Key Takeaway
- Galaxy picked up 1.2 million Solana from several exchanges on Sunday and moved the haul to crypto custodian Fireblocks.
- The action comes right after Galaxy had teamed up with other crypto giants to fund Forward Industries.
- Solana’s total value locked (TVL) has touched a record of $12 billion, making it second only to Ethereum in the DeFi space.
Virtual assets investor Galaxy Digital scoops up Solana worth $306 million amid a continuous buying spree. The firm’s bulk Solana purchase on Sunday comes right after it had signed partnership with Multicoin Capital and Jump Crypto to create a crypto treasury company.
Galaxy picked up 1.2 million Solana from several exchanges on Sunday and moved the haul to crypto custodian Fireblocks, according to blockchain data shared by Lookonchain. The move came at a time when Solana was trading at an average of $240 for the day, being largely down over 3%.
The move follows Galaxy Digital’s previous $SOL acquisition since Wednesday, which has seen it buy up over $1.5 billion worth of the token. As TimesCrypto reported earlier, the firm had picked up 2.31 million tokens worth $536 million on Friday.
The purchase comes as Solana’s rally continued in the previous week, even surpassing BNB momentarily. At the press time, $SOL is trading at $236.29, down 4.02% as compared to the same time last day.
Interestingly, the Solana buy comes right after the firm had announced that it is partnering with Multicoin Capital and Jump Crypto to participate in a $1.65 billion private placement round in Forward Industries, a medical device company that recently changed its strategy to have the largest Solana holdings among public firms.
Galaxy Digital’s Solana Bet Comes After Forward Industry Partnership
Galaxy has acquired 6.5 million SOL, or around $1.55 billion, in the last five days. The move is in tandem with the firm’s previous actions as it is rapidly purchasing hefty amount of SOL tokens at a time, with each purchase costing millions of dollars.
However, the actions come right after Galaxy had teamed up with other crypto giants to fund Forward Industries.
Forward Industries, a Nasdaq-listed firm, had raised $1.65 billion in a private placement to create the largest Solana-based corporate treasury. Big firms are placing bets on Solana’s expanding role in digital finance.
Solana, which is well-known for its speed and affordability, is drawing significant institutional interest as businesses seek to embrace blockchain innovation and diversify their treasuries.
It is currently unknown, though, if Galaxy’s acquisitions of SOL are related to its collaboration with Forward Industries.
Galaxy Digital’s Solana Buy Cements $SOL’s Market Dominance
Solana has been emerging as a valid option for blockchain enthusiast in the industry. The surge in $SOL’s utility has pushed the prices of the token higher, especially since the start of 2025. Institutional buying for Solana has also picked pace, hand in hand with its prices, TVL and hype.
In this line, Galaxy Digital became the first Nasdaq-listed company to be tokenized on Solana, marking a big milestone for the blockchain. At the same time, DeFi Development Corp hit 2 million SOL in its treasury after snapping up $117 million worth of $SOL in just eight days.
The hype is also reflected in the numbers. Solana’s total value locked (TVL) has touched a record of $12 billion, making it second only to Ethereum in the DeFi space.
Solana’s main selling point lies in its speed and affordability. Additionally, the blockchain’s ability to manage multiple transactions simultaneously makes it attractive to users.
Solana is making life easier for everyone, users enjoy lower fees and smoother transactions, while big investors and corporations are jumping in, showing confidence in its potential for large-scale digital finance. With more wallets, tools, and exchanges supporting it, Solana is becoming easier to use and more widely accepted by both everyday users and institutions.
