Galaxy Digital appears to be shifting its focus away from Ethereum in favor of Solana, with on-chain data revealing a sizable repositioning of assets in recent weeks.
Blockchain analytics show the firm has transferred over 65,000 ETH—valued at more than $105 million—to Binance, likely in preparation for a sale. Meanwhile, Galaxy has been steadily building its Solana position, withdrawing over 750,000 SOL (worth roughly $98 million) and staking nearly $40 million of it, hinting at a longer-term strategy.
The timing suggests a deliberate pivot. Solana’s reputation as a fast, low-cost network with growing developer activity continues to attract interest. Ethereum, in contrast, is still dealing with persistent scalability issues and mounting sell-side pressure.
This isn’t the first time Galaxy has trimmed its Ethereum exposure. Back in late 2024, the firm shifted part of its ETH holdings into Bitcoin. Now, it’s seemingly reducing its ETH stake again—this time to lean into Solana.
Adding to the concerns around Ethereum, a wallet linked to the Ethereum Foundation was seen transferring 1,000 ETH to Kraken just recently. The same address originally received over 84,000 ETH from the foundation years ago, back when ETH traded at just $1.20. The foundation has a track record of selling ahead of market dips and offloaded over $12 million worth of ETH throughout 2024.
Taken together, the signs point to a broader trend: major players like Galaxy Digital may be recalibrating their portfolios as Ethereum faces headwinds—and Solana gains momentum.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/ethereum-out-solana-in-galaxy-digital-repositions-portfolio/