Galaxy Digital Secures NY BitLicense, Opens $9 Billion Institutional Crypto Market
Galaxy Digital secured a BitLicense and Money Transmitter License from NYDFS for its GalaxyOne Prime NY subsidiary on May 18, enabling direct trading and custody services for investment advisors, hedge funds and family offices in New York. The approval leverages its $9 billion asset base and more than 50 global licenses.
1. License Approval and Scope
On May 18, Galaxy Digital’s subsidiary GalaxyOne Prime NY received both a BitLicense and a Money Transmitter License from the New York State Department of Financial Services, authorizing it to provide regulated digital asset trading and custody services.
2. Expansion into New York Institutional Market
These licenses enable GalaxyOne Prime NY to serve registered investment advisors, hedge funds and family offices, granting direct access to the largest concentration of U.S. institutional capital without relying on offshore entities or intermediaries.
3. Global Footprint and Competitive Landscape
Galaxy Digital now holds over 50 global licenses and manages approximately $9 billion in client assets; the BitLicense regime’s stringent requirements and high compliance costs limit competition to fewer than 40 firms in New York, reinforcing incumbents’ advantage.