Mike Novogratz's Galaxy Lands Bitlicense to Serve New York Hedge Funds and RIAs

"Galaxy Digital received a Bitlicense from NYDFS on May 18, 2026, unlocking New York's institutional market. Galaxyone Prime NY now serves hedge funds and RIAs with access to $9 billion in managed digital assets. Galaxy's global regulatory footprint grows past 50 licenses as CEO Mike Novogratz targets deeper institutional capital. Galaxyone Prime NY, the Galaxy entity designated to serve New York clients, received the approvals, giving the firm direct access to one of the most capital-dense markets in the United States."

"Registered investment advisors, hedge funds, and family offices in the state can now access Galaxy's full suite of trading and custody services. The licenses add New York to a regulatory footprint that spans more than 50 global approvals. Galaxy manages $9 billion in client assets across its digital asset business. Founder and CEO Mike Novogratz said New York holds the deepest pool of institutional capital in the country."

"He further remarked that digital assets are no longer sitting at the edge of those allocations, and that Galaxy was built to meet that demand. The Bitlicense is a specialized business license issued by the NYDFS for companies engaged in virtual currency business activity involving New York or New York residents. The framework has been active since August 2015, when then-Superintendent Benjamin Lawsky introduced it as one of the first comprehensive state-level regulatory structures for cryptocurrencies."

"Companies holding a Bitlicense must meet strict requirements covering anti-money laundering programs, know-your-customer procedures, cybersecurity protocols, consumer protections, capital requirements, and regular NYDFS examinations. Compliance costs can run from hundreds of thousands to millions of dollars upfront, with ongoing obligations that follow. The license covers a wide range of virtual currency activities, including transmission, custody, exchange services, and the issuance or administration of digital assets."

Galaxy Digital received a Bitlicense from the NYDFS on May 18, 2026, enabling Galaxyone Prime NY to serve New York institutional clients. The platform now provides registered investment advisors, hedge funds, and family offices access to Galaxy’s trading and custody services, backed by $9 billion in managed digital assets. The approval expands Galaxy’s global regulatory footprint to more than 50 licenses. The Bitlicense is a specialized NYDFS business license for virtual currency activity involving New York or New York residents, operating under a framework active since August 2015. License holders must meet strict requirements for anti-money laundering, know-your-customer procedures, cybersecurity, consumer protections, capital requirements, and regular NYDFS examinations.

Read at news.bitcoin.com