Galaxy Digital, Jump Crypto back $1.65B SOL treasury as whales shore up supply

Solana (SOL) rallied over 5% on Tuesday morning while Bitcoin (BTC) and Ethereum (ETH) remained marginally up. On-chain data shows that whales and large investors are scooping up SOL after Forward Industries unveiled a $1.65 billion Solana-focused digital asset treasury. Galaxy Digital, Jump Crypto, and Multicoin Capital will back the fund.

The treasury announcement comes as institutions race to bag more Bitcoin and Ethereum. Institutional accumulation has already set up the hype that led BTC and ETH to hit fresh all-time highs (ATHs) recently.

Solana TVL jumps 6% as whales accumulate

Data shared by Lookonchain shows that two whale wallets withdrew 376,076 SOL (worth $80.7 million) from Binance in the past 24 hours. They shifted the tokens to Kamino, a Solana-based yield platform. 

Defillama shows that Solana’s total value locked (TVL) surged by almost 6% over the last day to stand at $12.2 billion, while Ethereum’s TVL dipped by 1.5%. SOL’s TVL spiked over 15% over the past month. On the other hand, Ethereum’s dropped by 2% to stand at $89.8 billion.

Hyperliquid L1 is the top grosser among the biggest 10 chains. Its TVL grew by 20% in the last month to hover around $2.6 billion.

Solana-focused digital asset treasury has set a bullish momentum for the token. SOL price is running up by 21% over the last 30 days, trading at an average price of $218.96 at press time. Its 24-hour trading volume jumped by 74% to $10.4 billion.

Galaxy, Jump join the Solana treasury board

Forward Industries has adopted a strategy reflecting its long-term conviction in Solana. Multicoin Capital co-founder Kyle Samani, who will become chairman of Forward’s board, said Solana is “still widely misunderstood and discounted” despite its performance across market cycles.

The funding round also drew participation from existing investor C/M Capital Partners. Galaxy Digital’s Chris Ferraro and Jump Crypto CIO Saurabh Sharma will join as board observers. Mike Novogratz, CEO of Galaxy, mentioned that Forward Industries’ approach will allow it to become “the leading publicly traded company within the Solana ecosystem.”

Strategy is heating up the competition to add Bitcoin to the balance sheet. Cryptopolitan reported Strategy’s latest purchase of 1,955 Bitcoins worth $217.4 million, which lifted its total holdings to more than 638,000 BTC (worth $70 billion).

The global digital assets market printed a marginal green index all around. The cumulative crypto market cap is inching toward the $4 trillion mark.

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