Galaxy Digital has reportedly made a significant move in the cryptocurrency market, acquiring approximately 2.31 million Solana (SOL) tokens valued at nearly $536 million. The tokens were transferred from major exchanges like Binance, Bybit, and Coinbase, according to blockchain data. This substantial acquisition comes as Solana experiences a notable price rally, surpassing BNB in market capitalization and reaching an eight-month high.
Key Takeaways
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Galaxy Digital has reportedly acquired 2.31 million SOL tokens worth $536 million through major exchanges.
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This acquisition follows Galaxy's significant investment in Forward Industries, which is pivoting to become a Solana-focused digital asset treasury.
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Solana's momentum is strong, with its price hitting $236.83 and overtaking BNB in market capitalization.
Galaxy Digital's Strategic Investment in Solana
The massive purchase by Galaxy Digital aligns with its recent high-profile investment in Forward Industries (NASDAQ: FORD). Galaxy, alongside Jump Crypto and Multicoin Capital, led a $1.65 billion private placement into Forward Industries, committing over $300 million directly. Forward Industries is currently transitioning into a Solana-focused digital asset treasury, with plans to use the raised capital to accumulate SOL.
This strategy of acquiring public shell companies and rebranding them as crypto treasuries is becoming increasingly common among institutional players seeking on-chain exposure without launching new tokens. Galaxy CEO Mike Novogratz has declared the market is entering a "season of Solana," citing favorable regulatory signals and growing investor interest. Bitwise CIO Matt Hougan also highlighted Solana's network speed, cost efficiency, and the potential for upcoming spot ETFs as key drivers of its current momentum.
Solana's Market Performance and Treasury Expansion
Solana's price has surged to $236.83, marking a 6% increase in the past day and pushing its market capitalization to $126.4 billion, surpassing BNB for the fifth spot among the world's largest cryptocurrencies. Technical analysis suggests potential price targets of $300-$400, with strong support established above the $220-$225 zone.
The trend of Solana-based treasury strategies is rapidly expanding among publicly listed companies. Recent disclosures from BIT Mining Limited (soon to rebrand as SOLAI Limited) and Upexi Inc. indicate accelerating institutional accumulation. BIT Mining added 17,221 SOL this week, bringing its total holdings to over 44,000 SOL, while Upexi Inc. now holds over 2 million SOL valued at $447 million.
Sources
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Galaxy Digital Buys 2.31 Million Solana Tokens Worth Nearly $536 Million, Cryptonews.
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Solana (SOL) Price: Galaxy Digital's $536 Million Buying Spree Fuels Eight-Month High, CoinCentral.
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