Galaxy Digital continues to aggressively increase its holdings in Solana, acquiring large volumes of tokens. Recent purchases are part of a broader strategy by institutional investors.
Aggressive Accumulation of Solana
Galaxy Digital acquired 1.2 million SOL worth $306 million in a single day. This purchase was made across several exchanges, and the tokens were transferred to crypto custody provider Fireblocks for safekeeping.
Impact on Solana's Market
According to reports, Galaxy's investments in Solana coincided with an increase in Forward Industries' stock, which rose by 16% after news of the company's pivot to a Solana-focused strategy. However, Forward Industries also reported a 50% year-over-year revenue decline.
Growing Institutional Interest
In recent days, Solana has been attracting attention from institutional investors. The total funds raised by companies focusing on Solana amount to between $3 billion and $4 billion, underscoring the growing popularity of the blockchain for decentralized finance.
One of the reasons for the growing interest in Solana is its role in decentralized finance and tokenization, which strengthens its position among institutional players.
