Galaxy Seeks Trust Bank Charter Amid 40 New OCC Applications
Key Facts
Galaxy Digital LP has applied to the U.S. Office of the Comptroller of the Currency to establish Galaxy National Bank, a proposed national trust bank headquartered in New York, Galaxy announced on October 29, 2026. The application marks a step toward placing a range of the company's digital asset services within an institution subject to federal regulation and supervision. The company said the proposed bank would offer asset custody, trading and digital storage services, along with fiduciary investment advisory services. These services remain subject to OCC approval, and the bank will not operate in this capacity before completing the chartering process. Galaxy described the move as strengthening its position as digital asset adoption accelerates, without suggesting that the application had been approved.
If the OCC approves the application, Galaxy National Bank would operate as a trust institution subject to federal regulation and the office's supervision, according to the company's statement. This type of charter differs from a banking license that permits all traditional services; Reuters noted that a trust charter does not allow the acceptance of cash deposits or the issuance of loans. That restriction places the proposed bank's scope within the trust services and digital asset-related activities cited by Galaxy. In December 2025, the OCC announced conditional approval of five applications for national trust bank charters. Those approvals remained conditional on meeting their requirements, underscoring that initial approval is not the same as final authorization to begin operations.
Galaxy's application comes amid growing interest among digital asset companies in national bank charters; the OCC said it had received 40 applications to establish new banks over about 18 months through August 19, 2026. The office added that plans in more than half of those applications included digital asset-related activity. In December 2025, the OCC's announced conditional approvals included Circle and Ripple to establish two national trust banks, as well as BitGo, Paxos and Fidelity to convert existing charters into national charters. These cases show that Galaxy's application comes amid an expanding regulatory trend involving companies seeking national trust frameworks. But the company's application remains separate from those applications and is subject to its own review by the office.
OCC rules form part of the regulatory framework governing applications for national banks limited to the operations of trust companies. The final rule allows these banks to engage in nonfiduciary activities alongside their fiduciary activities, according to the office. The rule took effect on April 1, 2026. However, the OCC said the rule does not expand or restrict its authority to grant national bank charters. The rule therefore does not itself constitute approval of Galaxy's application or guarantee its acceptance; the decision remains with the office under the chartering process.
The OCC aims to issue a decision within 120 days of receiving a completed application, or as soon as possible thereafter, according to its chartering procedures page; this is a target period, not a guaranteed date for the bank to begin operating. Applications undergoing standard review are also generally subject to a 30-day public comment period, with the office's express approval required for this route. In trading, Galaxy Digital shares, listed under the ticker GLXY, closed at $19.09 on October 28, compared with a close of $17.18 in the previous session. EL7 reported on October 27 that the company posted net income of $323 million in the third quarter of 2026. These results and price data place the announcement in the context of the company's recent news, without on their own establishing that the charter application caused the stock's move.