Galaxy Digital Secures New York Licenses for Institutional Crypto Services
En resumen
Galaxy Digital's subsidiary, GalaxyOne Prime NY, has obtained a BitLicense and Money Transmission License from the NYDFS, enabling regulated digital asset services for institutional clients in New York.
Resumen generado por IA
Por qué importa
Galaxy Digital, a financial services company led by Mike Novogratz, has been seeking regulatory approval to expand its digital asset services. New York has one of the most stringent regulatory frameworks for cryptocurrency businesses in the US, with its BitLicense being particularly difficult to obtain.
Galaxy Digital, a crypto-focused financial services company led by Mike Novogratz, has received a BitLicense and Money Transmission License from the New York State Department of Financial Services (NYDFS), allowing it to expand regulated digital asset services to institutional clients in the state.
The company said Monday that the approvals were granted to its subsidiary, GalaxyOne Prime NY, which provides trading and financing services to institutional investors.
The licenses extend Galaxy’s regulatory reach into New York, one of the most tightly regulated jurisdictions for cryptocurrency businesses in the United States.
In a statement, Novogratz said New York represents the “deepest pool of institutional capital in the country,” and that the approvals will help broaden institutional access to digital assets.
Introduced in 2015, New York’s BitLicense is widely considered one of the most difficult regulatory approvals for crypto companies to obtain because it requires extensive compliance controls related to anti-money laundering, cybersecurity, capital reserves and consumer protection.
Source: Galaxy
As Cointelegraph recently reported, Jack Mallers’ Strike was among the latest high-profile crypto companies to receive approval from the NYDFS, allowing the firm to offer Bitcoin services to residents and businesses in the state.
Related: Crypto funds see $1B in outflows as Iran tensions revive risk-off sentiment
Galaxy posts Q1 loss as data center business expands
The regulatory milestone comes as Galaxy continues to navigate a volatile digital asset market. The company last month reported a net loss of $216 million in the first quarter ended March 31, driven largely by lower digital asset prices, though the result was better than analyst expectations.
Gross revenue totaled $10.2 billion for the quarter, down from $12.9 billion in the same period a year earlier.
Galaxy’s Q1 2026 financial statement. Source: Galaxy
According to its Q1 earnings report, Galaxy expects growth to accelerate beginning in the current quarter as revenue from its data center business increases.
Like several other companies in the digital asset industry, Galaxy has expanded beyond cryptocurrency trading and investing into data center infrastructure. The company said future growth will be supported by its Helios Data Center campus in Texas and revenue tied to artificial intelligence and high-performance computing workloads.
Preguntas abiertas
- What specific institutional clients will GalaxyOne Prime NY target first?
- How will Galaxy Digital's data center revenue growth compare to its digital asset services revenue?
- What are the specific compliance controls GalaxyOne Prime NY will implement beyond the standard BitLicense requirements?
