Galaxy Digital Acquires 2 Million SOL Tokens for Treasury

Galaxy Digital, led by CEO Mike Novogratz, acquired 2.16 million Solana (SOL) tokens worth $486 million on September 12 to bolster Forward Industries’ Solana treasury initiative.

This large-scale acquisition signals growing institutional interest in Solana, contributing to notable market fluctuations and reinforcing Solana’s position in the cryptocurrency landscape.

Galaxy Purchases 2M SOL in 24 Hours

Galaxy Digital’s acquisition of over 2 million SOL tokens within 24 hours supports Forward Industries’ ecological shift into a Solana treasury. The acquisition reflects a growing institutional interest in alternative digital assets. Mike Novogratz, CEO of Galaxy Digital, describes this transition as the “season of Sol,” highlighting Solana’s strategic role in aligning with SEC’s tokenization agenda.

This event could shake market liquidity, boost Solana’s position in the crypto ecosystem, and demonstrate a significant institutional shift toward altcoin treasures. The involvement of Jump Crypto and Multicoin Capital further underscores the institutional backing for Solana projects. The impressive scale of the purchase has also led to speculative interest and increased trading volumes across major exchanges. Forward Industries’ stock price rose by 135%, indicating optimism about the treasury strategy.

“The crypto market is entering a season of SOL. The SEC’s push for tokenization is lining up with Solana’s financial market readiness, calling it the ‘season of Sol.’” — Mike Novogratz

Solana’s Institutional Support Boosts Market Dynamics

Did you know? Solana is witnessing increased adoption by institutional investors, a trend similar to Bitcoin’s treasury integration, reflecting broader acceptance in financial markets.

According to CoinMarketCap, the current price of Solana (SOL) is $238.03 with a market cap of $129.08 billion, marking a 63.45% increase over 90 days. The 24-hour trading volume stands at $12.75 billion, signifying a 46.85% uptick.

The Coincu research team anticipates that SOL’s strong institutional investment will reinforce its market position, potentially leading to regulatory reviews and further technological advancements. Recent market fluctuations and historical trends suggest a continuous escalation in adoption and price strength for Solana.