Galaxy Digital is stepping up its role in the Solana market as demand for large treasuries surges. In just one hour, the firm purchased 430,000 SOL worth nearly $97 million, and within 12 hours its total buy reached 1.35 million SOL valued at about $302 million.
These acquisitions are part of efforts to supply decentralized asset treasury companies, with Galaxy expected to deploy $354 million in stablecoins while holding $1 billion more for future purchases. Some of the holdings will help build Multicoin’s Solana reserve, which targets over $1 billion, while Forward Industries is planning an even larger treasury of $1.65 billion.
Data from Arkham shows that purchases were tied to Forward Industries, reflecting a growing trend in transparent, on-chain fundraising. Meanwhile, whales have been transferring SOL from Coinbase Prime into four new wallets, which may belong to a single entity. The strong buying comes as Solana is increasingly seen as a potential ETF reserve asset, similar to Ethereum.
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