 18 to provide regulated crypto services to enterprises.
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- Galaxy Digital’s subsidiary GalaxyOne Prime NY received a BitLicense and Money Transfer license from the NYDFS on May 18, 2026.
- The approval allows Galaxy to offer regulated trading and custody to hedge funds, registered investment advisors and family offices throughout New York State.
- Galaxy manages approximately $9 billion in client assets and New York now joins the regulatory footprint of more than 50 global licenses.
Galaxy Digital Announce On May 18, the New York State Department of Financial Services granted its subsidiary GalaxyOne Prime NY both a BitLicense and a money transfer license.
The approvals allow Galaxy to offer digital asset trading and regulated custody services to institutions throughout New York State, including registered investment advisors, hedge funds and family offices on a platform that manages approximately $9 billion in client assets.
“New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting on the edge of that allocation,” Mike Novogratz, founder and CEO of Galaxy, said in a statement.
Galaxy Digital’s BitLicense and what it unlocks
Galaxy becomes only the second company to obtain a BitLicense in 2026, following bitcoin payments company Strike, which received NYDFS approval in March.
This framework, introduced in 2015, is one of the most stringent cryptocurrency licensing regimes in the United States, requiring minimum capital, ongoing compliance reviews, and cybersecurity oversight. Only about 40 companies have been approved since launch. New York now joins Galaxy’s regulatory network of more than 50 global licensees.
Such as crypto.news I mentionedGalaxy’s head of research, Alex Thorn, has closely tracked institutional Bitcoin allocations throughout 2026. The New York BitLicense gives Galaxy’s trading and custody platform direct access to the institutions driving those flows, in a state with the largest concentration of hedge funds and investment advisors in the United States.
Why New York is important for institutional cryptocurrencies
BitLicense holders include Coinbase, Robinhood, Circle, and PayPal, making Galaxy’s approval a signal that NYDFS continues to selectively accept cryptocurrency companies. Such as crypto.news Notarized In its coverage of Galaxy’s 2025 Q2 results, the company built out its own data center and AI infrastructure alongside its digital asset platform.
The New York license now opens one of the world’s largest enterprise portfolios to a company that achieved record results in global markets last year and has significantly expanded its data center operations since then.
Galaxy shares fell 2.36% to $28.91 in pre-market trading Monday despite the approval, reflecting broader market weakness during the day.
