Galaxy Digital has ramped up its Solana buying spree, purchasing $306 million worth of the token in a single day, data from Lookonchain revealed. The firm scooped 1.2 million SOL from multiple exchanges and transferred them to Fireblocks for custody. This comes as Galaxy, alongside Multicoin Capital and Jump Crypto, forms a treasury company focused on crypto assets. The firm has now accumulated over $1.5 billion in SOL since Wednesday.
Galaxy’s activity overlaps with its involvement in Forward Industries’ $1.65 billion private placement round. The medical device firm recently pivoted to holding large amounts of SOL, mirroring a growing trend of crypto treasury companies. Meanwhile, DeFi Development Corp disclosed its SOL treasury reached 2 million tokens after an additional $117 million purchase. Solana’s total value locked hit a record $12 billion earlier this month, ranking it second only to Ethereum. Despite speculation, Galaxy has not clarified whether its SOL purchases are linked to Forward Industries.
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