Crypto investment firm accelerates Solana purchases after joining $1.65B private placement
Galaxy Digital has significantly increased its exposure to Solana (SOL), purchasing $306 million worth of tokens in a single day, according to on-chain data. The move is part of a broader buying spree that has seen the firm acquire over $1.55 billion worth of Solana in just five days.
Galaxy’s Growing Solana Position
Blockchain analytics shows Galaxy accumulated 1.2 million SOL tokens on Sunday, transferring them to Fireblocks, a crypto custody provider. Over the past week, the firm has bought more than 6.5 million SOL, highlighting its aggressive push into Solana as demand for the blockchain continues to climb.
This activity comes shortly after Galaxy partnered with Multicoin Capital and Jump Crypto to participate in a $1.65 billion private placement with Forward Industries, a company that has shifted its focus toward becoming one of the largest holders of Solana among public firms.
Market Reactions and Expert Insights
Forward Industries’ shares rallied following the announcement, climbing 16% in the past week and surging 620% year-to-date, despite the company’s revenue falling 50% and profit margins plunging 329% in the last quarter.
Industry experts suggest this marks a new phase in corporate treasury strategies. “What we’re witnessing is the emergence of crypto treasury companies holding Solana at scale, similar to how firms like MicroStrategy accumulated Bitcoin,” said one digital asset strategist.
Solana’s Expanding Ecosystem
The surge in institutional buying coincides with record growth in Solana’s DeFi ecosystem, where the total value locked (TVL) recently hit $12 billion, ranking second only to Ethereum.
Other treasury-focused firms, such as DeFi Development Corp, have also reported major Solana purchases, with its treasury surpassing 2 million SOL after a recent $117 million acquisition.
Mert Mumtaz, CEO of Helius, noted that Solana treasury firms have collectively raised between $3–4 billion, adding that institutional demand remains strong.
With Solana up 17% in the past week and nearly 30% over the last 30 days, Galaxy’s rapid accumulation underscores rising confidence in the blockchain’s long-term role in crypto markets.
The wave of treasury investments signals that Solana is increasingly being viewed not just as a trading asset, but as a core part of institutional crypto strategy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.