Galaxy Digital Buys 2.31 Million Solana Tokens Worth Nearly $536 Million

Galaxy Digital has reportedly acquired 2.31 million Solana (SOL) tokens, valued at nearly $536 million, according to blockchain data tracked over the past 24 hours.

The tokens were transferred to Galaxy from Binance, Bybit, and Coinbase wallets, as per Arkham Intelligence.

While the firm has yet to confirm the purchases, the size and timing of the acquisition are fueling speculation across the market.

Galaxy Backs Solana Pivot as Forward Industries Transforms Into Crypto Treasury

This aggressive move follows Galaxy’s high-profile investment in Forward Industries (NASDAQ: FORD), a company now transitioning into a Solana-focused digital asset treasury.

Galaxy, alongside Jump Crypto and Multicoin Capital, recently led a $1.65 billion private placement into Forward, with over $300 million committed directly.

The company confirmed on Thursday that the funding round has closed and will be used to accumulate SOL as part of its strategic repositioning.

Forward’s shares have soared 135% in just five days, reflecting market enthusiasm around the pivot and broader confidence in Solana.

While Lookonchain suggested Galaxy is actively helping Forward acquire SOL, it remains unclear whether the $536 million transaction is part of that initiative.

Galaxy Digital just bought another 706,790 $SOL($160M).

In the past 24 hours, their total buy is a massive 2,159,182 $SOL($486M).https://t.co/OFLLaSJQdS pic.twitter.com/RUoK7NXZMM

— Lookonchain (@lookonchain) September 12, 2025

The move underscores a growing trend of digital asset treasury plays, where firms acquire public shell companies and rebrand them as crypto treasuries, a strategy increasingly common among institutional players looking to gain on-chain exposure without launching new tokens.

Galaxy CEO Mike Novogratz declared on Thursday that the market is entering a “season of Solana,” citing favorable regulatory signals and growing investor appetite.

Bitwise CIO Matt Hougan echoed that view, highlighting Solana’s network speed, cost efficiency, and the potential for upcoming spot ETFs as key drivers of its momentum.

Solana’s recent rally has pushed its price to $236.83, up 6% in the past day. With a market cap of $126.4 billion, SOL has now overtaken BNB to claim the number five spot among the world’s largest cryptocurrencies.

Solana Treasury Firms Expand Rapidly

Solana-based treasury strategies are gaining significant traction among publicly listed companies, with total corporate holdings reaching 6.49 million SOL.

Recent disclosures from BIT Mining Limited and Upexi Inc. highlight the accelerating pace of institutional accumulation, driven by both long-term conviction and attractive staking yields amid Solana’s price rally.

BIT Mining, soon to rebrand as SOLAI Limited, added 17,221 SOL this week, bringing its holdings to over 44,000 SOL worth $9.95 million.

The company is phasing out its former focus on Bitcoin and other proof-of-work assets, instead doubling down on Solana with plans to raise up to $300 million.

As part of its ecosystem play, BIT Mining also launched a stablecoin called DOLAI on Solana in partnership with Brale Inc.

Upexi Inc., a consumer products firm turned Solana treasury powerhouse, now holds over 2 million SOL valued at $447 million, with $142 million in unrealized gains and daily staking rewards of around $105,000.

The firm has introduced new treasury metrics like “adjusted SOL per share” and recently appointed former BitMEX CEO Arthur Hayes to its advisory board.

Upexi’s leadership points to solid execution, successful capital raises, and rising SOL per share as proof of its dominance in the growing digital asset treasury trend.