Galaxy Digital has made significant acquisitions of Solana tokens, spending approximately $300 million. This was made possible through operations on leading central exchanges.
Recent Solana Purchases
According to blockchain analysis platform Lookonchain, Galaxy Digital acquired 6.5 million SOL tokens over the past five days. At the current market value, these tokens are equivalent to around $1.57 billion. Data from Arkham Intelligence also indicates that a portion of these acquired assets has been transferred to institutional custody wallets on Fireblocks for safekeeping. In the last 24 hours, the company has executed 13 transactions to buy 1.24 million SOL, utilizing platforms like Binance, Coinbase, and Bybit, elevating Galaxy Digital’s total investment in Solana to approximately $134.13 million.
Connection with Forward Industries
Last week, Galaxy Digital, along with Jump Crypto and Multicoin Capital, participated in a private funding round for Forward Industries, a company listed on Nasdaq. Collectively, these three companies contributed over $300 million towards the total funding amount of $1.65 billion. The purpose of this funding is to bolster Forward Industries’ strategy centered around their Solana treasury. Although Lookonchain has linked Galaxy Digital’s recent Solana acquisitions to this initiative, the precise nature of this connection remains unconfirmed. An official statement from Galaxy Digital is anticipated to clarify this matter.
Current Market Status of Solana
According to CryptoAppsy, as of the preparation of this report, the price of SOL has dropped by 1.77% to trade at $242.30 within the last 24 hours. The popular altcoin’s transaction volume began the new week with a 2.48% decrease, totaling $8.12 billion. The dip in volume is attributed to the weekend effect.
Galaxy Digital's recent acquisitions highlight a growing interest in Solana tokens. However, amid falling prices and trading volumes, the future of these investments remains uncertain.
