Galaxy Digital Inc. (NASDAQ: GLXY) announced that the New York State Department of Financial Services has granted its subsidiary GalaxyOne Prime NY a BitLicense and Money Transmission License. The approval allows the digital asset company to offer regulated services to institutions across New York State.

The licenses enable Galaxy to provide trading and custody services to registered investment advisors, hedge funds, and family offices in New York. Galaxy manages $9 billion in client assets through its digital asset business.

New York joins Galaxy's regulatory footprint of more than 50 global licenses. The company stated that the approval allows it to serve New York institutions directly.

"New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting at the edge of those allocations," said Mike Novogratz, founder and CEO of Galaxy. "Galaxy was built to meet that demand, and now we can better serve New York's institutions directly."

Galaxy Digital operates as a global digital assets and data center infrastructure company. The company offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. Galaxy also develops data center infrastructure for artificial intelligence and high-performance computing workloads, including a 1.6 GW campus in Texas.

The company is headquartered in New York City with offices across North America, Europe, the Middle East, and Asia. Information in this article is based on a company press release.