Galaxy Digital has reportedly acquired more than 2.31 million Solana (SOL) tokens, valued at approximately $536 million, in a 24-hour period, according to on-chain data from Arkham Intelligence. The transactions were observed from wallets on major exchanges including Binance, Bybit, and Coinbase. The Block has reached out to Galaxy Digital for comment on the transactions.
The price of Solana has responded with a rally, climbing 6% in the last 24 hours to trade at $236.83. With a market capitalization of $126.4 billion, it has now surpassed BNB to become the world’s fifth-largest cryptocurrency.
The significant on-chain activity follows Galaxy’s recent, high-profile investment in Forward Industries, a company that is transitioning into a Solana-focused digital asset treasury. Earlier this week, Galaxy, alongside Jump Crypto and Multicoin Capital, announced they led a $1.65 billion private placement for Forward Industries, with the three firms collectively subscribing for over $300 million.
Forward Industries confirmed Thursday that the private placement has closed and that it will begin using the proceeds to purchase Solana. The news sent the company’s stock on the Nasdaq soaring, with shares rising 135% over the past five days.
The private placement is part of a growing trend of corporate digital asset treasuries (DATs), where firms acquire publicly traded companies and convert them into crypto treasury holdings. Mike Novogratz, CEO of Galaxy Digital, stated on Thursday that the crypto market is entering a “season of Solana,” citing strong market momentum and favorable regulatory signals.
On-chain analytics platform Lookonchain had previously suggested on X that Galaxy was helping Forward Industries accumulate SOL. While a direct link has not been officially confirmed, the timing of Galaxy’s large-scale acquisition aligns with the closing of Forward Industries’ funding.
Currently, public Solana treasuries hold 4.67 million SOL, according to The Block’s data dashboard.
