Galaxy Digital has ramped up its Solana (SOL) purchases, acquiring $306 million worth of the token in a single day. The investment firm teamed up with Multicoin Capital and Jump Crypto to establish a new “crypto treasury company.”
On Sunday, Galaxy bought 1.2 million SOL, valued at $236.52 each, from several exchanges and transferred the assets to crypto custody provider Fireblocks, according to blockchain data tracked by Lookonchain.
This latest purchase adds to Galaxy’s broader Solana buying spree that began Wednesday, with total acquisitions now exceeding $1.5 billion.
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Last week, Galaxy announced its partnership with Multicoin Capital and Jump Crypto in a $1.65 billion private placement round for Forward Industries. The medical device company has recently pivoted toward building one of the largest public Solana treasuries, reflecting a growing trend of firms repositioning as crypto treasury vehicles.
Galaxy buys 6.5 million SOL in five days
Blockchain tracker Lookonchain revealed that Galaxy Digital has acquired more than 6.5 million Solana (SOL) in the past five days, worth about $1.55 billion. On-chain data shows the firm has been purchasing in rapid succession, with each batch ranging from tens of thousands to hundreds of thousands of tokens, costing millions of dollars.
It is still unclear whether these large purchases are connected to Galaxy’s involvement with Forward Industries, as the firm has not responded to requests for comment.
Forward Industries (FORD) shares rallied last week after announcing its Solana pivot, rising 16% over the last five trading days and closing at $36.10 on Friday. The stock is now up 620% year-to-date, reversing a multi-year decline. Still, financials from the June quarter show revenue fell 50% year-on-year, while net profit margin plunged 329%.
Meanwhile, Solana adoption continues to grow. On September 3, Galaxy Digital became the first Nasdaq-listed company to be tokenized on the Solana blockchain, signalling stronger institutional interest in the network.
Mert Mumtaz, co-founder and CEO of Helius, said that Solana-focused treasury companies have collectively raised between $3 billion and $4 billion so far, with more funding expected in the near future.
Earlier this month, the total value locked (TVL) on Solana reached a new record high of $12 billion, making it the second-largest blockchain by TVL, trailing only Ethereum in decentralized finance activity.
