Galaxy Digital Expands Solana Holdings by $306 Million Amid New Crypto Treasury Venture
Galaxy Digital, a prominent digital asset investment firm, purchased $306 million worth of Solana (SOL) tokens in a single day, marking a significant step in its expanding Solana accumulation strategy. This move follows a collaboration with investment firm Multicoin Capital and trading firm Jump Crypto to establish a crypto treasury company.
Blockchain data from Lookonchain reveals that Galaxy acquired 1.2 million SOL on Sunday from various exchanges, transferring the tokens to the custody platform Fireblocks. This purchase is part of a broader spree that has seen Galaxy acquire over $1.5 billion worth of SOL since the previous Wednesday.
Partnership with Multicoin Capital and Jump Crypto
On Thursday, Galaxy announced its involvement alongside Multicoin Capital and Jump Crypto in a $1.65 billion private placement for Forward Industries. The medical device company recently shifted its corporate strategy to amass one of the largest Solana holdings among publicly traded firms, aligning with a growing trend of crypto treasury-focused entities.
Galaxy’s Aggressive Solana Accumulation
According to Lookonchain, Galaxy Digital has purchased approximately 6.5 million SOL tokens—valued at about $1.55 billion—over the past five days. The firm has been executing rapid, large-scale acquisitions, buying tens to hundreds of thousands of SOL tokens in quick succession. It remains unclear whether these acquisitions are directly connected to Galaxy’s stake in Forward Industries. Galaxy Digital has not yet responded to requests for comment.
Forward Industries Stock Reacts Positively
Following its pivot to Solana, Forward Industries’ stock (FORD) rose 16% over the last five trading days through Friday, closing at $36.10. This surge has reversed a prolonged multi-year decline, with the stock up 620% year-to-date. However, the company reported a 50% revenue decline and a 329% drop in net profit margin for the June quarter compared to the previous year.
Growing Solana Adoption and Treasury Activity
Galaxy Digital became the first Nasdaq-listed company to be tokenized on the Solana blockchain on September 3, underscoring the increasing institutional interest in Solana. Additionally, Solana-focused treasury company DeFi Development Corp recently reached a milestone by acquiring $117 million worth of SOL within eight days, bringing its treasury to two million SOL.
Industry experts like Mert Mumtaz, CEO of Helius, estimate that Solana treasury companies have collectively raised between $3 billion and $4 billion, with further growth anticipated. The platform’s total value locked (TVL) hit a record $12 billion earlier this month, ranking second only to Ethereum in DeFi project TVL.
Solana’s price has reflected this momentum, appreciating 17.3% over the past week and nearly 30% in the last month, according to CoinGecko data.
FinOracleAI — Market View
Galaxy Digital’s substantial accumulation of Solana tokens and its partnership with key crypto firms to establish a treasury company signal strong institutional confidence in Solana’s ecosystem. This buying spree is likely to boost market sentiment for SOL in the short term, supported by growing adoption and rising total value locked on the network.
Risks include potential market volatility and uncertainty over the strategic link between Galaxy’s purchases and Forward Industries’ involvement. Investors should monitor Galaxy’s ongoing purchasing behavior and Forward Industries’ operational performance for further cues.
Impact: positive
