Galaxy Digital Applies for OCC National Trust Bank Charter

Galaxy Digital LP, a subsidiary of Galaxy Digital, applied to the Office of the Comptroller of the Currency on October 29 to establish Galaxy National Bank, a proposed national trust bank. The application is pending, and the OCC has not announced a decision date. Galaxy says the proposed bank would bring digital-asset custody, trading and staking, as well as fiduciary investment advisory services, under federal supervision. The services would be offered if the OCC approves the application. The company has not announced an opening date or how much capital it would commit to the proposed institution. Galaxy founder and Chief Executive Mike Novogratz described the charter as a step toward consolidating more of the company’s services under one federal framework. Galaxy said the application builds on more than 50 licenses it holds across the United States, Europe and Asia, including broker-dealer and swap-dealer registrations and New York state permissions for digital-asset trading and custody. An organizers’ notice identifies Galaxy Digital LP as the sponsoring organization and gives 300 Vesey Street in New York as the proposed main office. The notice invites written comments...