TLDR
- Galaxy Digital applied to the OCC for a national trust bank charter, to be called Galaxy National Bank.
- GLXY stock was down more than 4% to $18.25 in premarket trading on Thursday.
- The proposed New York-based bank would bring custody, trading and staking under one federal framework.
- The OCC has already conditionally approved charters for Circle, Ripple, Paxos, BitGo and Fidelity Digital Assets.
- Citigroup upgraded Galaxy to Buy and raised its price target from $26 to $28.
Galaxy Digital (GLXY) stock was down more than 4% to $18.25 in premarket trading on Thursday. The move came after the company said it applied for a national trust bank charter with the Office of the Comptroller of the Currency.
Galaxy Digital LP, a subsidiary, filed the application on October 29. If approved, the bank would be called Galaxy National Bank and would be headquartered in New York.
The bank would operate as a federally regulated trust institution under OCC supervision. It would offer custody, trading and staking services for digital assets, along with fiduciary investment advisory services.
Galaxy Digital is going for a US bank charter@galaxyhq ($GLXY) has applied to open Galaxy National Bank, a national trust bank based in New York. The application went to the OCC, the US regulator for national banks.
Trust banks hold and manage assets for clients but do not… pic.twitter.com/6I7zXQBc7x
— BSCN (@BSCNews) October 29, 2026
Clients across the country would be served through a single federal framework. The application remains subject to OCC approval.
“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 CEO Mike Novogratz. He added that a national trust charter would be an important next step.
A Crowded Line at the OCC
Galaxy is not the first crypto firm to knock on this door. The OCC has conditionally approved charters for Circle, Ripple, Paxos, BitGo, Fidelity Digital Assets and others.
Ripple received final approval for Ripple National Trust Bank earlier this week. The news landed just before the Ripple Swell event, where CEO Brad Garlinghouse called it “big news.”
Ripple’s bank will support its RLUSD stablecoin and provide digital asset custody to enterprises. Circle got its own final approval in July for First National Digital Currency Bank.
Regulators have backed the trend, pointing to innovation and competition. National trust charters let firms offer fiduciary and related services under federal oversight.
Licenses Already in Hand
Galaxy says the application builds on more than 50 licenses across the U.S., Europe and Asia. That list includes SEC-registered broker-dealer subsidiaries that are FINRA members.
It also includes a CFTC-registered swap dealer subsidiary. A UK subsidiary is authorized by the Financial Conduct Authority.
The New York State Department of Financial Services recently granted a Galaxy subsidiary a BitLicense and a Money Transmission License. That lets the firm offer regulated institutional digital asset trading and custody in New York.
The charter would also let Galaxy serve more clients as adoption grows, according to the company. Services now spread across several licenses would sit under one federal roof.
Galaxy recently posted strong third-quarter 2026 results. The company swung to net income of about $323 million.
Citigroup upgraded Galaxy to Buy and raised its price target from $26 to $28 per share. With GLXY near $18.25 in premarket trading, that target sits well above the current price, and the charter application still awaits an OCC decision.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
