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Galaxy Digital, a prominent digital assets investment firm, has made a significant move in the cryptocurrency market by acquiring $306 million worth of Solana (SOL) in a single day. This substantial investment follows Galaxy Digital's collaboration with Multicoin Capital and Jump Crypto to establish a new crypto treasury company.
Key Takeaways
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Galaxy Digital purchased $306 million in Solana (SOL) within a 24-hour period.
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The firm has acquired over $1.5 billion worth of SOL in the past week.
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This investment is linked to a new crypto treasury company formed with Multicoin Capital and Jump Crypto.
A Strategic Solana Acquisition
Galaxy Digital's recent acquisition spree saw it scoop up approximately 1.2 million Solana tokens on Sunday, which were subsequently transferred to the custody firm Fireblocks. This move is part of a broader trend of increasing Solana holdings by Galaxy Digital, which has reportedly purchased over 6.5 million SOL, valued at around $1.55 billion, in the last five days.
Partnership in Forward Industries
On Thursday, Galaxy Digital announced its partnership with Multicoin Capital and Jump Crypto. The collaboration involves a $1.65 billion private placement round in Forward Industries, a medical device company that has recently pivoted to become a public firm with substantial Solana holdings. This initiative aligns with the growing trend of "crypto treasury" companies.
Forward Industries Stock Performance
Following its announcement to focus on Solana, Forward Industries' stock experienced a significant rally. Shares were up 16% over the five trading days leading up to Friday and have seen a remarkable 620% increase year-to-date. This surge has reversed a multi-year decline for the company's stock.
Solana's Growing Adoption
Galaxy Digital's involvement with Solana extends beyond this recent acquisition. In early September, the firm became the first Nasdaq-listed company to be tokenized on the Solana blockchain. Meanwhile, other Solana treasury companies are also reporting substantial growth, with DeFi Development Corp reaching a milestone of 2 million SOL in its treasury. Industry experts estimate that Solana treasury companies have collectively raised between $3 billion and $4 billion.
The total value locked (TVL) on the Solana network recently hit a record high of $12 billion, positioning it as the second-largest blockchain by TVL, trailing only Ethereum. Solana's native token, SOL, has also shown strong performance, gaining 17.3% in the past seven days and nearly 30% over the last 30 days.
Sources
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Galaxy Digital Solana Buys Top $1.5B With $385M Weekend Haul, Cointelegraph.
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