Galaxy Digital Buys 1.35M SOL Worth $302M As Demand Surges

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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