Cryptocurrency firm Jump Crypto has traded approximately 1.1 million Solana (SOL) tokens for 2,455 Bitcoin (BTC), worth approximately $205 million.
Jump Crypto Converts $205 Million of Solana to Bitcoin
This transaction, valued at approximately $265 million, was conducted through Galaxy Digital and designed as an over-the-counter (OTC) deal, preventing sudden price fluctuations.
Analysts interpret this move as an indication of a potential shift in market sentiment among the institutions. This transfer, brokered by Galaxy Digital, is being viewed as a planned portfolio restructuring.
Following the news, Solana’s price briefly dropped to $180, while Bitcoin held steady at $108,000. Experts suggest Jump Crypto’s move could be a strategy to shift to lower-risk assets or anticipate Bitcoin’s strength.
Analysts believe the transaction reflects the growing use of over-the-counter (OTC) channels and the increasing asset rotation among crypto institutions. Mike Novogratz-led Galaxy Digital is reinforcing its role as a bridge between traditional finance and blockchain-based asset management for such large transactions.
Jump Crypto is expected to continue its support of the Solana ecosystem in the long term. This move is seen as a strong indicator that institutional investors are rebalancing their portfolios ahead of the Bitcoin halving and increased ETF inflows.
*This is not investment advice.