Galaxy Digital (GLXY) Stock Drops Even as Novogratz Files for a National Bank Charter

TLDR Galaxy Digital applied to the OCC for a national trust bank charter, to be called Galaxy National Bank. GLXY stock was down more than 4% to $18.25 in premarket trading on Thursday. The proposed New York-based bank would bring custody, trading and staking under one federal framework. The OCC has already conditionally approved charters for Circle, Ripple, Paxos, BitGo and Fidelity Digital Assets. Citigroup upgraded Galaxy to Buy and raised its price target from $26 to $28. Galaxy Digital (GLXY) stock was down more than 4% to $18.25 in premarket trading on Thursday. The move came after the company said it applied for a national trust bank charter with the Office of the Comptroller of the Currency.

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