Galaxy Digital has obtained a New York BitLicense from the state's Department of Financial Services, giving the firm the green light to offer institutional crypto services in New York. The approval makes Galaxy the second company to receive the license in 2025, after Strike's approval in March.
Why the BitLicense matters
New York's BitLicense is one of the toughest regulatory hurdles for crypto firms in the U.S. For Galaxy, it unlocks a key market of institutional clients — asset managers, hedge funds, and family offices — that require a regulated counterparty for custody, trading, and lending.
Galaxy's institutional focus
Led by Mike Novogratz, Galaxy has built its business around serving professional investors. The firm already holds a broker-dealer license and is a registered investment adviser. The BitLicense fills a gap, letting Galaxy serve New York-based institutions directly rather than through a third-party licensee.
The license is effective immediately, and Galaxy expects to start onboarding clients in New York within weeks. The DFS hasn't signaled whether more approvals are coming soon, but two BitLicenses in 2025 suggests the regulator is moving at a deliberate pace — not rushing, but not slamming the door either.
