Galaxy Digital, the digital asset infrastructure company, is loading up on SOL with large-scale purchases within hours. The latest purchases coincide with demand from SOL treasuries.
SOL treasury companies are still highly active, seeking more free tokens to lock up. Galaxy Digital, often used as a reserve for ETH and SOL, has been buying up assets in the past day.
In just an hour, Galaxy Digital added another 430K SOL valued at $97M, withdrawing directly from Binance. The purchases coincided with another whale transaction, originating from Coinbase Institutional for 439,233 SOL valued at over $99M.
More SOL whales are building up reserves under their own custody, which can then be used for staking with the chosen validators or staking authorities. The latest purchases extend the recent rush of whales to acquire more SOL, as Cryptopolitan recently reported.
On-chain research shows Galaxy Digital is ready to acquire more SOL within a short time window. The purchases supported the asset, as the price stabilized around $227.
Whale purchases go toward SOL treasuries
Galaxy Digital may remain one of the big buyers of SOL in the next few days, as it is tasked with supplying DAT companies. The buyer is expected to deploy $354M in stablecoins and has additional $1B cash reserves to be used in the coming weeks.
Some of the purchases will go toward the newly announced treasuries. Galaxy Digital is now tasked with acquiring over $1B in SOL for the treasury of Multicoin. In late August, Galaxy Digital announced its readiness to become part of the team building up the Multicoin SOL reserve.
Galaxy Digital will also serve as an acquisition hub for Forward Industries, Multicoin’s SOL facility, which plans an even bigger treasury of up to $1.65B. Based on Arkham data, some of the latest additions of SOL are going toward the Forward Industries treasury. Forward Industries also raised its funds fully on-chain, as part of the recent trend of sending funds directly to project wallets.
BitMining also adds SOL to reserves
BitMining, one of the smaller public companies, also extended its treasury purchases. The company added 17,221 SOL to its holdings, for a treasury of 44,000 SOL, valued at about $9.95M.
Following the purchase, BitMining BTCM shares traded at $2.91, still in the green, but below the peak of $6.25.
In total, Solana treasuries are valued at around $1.47B, still holding only 1.2% of the SOL supply. On-chain financing means not all SOL purchases are announced immediately.
SOL treasuries may have a higher share of staking, sending the funds to some of the top validators. Treasury companies will also have access to liquid staking tokens to be used in the SOL ecosystem.
Because the SOL is used within the DeFi ecosystem, treasuries are also boosting the total value locked (TVL) on Solana. Solana’s TVL reached another peak at $12.52B, with JitoSOL and Jupiter expanding their reserves from staking and liquidity inflows. Stablecoins on Solana are now $12.32B in total, with $1.5B in USDC minted in the past month.
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Source: https://www.cryptopolitan.com/this-whale-stocks-up-on-sol-as-demand-grows/