Galaxy Digital has ramped up its SOL acquisitions to back a newly launched Solana treasury product. According to on-chain tracker Lookonchain, the firm bought 2.2 million SOL on September 12, valued at about $486 million at the time of purchase.
Arkham Intelligence data shows Galaxy Digital sourced its latest SOL haul from leading exchanges, with sizable transfers moving from Binance and Coinbase hot wallets into the firm’s custody.
The accumulation aligns with Galaxy’s broader strategy to build out a dedicated Solana treasury entity through Forward Industries. Acting as both lead investor and strategic partner, Galaxy is working alongside Multicoin Capital and Jump Crypto to advance the initiative.
As part of that effort, Forward Industries recently wrapped up a $1.65 billion private placement, positioning itself for sustained Solana exposure. The firm stated the capital will be directed toward launching the new treasury operation, acquiring SOL for working capital, funding upcoming transactions, and covering related expenses—all geared toward cementing a significant long-term stake in the Solana ecosystem.
Galaxy Digital’s treasury tops $2.4B
The firm’s latest buy underscores the rapid expansion of institutional Solana treasuries. Roughly 14 verified entities now hold a combined 10.27 million SOL, valued at around $2.44 billion—about 1.79% of the total supply. That marks a steep jump from early September as more institutions lean into long-term on-chain exposure.
The largest positions are held by a mix of public companies and crypto-focused firms. Sharps Technology leads with 2.14 million SOL (about $508 million), followed by DeFi Development Corp, whose recent $40 million purchase lifted its holdings above the 2 million SOL threshold.
Collectively, these vehicles have steadily grown their positions from 9.6 million SOL on September 5 to today’s 10.27 million, reflecting a consistent trend of institutional balance-sheet allocation to Solana throughout the month.
SOL’s price has mirrored that momentum. Trading at $237.2 at the time of writing, the token is up 6.27% in the past 24 hours and 16.13% over the past week, continuing a month-long rally. With major firms intensifying their Solana treasury strategies, institutional demand is increasingly seen as a key driver that could support higher price levels and potentially set the stage for a test of resistance near $265 and beyond.
