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, 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.
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 Backs Solana Pivot as Forward Industries Transforms Into Crypto Treasury
While Lookonchain suggested Galaxy is actively helping Forward acquire SOL, it remains unclear whether the $536 million transaction is part of that initiative. 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.
Forward’s shares have soared 135% in just five days, reflecting market enthusiasm around the pivot and broader confidence in Solana.
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.
Galaxy CEO Mike Novogratz declared on Thursday that the market is entering a “season of Solana,” citing favorable regulatory signals and growing investor appetite.
He noted that a regulated market is needed to monitor these assets for fraud and manipulation. 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.
Beyond Bitcoin and Ethereum, the approval of other crypto ETFs, including Solana, is unlikely without significant regulatory changes, Seyffart said.
