Galaxy Digital, the crypto financial services firm founded by Mike Novogratz, has secured a BitLicense and money transmitter license from the New York State Department of Financial Services (NYDFS). The approval, announced on Monday, authorizes GalaxyOne Prime NY to offer regulated digital asset trading and custody services directly to institutional clients across the state.
The license represents a major milestone for Galaxy, which now manages roughly $9 billion in client assets. In a statement, Novogratz emphasized the importance of the New York market: 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.
The move enables Galaxy to serve hedge funds, registered investment advisors, family offices, and other institutional players in one of the most tightly regulated U.S. jurisdictions.
Galaxy becomes only the second company to receive a BitLicense in 2026, following bitcoin payments firm Strike’s approval in March. New York’s BitLicense framework, introduced in 2015, remains among the strictest crypto regulatory regimes in the United States. Applicants must meet rigorous requirements related to capitalization, anti-money laundering rules, cybersecurity, and ongoing oversight. Only 24 companies now hold a BitLicense, including Coinbase, Ripple, and Bullish.
The approval underscores Galaxy’s deepening focus on institutional infrastructure and regulated services. The firm now holds more than 50 licenses globally, positioning it to capture growing demand from large investors seeking compliant access to digital assets.
