Chiara Bianchi
Galaxy Digital has reportedly acquired around $536 million worth of Solana (SOL) in the past 24 hours, according to on-chain data. Insights from Arkham show that the firm received more than 2.31 million SOL through multiple transactions originating from major exchanges like Binance, Bybit, and Coinbase. While Galaxy has not yet confirmed the purchase, the massive transfer has sparked intense speculation across the market.
The move follows Galaxy’s recent backing of Forward Industries (FORD), a company shifting into a Solana-focused digital asset treasury (DAT). Earlier this week, Galaxy joined forces with Jump Crypto and Multicoin Capital in a $1.65 billion private placement, of which the trio contributed more than $300 million.
Forward Industries confirmed Thursday that the raise has closed, and it will soon begin purchasing Solana with the funds. The announcement sent FORD’s Nasdaq-listed shares surging 135% in just five days, reflecting strong investor confidence.
Strategic Push Into Solana Ecosystem
According to the firms involved, the goal is to establish Forward Industries as the leading publicly traded Solana treasury company, supported by both capital and strategic guidance. On-chain analysts at Lookonchain noted that Galaxy appears to be assisting Forward in accumulating SOL. Still, whether the $536 million acquisition is directly tied to Forward remains unverified.
This activity highlights the growing trend of corporate digital asset treasuries (DATs), where traditional companies undergo reverse mergers to transform into crypto treasury entities.
Solana Treasuries on the Rise
Data from PRIME’s dashboard shows that public Solana treasuries now hold about 4.67 million SOL. This surge comes amid broader institutional interest in Solana as a credible Layer 1 competitor to Ethereum.
“Season of Solana” Narrative Gains Strength
Galaxy CEO Mike Novogratz described the current market climate as the “season of Solana,” emphasizing positive momentum and favorable regulatory signals. Similarly, Bitwise CIO Matt Hougan pointed out that corporate treasury inflows and upcoming spot Solana ETFs are setting the stage for a strong rally.
Hougan also highlighted Solana’s speed, scalability, and cost-efficiency compared to Ethereum, factors that continue to make it attractive for institutions and retail investors alike.
SOL Price Climbs as Market Cap Surges
In the past 24 hours, Solana’s price has jumped 6% to $236.83, according to PRIME’s data. This rally pushed SOL past BNB, making it the fifth-largest cryptocurrency by market capitalization, now standing at $126.4 billion.
