Galaxy Digital has reportedly acquired around $300 million worth of Solana (SOL) in the past 30 hours, according to on-chain data from Arkham Intelligence. The purchases were made across 15 transactions on centralized exchanges including Binance, Coinbase, and Bybit.
This action is a part of a bigger accumulation plan. According to the statistics provided by Lookonchain, Galaxy has purchased about 6.5 million SOL in the past five days, which is equivalent to $1.57 billion at the current market price. During this period, Galaxy moved millions of SOL to other addresses, primarily custody wallets on Fireblocks, signaling long-term holding intentions.
Solana Price Dips Despite Big Buys
Despite Galaxy’s aggressive buying, Solana dropped 1.61% in the last 24 hours, and is at $243.23 at 10:00 a.m. Monday, according to CoinMarketCap. The temporary dip shows that even large institutional purchases can’t always prevent short-term market volatility.
Galaxy Partners in Solana Treasury Strategy
Last week, Galaxy, along with Jump Crypto and Multicoin Capital, led a $1.65 billion private placement in Nasdaq-listed Solana digital asset treasury company Forward Industries (FORD). Collectively, the three firms subscribed over $300 million.
They plan to provide Forward Industries with both capital and strategic support, aiming to make the company a leading publicly traded institutional participant in the Solana ecosystem. While some analysts link Galaxy’s SOL purchases to Forward Industries’ treasury strategy, the connection is not yet fully verified.
Galaxy CEO Mike Novogratz recently highlighted a strong market momentum for Solana, calling it a “season of Solana.” This indicates confidence in the cryptocurrency’s potential despite short-term price fluctuations.
With the increasing institutional interest, Solana could play an even larger role in the crypto market, especially for investors wanting long-term opportunities.
Also Read: REX-Osprey Solana Staking ETF Hits $250M as SOL Price Soars
