Mike Novogratz’s Galaxy Digital Applies for US National Trust Bank Charter with OCC

Mike Novogratz’s Galaxy Digital on Thursday said its subsidiary has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. The firm follows other crypto-focused firms that have received conditional or full approval for national trust bank charters.

Galaxy Digital Subsidiary Files for National Bank Charter with US OCC

According to a press release on October 29, Galaxy Digital Bank would operate as a federally regulated trust institution under the OCC. The proposed New York-based bank would offer digital asset services and fiduciary investment advisory under federal oversight.

It would bring Mike Novogratz’s Galaxy Digital crypto custody, trading, staking and other services under a single federal framework. The national trust charter will also allow the firm to expand its services to more clients as adoption accelerates.

“Digital assets are becoming an increasingly important part of the global financial system, and Galaxy has spent years building the capabilities to support that transition,” said Mike Novogratz, founder and CEO of Galaxy Digital.

Galaxy Digital revealed that the application builds on its over 50 licenses across the U.S., Europe, and Asia. These include SEC-registered broker-dealer subsidiaries that are FINRA members, a CFTC-registered swap dealer subsidiary, and a UK subsidiary authorized by the Financial Conduct Authority.

Notably, the New York State Department of Financial Services recently granted a Galaxy subsidiary a BitLicense and a Money Transmission License. This allowed the firm to offer regulated institutional digital-asset trading and custody in New York.

Many Firms Received Approvals for OCC Bank Charter

The OCC has conditionally approved numerous bank charters for crypto firms including Circle, Ripple, Paxos, BitGo, Fidelity Digital Assets, and others. National trust bank charters allow entities to offer fiduciary and related services under federal oversight.

As CoinGape reported, Ripple received final approval for Ripple National Trust Bank earlier this week. This came just before the Ripple Swell event, with Ripple CEO Brad Garlinghouse quoting “big news” as it will support RLUSD and provide digital asset custody to enterprises.

Circle has also received final approval for First National Digital Currency Bank in July this year. The trend has drawn support from regulators emphasizing innovation and competition.

Galaxy Digital recently reported strong third-quarter 2026 results, including a swing to net income of about $323 million. However, GLXY stock is down more than 4% to $18.25 in premarket trading on Thursday. Citigroup upgraded Galaxy Digital to Buy and raised its price target from $26 to $28 per share.