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Galaxy Digital acquired over 2.3 million SOL worth $530M within 24 hours.
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Investment followed Galaxy’s role in a $1.65B PIPE backing Forward Industries’ Solana treasury strategy.
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CEO Mike Novogratz and Bitwise CIO Matt Hougan both see Solana entering a bullish cycle.
Galaxy’s Major Solana Acquisition
Galaxy Digital has quietly scooped up more than $530 million worth of Solana (SOL) in the past day, according to onchain data from Arkham Intelligence. Over 2.3 million SOL tokens were transferred to Galaxy from wallets linked to Binance, Coinbase, and Bybit. The exchange has not yet confirmed the move.
This acquisition adds weight to a growing narrative of a “Solana Season” in the crypto market, as corporate treasuries and institutions increasingly accumulate the token.
Tied to Forward Industries Deal
The purchase closely follows Galaxy’s participation in a $1.65 billion private placement for Forward Industries, a firm that is transitioning into a Solana-focused digital asset treasury. Galaxy, alongside Jump Crypto and Multicoin Capital, contributed more than $300 million to the deal. Forward Industries has already begun preparing large-scale Solana purchases, with its stock price jumping 135% over the past week.
Lookonchain analysts suggested Galaxy may be assisting Forward in accumulating SOL, though the direct connection to yesterday’s $530 million move remains unclear.
Momentum for Solana Treasuries
Public Solana treasuries now hold over 4.6 million SOL, according to The Block’s dashboard. Novogratz has been vocal about Solana’s improving position, describing the current period as a “season of Solana.” Meanwhile, Bitwise CIO Matt Hougan pointed to strong demand from corporate treasuries and the expectation of Solana ETFs as drivers of future price growth.
Solana is currently trading at $236.83, up 6% in the past day, pushing its market cap to $126.4 billion and overtaking BNB for the fifth spot globally.
