Galaxy Digital has reportedly acquired about $536 million worth of Solana (SOL) within the last 24 hours, according to on-chain data from Arkham Intelligence. The company received over 2.31 million SOL through multiple transactions from wallets on Binance, Bybit, and Coinbase.
This massive purchase follows Galaxy’s earlier investment in a Solana treasury company, fueling speculation that the cryptocurrency may be entering a new bull season.
On Monday, Galaxy, along with Jump Crypto and Multicoin Capital, led a $1.65 billion private placement in Forward Industries (FORD). Forward is transitioning into a Solana digital asset treasury company.
Collectively, the three firms subscribed for over $300 million. Forward Industries announced Thursday that the private placement is closed and plans to start buying Solana with the funds. Its Nasdaq stock has surged 135% over the past five days.
The firms said their goal is to position Forward Industries as a leading publicly traded participant in the Solana ecosystem. Blockchain analytics platform Lookonchain noted Galaxy’s role in helping Forward Industries accumulate SOL, although it is unclear if the recent $536 million purchase is directly linked.
The private investment comes amid a growing trend of corporate digital asset treasuries, where companies acquire publicly traded firms and convert them into crypto treasury companies; public Solana treasuries now hold 4.67 million SOL.
Galaxy CEO Mike Novogratz stated that the crypto market is entering a “season of Solana,” citing strong momentum and favorable regulations.
Bitwise CIO Matt Hougan would also say that the coin is being driven towards a bullish direction by corporate treasury buys and future spot Solana ETFs. The fact that Solana is faster and cheaper than Ethereum also contributes to its popularity.
Solana has increased by 6.91% in the last 24 hours, and it is trading at $238.06, overtaking BNB as the fifth-largest cryptocurrency with a market cap of $129.1 billion.
