Galaxy Digital expands into Fireblocks Trust Company for regulated custody

Galaxy Digital is now a client of Fireblocks Trust Company, the digital asset infrastructure firm’s regulated custody arm. The move adds yet another qualified custodian to Galaxy’s expanding toolkit for serving institutional investors who increasingly need compliant, secure places to park their digital assets.

Fireblocks Trust Company, which received its charter from the New York State Department of Financial Services (NYDFS) in 2024, announced the partnership on October 8, 2025. Galaxy joins a cohort that includes Bakkt, Castle Island, and FalconX as clients of the platform.

Why Galaxy keeps adding custodians

Galaxy Digital’s approach to custody is essentially the opposite of putting all your eggs in one basket. Rather than building its own trust company, the firm has been deliberately diversifying across multiple regulated custody providers, including Bakkt Trust, Gemini, and Fidelity Digital Assets.

Fireblocks brings a particular technical edge to that equation. The company uses multi-party computation (MPC) technology for securing digital assets, a cryptographic method that splits private keys across multiple parties so no single point of failure can compromise the underlying holdings.

For Galaxy, which offers services spanning staking, yield management, and broader digital asset operations, having access to Fireblocks’ infrastructure means more options for how it structures and secures those offerings.

The qualified custodian question

The SEC’s evolving stance on qualified custodians for digital assets has created a scramble among institutional players to ensure their custody arrangements meet regulatory standards. The SEC’s tightening focus on qualified custodian requirements, particularly relevant for investment advisers and fund managers, has made NYDFS-chartered trust companies like Fireblocks significantly more attractive.

An NYDFS charter is one of the more rigorous regulatory frameworks in US digital asset oversight. New York’s BitLicense regime and trust company charters impose strict capital requirements, cybersecurity standards, and compliance obligations.

What Fireblocks gets out of the deal

For Fireblocks, landing Galaxy Digital as a trust company client is a meaningful validation of its custody infrastructure. The trust company represents an evolution for Fireblocks, which built its reputation primarily as a technology provider. The trust company layer adds a regulated entity on top of that technology stack, allowing Fireblocks to compete directly with established custodians rather than just powering their backends.

Bringing on clients like Galaxy, Bakkt, Castle Island, and FalconX in a single announcement suggests Fireblocks is moving aggressively to establish the trust company as a serious player in the custody market. Each of those firms serves a different segment of the institutional ecosystem, from trading to venture to market-making, which gives Fireblocks broad exposure across the industry.

The institutional custody race is heating up

The announcement didn’t name specific tokens or asset types that would be custodied through Fireblocks Trust, which suggests the arrangement covers general digital asset custody rather than any single product launch.

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