Galaxy Digital buys 2.16M Solana in 24 hours, spending $486M

Galaxy Digital has scooped up more than 1.8 million SOL tokens worth over $430 million over the past 24 hours. The spree was capped late Thursday with a purchase of 706,790 SOL, valued at $160 million, according to blockchain tracker Lookonchain. 

On-chain data compiled by Arkham Intelligence shows the firm has made a total buy of 2.16 million SOL, worth roughly $486 million at current market prices. The tokens were sourced from centralized exchanges Binance and Coinbase’s hot wallets before landing in Galaxy Digital’s Fireside custody account. 

Galaxy Digital place Solana in treasury plans

The spending spree comes as part of Galaxy’s broader plan to establish a Solana-focused corporate treasury through Forward Industries (FORD). The initiative, announced through a press statement seen by Cryptopolitan, lists Galaxy alongside Multicoin Capital and Jump Crypto as lead investors and partners.

Forward Industries confirmed Thursday that it closed a $1.65 billion private investment in public equity (PIPE) deal, to build out a dedicated Solana treasury infrastructure. The investment attracted more than $300 million contributed by the three lead investors.

“Forward Industries’ mission has been centered around operational and innovative excellence, and we are now extending that same principle to our capital strategy by building a balance sheet with SOL at its core,” Interim Forward CEO Michael Pruitt said.

Other backers included Bitwise Asset Management, Borderless Capital, SkyBridge Capital, and several high-profile crypto founders and angel investors. 

As part of the governance structure, Multicoin Capital co-founder Kyle Samani has been appointed chairman of the board. Galaxy Digital’s Chris Ferraro and Jump Crypto’s Saurabh Sharma will take board observer seats.

Speaking in a CNBC Squawk Box interview today, CEO Mike Novogratz said the investment is “new money, dollars, into the crypto space,” adding that the network was tailor-made for financial transactions, better than equities.

“Total transactions per second Solana can do in a day is $14 billion. That’s more than total transactions on equities, fixed income commodities and foreign exchange. I’m calling this the season of SOL. That money is pouring into the Solana ecosystem right now, because people see that as a potential winner in the financial market space,” Novogratz said.

Arkham Intelligence’s portfolio tracking of the company’s holdings shows that on September 5, its overall portfolio sat at $755.84 million. At that point, its Solana position was relatively small at just 31,000 tokens, valued around $6.56 million.

By Friday, Arkham data showed Solana holdings had jumped to 514,591 tokens worth $115.42 million. The increase came after the large transfers from exchanges into Galaxy-controlled wallets yesterday.

Other assets in the capital markets company account include Bitcoin, which it increased modestly in the past 7 days from 3,610 BTC worth $403 million to 3,863 BTC worth $443 million,14,117 ETH valued at $63.7 million, and $14.8 million USDT.

Solana added in other treasuries

Galaxy’s spree adds to a swelling pool of institutional Solana treasuries. On-chain tallies show that around 14 verified entities now hold a combined 10.27 million SOL, valued at approximately $2.44 billion. That total is nearly 1.8% of Solana’s circulating supply and an uptick from the 9.6 million tokens reported on September 5.

The list of institutional holders features public companies and crypto-native specialists, including Sharps Technology with 2.14 million SOL, worth about $508 million, the biggest holder in the bunch.

Second in the list is DeFi Development Corp, which crossed the 2 million tally after a $40 million purchase made in the first week of September

Solana’s price is currently testing resistance near $240, a level it has struggled to break decisively for months. Technical analysis points to additional barriers at $259 and $300, while support rests at $208, $185, and $170.

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