The move, tied to a $1.65 billion deal with Forward Industries, comes as Solana adoption surges with record-high DeFi activity and treasury companies amassing billions in SOL holdings.
Digital assets investment giant Galaxy Digital has intensified its Solana accumulation, purchasing $306 million worth of SOL in a single day as part of an ongoing spree linked to the rise of crypto treasury companies.
According to blockchain tracker Lookonchain, Galaxy acquired 1.2 million SOL on Sunday from multiple exchanges and transferred the tokens to Fireblocks for custody. This marks the latest in a series of massive buys that have seen the firm acquire more than 6.5 million SOL worth roughly $1.55 billion since last Wednesday.
Galaxy’s rapid-fire purchases come shortly after the firm revealed it would participate in a $1.65 billion private placement round in Forward Industries, a Nasdaq-listed company that recently pivoted from medical devices to building one of the largest Solana treasuries among public firms. The round also includes Multicoin Capital and Jump Crypto, two heavyweight investors in the digital asset space.
While Galaxy has not confirmed whether its recent buying spree is directly tied to the Forward Industries deal, the timing suggests a coordinated push to establish Solana as a premier reserve asset.
The treasury pivot has already had an impact on traditional markets. Forward Industries (NASDAQ: FORD) shares jumped 16% over the past five trading sessions, closing Friday at $36.10. The stock is now up 620% year-to-date, reversing a multi-year slump despite reporting weaker fundamentals in its June quarter, including a 50% revenue decline and a 329% drop in net profit margin.
This surge reflects growing investor appetite for firms aligning themselves with blockchain strategies, especially as treasury-focused companies begin to emerge as a trend.
Galaxy’s bullish positioning comes as Solana continues to cement its role as a leading blockchain in decentralized finance (DeFi). Earlier this month, Solana’s total value locked (TVL) hit $12 billion, second only to Ethereum.
Other treasury-focused entities are also piling in. DeFi Development Corp revealed last week that it purchased $117 million in SOL, pushing its holdings past the 2 million token milestone. Meanwhile, Helius co-founder Mert Mumtaz noted that Solana treasury companies collectively have raised $3-$4 billion, underscoring a wave of institutional-level confidence in the ecosystem.
Adding to the momentum, Galaxy Digital itself became the first Nasdaq-listed firm to be tokenized on Solana on September 3, further strengthening ties between traditional finance and blockchain innovation.
The aggressive accumulation has coincided with strong price performance for Solana. According to CoinGecko, SOL is up 17.3% in the past week and nearly 30% over the past month, trading at around $232.94. With such sustained demand from both corporate treasuries and retail investors, Solana’s role as a cornerstone blockchain asset looks increasingly assured.
Galaxy’s latest $306 million purchase not only highlights its conviction but also signals that the crypto treasury race is just heating up, with Solana at the center of the action.
