On-chain data shows Galaxy Digital bought 1.24 million SOL worth about $300 million on Monday. The company purchased the digital assets from Binance, Coinbase, and Bybit across 13 transactions during the last 24 hours.
The global leader in digital assets and data center infrastructure has recently acquired batches of Solana from exchanges. On Sunday, on-chain data showed that the company purchased around 6.5 million SOL in the past five days, worth $1.57 billion. At the same time, Arkham Intelligence showed that Galaxy moved millions of SOL to other addresses, mainly to custody wallets on Fireblocks.
Galaxy provides capital investment to Forward Industries
Last week, Galaxy Digital partnered with Jump Crypto and Multicoin Capital to launch a Solana-centered digital asset treasury strategy. The trio agreed to provide capital worth $1.65 billion in cash and stablecoin for a private investment in public equity offering to Forward Industries.
The initiative aims to position Forward Industries as the Solana ecosystem’s leading publicly traded institutional participant. Forward Industry also aims to generate differentiated on-chain returns and build long-term shareholder value through active participation in the Solana ecosystem.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems in the world.”
–Michael Pruitt, CEO of Forward Industries.
Galaxy’s CEO, Mike Novogratz, also said last week that the crypto market is entering the season of Solana. He acknowledged the recent $1.65 billion fundraise for FORD, saying that treasury companies focused on altcoins are bringing new energy and money into the space.
Novogratz also noted a shifting regulatory backdrop as the U.S. SEC Chair Paul Atkins revealed efforts to modernize crypto rules and regulations. Atkins said the agency is working to modernize the securities rules and regulations to enable markets to move on-chain. Novogratz called the initiative a radical departure from prior regulations and a sign that institutional adoption is accelerating.
Atkins also mentioned that entrepreneurs and investors should be able to raise capital on-chain without endless legal uncertainty. The SEC chair maintained that most crypto tokens are not securities and fall outside the agency’s remit.
Galaxy’s CEO acknowledged Atkin’s comments, saying they are pushing things in the right direction. He also believes blockchains are now fast, safe, secure, and trusted, and they are ready for Wall Street adoption once regulatory frameworks are in place.
Novogratz pointed out that Solana’s speed and high transaction capacity make it a tailor-made blockchain suited for financial markets. The tech executive also said digital assets represent healthy competition in rebuilding global financial infrastructure.
Novogratz sees more capital flowing into Solana
Novogratz is confident that capital will move into the ecosystem as the company starts moving from narrative to execution. Bitwise chief investment officer, Matt Hougan, also pointed to a potential emergence in the Solana season. He anticipates that ETF approvals, subsequent inflows, and corporate treasury purchases will fuel runs similar to Bitcoin and Ether’s.
Hougan said several issuers, including Galaxy Digital, have filed for spot Solana ETFs in the U.S. He also said the SEC is expected to decide by October 10 on the SOL funds, which could potentially set up multiple launches in Q4. He also acknowledged this week’s capital pledge to Forward Industries, which mirrors what Michael Saylor has done for Bitcoin and Tom Lee for Ethereum.
Due to its speed and low costs, Hougan believes Solana is a programmable blockchain built for stablecoins, tokenized assets, and DeFi. He noted that SOL offers transactions costing less than a cent and finalizes them in milliseconds after a pending upgrade, which is far faster than Ethereum.
The tech executive also stated that Solana doesn’t rely on Layer 2s like Ethereum, which offers the digital asset a simpler user experience. He believes that a relatively small amount of flows into Solana could significantly impact prices.
At the publication time, Solana is exchanging hands at around $243.15. The digital asset has surged by 17.42% in the past seven days and by more than 30% in the last 30 days.
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Source: https://www.cryptopolitan.com/galaxy-digital-adds-300m-solana-holdings/