Galaxy National Bank Application Targets Expanded Digital Asset Custody for Institutions

Galaxy Digital Inc. submitted an application on October 29, 2026, to the Office of the Comptroller of the Currency for a national trust bank charter to create Galaxy National Bank. The proposed institution would be headquartered in New York at 300 Vesey Street and would deliver digital asset custody, trading, staking, and fiduciary advisory services to institutional clients across the United States under a single federal framework.

Scope of Proposed Galaxy National Bank Operations

The application outlines a limited-purpose trust bank that would operate under direct OCC supervision. Galaxy National Bank would not accept deposits or conduct commercial lending, consistent with the structure of other national trust institutions. Services would center on institutional needs, including secure custody of digital assets, execution of trades, staking programs, and investment advisory work performed in a fiduciary capacity.

Approval would consolidate several existing Galaxy activities into one federally chartered entity. The firm already holds more than 50 licenses and registrations across the United States, Europe, and Asia. These include SEC-registered broker-dealer subsidiaries that are FINRA members, a CFTC-registered swap dealer, a UK FCA-authorized unit, and recent New York BitLicense and money transmission approvals. A national trust charter would add a federal layer that covers custody and related functions nationwide.

Galaxy CEO Mike Novogratz said the charter would allow the firm to bring more services under one regulatory structure as digital asset adoption grows. The application remains under review, and no timeline for a decision or launch has been announced. The OCC will examine capital levels, governance, risk management, and compliance controls before any conditional or final approval.

Regulatory Context for Institutional Crypto Services

The filing occurs as the OCC has granted conditional or full national trust charters to several crypto-focused applicants since late 2025. Approved or converted entities include operations tied to Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets. Galaxy National Bank would follow the same limited-purpose model that restricts activities to trust and custody functions without traditional banking powers.

Industry participants continue to face legal questions about the scope of these charters. The Independent Community Bankers of America has filed suit challenging the OCC’s authority to issue trust charters for crypto-related activities. The outcome of that litigation could affect future approvals, including the Galaxy application. In the meantime, firms pursue the charter route to obtain uniform federal standards that replace or supplement state-by-state licensing.

Galaxy’s existing regulatory footprint provides a foundation for the new application. The company’s SEC-registered broker-dealer arms already handle securities and certain crypto products, while its CFTC registration covers derivatives. Adding a national trust bank would create an integrated federal platform for custody, staking, and advisory work directed at institutional clients.

Next Steps in the OCC Review Process

The OCC will evaluate the application against established criteria for capital adequacy, management expertise, and operational resilience. If the agency issues conditional approval, Galaxy would then need to meet pre-opening requirements such as final capital contributions, system testing, and compliance staffing before the bank could open. The process follows precedents set by earlier crypto-related trust bank filings.

Institutions seeking regulated digital asset services have increasingly turned to federally chartered entities for custody and settlement. A successful Galaxy National Bank would add another option for pension funds, asset managers, and other large holders that require segregated custody and fiduciary standards under federal oversight. The pending status means market participants will monitor OCC communications for updates on the review timeline.