On-chain data shows Galaxy Digital executing 13 transactions to acquire approximately 1.24 million SOL tokens, valued at $300 million, from major exchanges including Binance, Coinbase, and Bybit in the past 24 hours. The firm then transferred the assets to custody wallets on Fireblocks, signaling a strategic accumulation.
This latest move extends a broader buying spree, with Galaxy amassing around 6.5 million SOL over the past five days for a total of $1.57 billion at prevailing prices. The activity coincides with Galaxy’s lead role in a $1.65 billion private investment in public equity (PIPE) for Forward Industries, a Nasdaq-listed firm pivoting to a Solana digital asset treasury.
Proceeds from the deal, which closed on September 11, 2025, enabled forward to secure over 6.8 million SOL tokens for about $1.58 billion at an average price of $232 per token.
“The crypto market is entering a season of Solana,” Galaxy CEO Mike Novogratz stated, citing robust momentum and favorable regulatory developments as key drivers. On-chain analyst Lookonchain highlighted the completion of this massive acquisition on X, noting an additional $67 million in SOL remains to be purchased.
Community reactions on the platform reflect growing optimism around institutional inflows bolstering Solana’s ecosystem, including DeFi total value locked surpassing $12 billion.
Despite the bullish signals, SOL traded down 2.18% to $241.18 as of late Sunday, underscoring short-term volatility amid broader market pressures. Analysts point to potential risks, such as network congestion during peak usage, though the treasury strategy positions Solana for enhanced corporate adoption.
Forward’s initiative, backed by Galaxy, Jump Crypto, and Multicoin Capital, could set a precedent for Layer-1 treasuries, but sustained price appreciation will depend on execution and macroeconomic factors.
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