Galaxy Digital Buys $536 Million in Solana
Galaxy Digital acquired about $536 million worth of Solana (SOL) in the past 24 hours. On-chain data from Arkham Intelligence shows the company received over 2.31 million SOL. The tokens came from multiple wallets on Binance, Bybit, and Coinbase.
This purchase follows Galaxy’s earlier investment in a Solana treasury company. It has sparked speculation about a possible new bull season for Solana.
Forward Industries Raises $1.65 Billion for Solana Treasury
On Monday, Galaxy Digital, Jump Crypto, and Multicoin Capital led a $1.65 billion private placement in Forward Industries (FORD). Forward is shifting its focus to become a Solana digital asset treasury company.
- The three firms subscribed for over $300 million.
- Forward Industries announced the private placement closed on Thursday.
- The company plans to start buying Solana with the raised funds.
- Forward’s Nasdaq stock surged 135% over the past five days.
The firms aim to make Forward Industries a leading publicly traded participant in the Solana ecosystem. Blockchain analytics platform Lookonchain noted Galaxy’s role in helping Forward accumulate SOL. However, it is unclear if Galaxy’s recent $536 million purchase is directly linked to Forward.
Corporate Treasuries Drive Solana Momentum
The private investment reflects a growing trend of corporate digital asset treasuries. Companies acquire public firms and convert them into crypto treasury companies. Public Solana treasuries now hold 4.67 million SOL.
Galaxy CEO Mike Novogratz said the crypto market is entering a “season of Solana,” citing strong momentum and favorable regulations.
Bitwise CIO Matt Hougan added that corporate treasury buys and potential spot Solana ETFs are driving the coin bullishly. Solana’s speed and low fees compared to Ethereum also boost its appeal.
Solana’s price rose 6.91% in the last 24 hours. It trades at $238.06 and has overtaken BNB as the fifth-largest cryptocurrency. Its market cap stands at $129.1 billion.
Solana Price Chart – Source: CoinMarketCap
