Galaxy Digital has acquired $306 million worth of Solana (SOL) in a single day, intensifying speculation about the growing role of institutional treasury strategies centered around digital assets.
Galaxy Expands Solana Holdings
Blockchain data revealed that Galaxy purchased 1.2 million SOL on Sunday from multiple exchanges, later transferring the tokens to custody provider Fireblocks. This latest buy extends a spree that began midweek, bringing Galaxy’s total Solana acquisitions to $1.55 billion.
The purchases come shortly after Galaxy partnered with Multicoin Capital and Jump Crypto in what is described as a “crypto treasury company.” The collaboration coincided with a $1.65 billion private placement round in Forward Industries, a medical device manufacturer that has recently repositioned itself around cryptocurrency reserves.
Forward Industries’ Pivot to Solana
Forward Industries has drawn attention after establishing a $1.58 billion Solana treasury. The firm acquired more than 6.8 million SOL at an average price of $232, making it one of the largest institutional holders of the token. The move mirrors a wave of companies aiming to position themselves as crypto treasury leaders.
Shares of Forward Industries (FORD) rallied 16% over five trading days following the announcement, closing at $36.10 on Friday. Year-to-date, the stock has surged 620%, reversing years of decline. However, financial filings show ongoing struggles, with revenue down 50% and net margins dropping 329% in the latest quarter.
Ambiguity Over Galaxy’s Role
It remains uncertain whether Galaxy’s Solana purchases are directly linked to Forward Industries. The company did not respond to requests for clarification. Despite the lack of transparency, the timing of the acquisition has fueled market debate about the coordination between institutional players and Solana-focused treasury strategies.
Institutional Demand for Solana Rising
Galaxy’s moves come at a time when Solana is experiencing renewed institutional interest. On September 3, Galaxy Digital became the first Nasdaq-listed firm to be tokenized on the Solana blockchain, underscoring its growing presence in the ecosystem.
Other firms are also following a similar trajectory. DeFi Development Corp recently revealed it had acquired over 2 million SOL in a $117 million buying streak. According to Helius CEO Mert Mumtaz, treasury companies focused on Solana have collectively raised between $3 billion and $4 billion to date.
Solana’s Market Momentum
Solana continues to strengthen its position in decentralized finance. With more than $12 billion in total value locked (TVL), it is second only to Ethereum. The token has also been on an upward trajectory, gaining 17.3% in the past week and nearly 30% in the past month, trading at $234.77, according to CoinGecko.
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