Galaxy Digital has ramped up Solana purchases, acquiring more than 1.24 million SOL (worth about $300 million) across 13 transactions in the past 24 hours, according to Arkham Intelligence data. The trades were executed on Binance, Coinbaase, and Bybit, continuing a trend of large acquisitions in recent days.
6.5 million SOL accumulated in five days
On‑chain analytics platform Lookonchain reported Sunday that Galaxy acquired about 6.5 million SOL in the past five days, valued at $1.57 billion at current prices.
Arkham data further showed Galaxy moving millions of SOL into custody platforms such as Fireblocks wallets, suggesting a consolidation into long‑term or treasury positions.
At publication time, SOL traded at $243.15, up 17.4% over the past seven days and more than 30% in the past month.
Galaxy joins $1.65 billion Solana treasury initiative
Last week, Galaxy partnered with Jump Crypto and Multicoin Capital to back a $1.65 billion private investment in public equity (PIPE) for Forward Industries (FORD), a Nasdaq‑listed Solana‑focused treasury and asset management company.
The consortium subscribed to more than $300 million in the funding round, with the goal of positioning Forward Industries as the leading publicly traded institutional participant in the Solana ecosystem.
Forward Industries’ CEO Michael Pruitt called Solana “one of the most innovative and widely adopted blockchain ecosystems in the world.”
Galaxy CEO Mike Novogratz added that the recent capital raise signals the “season of Solana” in crypto markets.
Regulatory signals and Wall Street readiness
Novogratz also pointed to comments by SEC Chair Paul Atkins, who recently promised efforts to modernize securities regulations to allow capital raising directly on‑chain. Atkins said most crypto tokens should not be treated as securities and fall outside SEC oversight, a shift Novogratz described as a radical departure from prior policy.
“Blockchains are now fast, safe, secure, and trusted,” Novogratz said, adding that regulatory clarity is setting the stage for Wall Street adoption. He highlighted Solana’s speed and low transaction costs as advantages for financial markets infrastructure.
Analysts: capital flows may accelerate
Matt Hougan, CIO at Bitwise, noted that interest in Solana is increasingly tied to prospective spot ETF approvals, potential inflows, and corporate treasury participation. He compared Forward Industries’ Solana‑treasury positioning to early Bitcoin strategies from Michael Saylor of MicroStrategy and institutional models supporting Ethereum.
Hougan said Solana’s performance edge, sub‑cent transaction fees with near‑instant settlement, makes it a prime blockchain for stablecoins, tokenized assets, and DeFi. Unlike Ethereum, Solana does not rely on Layer‑2 scaling, offering a simpler user experience.
“Even modest flows into Solana assets could drive significant price moves,” Hougan said.
Strategic outlook
Galaxy’s push underscores a broader institutional shift toward Solana as a core blockchain for programmable finance. With billions in treasury allocations, expanding ETF filings, and regulatory accommodation, Solana is being positioned as an institutional‑ready ecosystem.
Novogratz said the industry is moving “from narrative to execution.” He believes that more capital will enter the ecosystem as Solana solidifies its role in financial markets, while upcoming SEC ETF decisions expected by October 10 could trigger new inflows into SOL.
Gunel Ismayilova
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