Galaxy Shares Fall 5.03% on Day of Trust Bank Application News

Galaxy Digital Inc. shares closed 5.03% lower Thursday, the day the company disclosed a proposed national trust bank, though the closing move alone does not establish a connection to the application.

The shares finished at $18.13 at 4 p.m. ET (20:00 UTC), down $0.96 from the Oct. 28 close of $19.09. Galaxy Digital LP applied to the Office of the Comptroller of the Currency (OCC) to establish Galaxy National Bank, a proposed trust institution headquartered in New York. The application remains subject to OCC approval.

If approved, the bank would offer digital-asset custody, trading and staking, along with fiduciary investment-advisory services. It would operate under OCC supervision and serve clients nationwide through a single federal framework. Galaxy said it holds more than 50 licenses across the United States, Europe and Asia, including broker-dealer and swap-dealer registrations, a U.K. authorization and New York BitLicense and money-transmission permissions held by a subsidiary.

Galaxy founder and CEO Mike Novogratz called the proposal “an important next step, allowing us to bring more of our services under a single federal framework.” The proposal would bring several services under federal oversight, but it does not establish a launch date or an approval timetable.

The OCC conditionally approved five national trust-bank applications on Dec. 12, 2025, including one for Ripple National Trust Bank. Ripple’s charter became effective Oct. 26, 2026. Those actions provide context for the charter process but do not set a decision date for Galaxy’s application.

The Independent Community Bankers of America sued the OCC on Oct. 2, alleging the agency exceeded its authority in a national bank chartering rule and Interpretive Letter No. 1176. The claims are allegations, not court findings. Galaxy’s proposal remains pending OCC approval.