Galaxy Digital adds $530 million in SOL as 'Solana Season' narrative gains traction
Quick Take
- Galaxy Digital received over 2.31 million SOL over the past day from wallets on Binance, Coinbase and Bybit.
- Galaxy recently participated in a $1.65 million PIPE investment in Forward Industries, which is starting a Solana treasury strategy,
- Both Galaxy CEO Mike Novogratz and Bitwise CIO Matt Hougan recently pointed to an upcoming “Solana Season,” citing momentum from corporate accumulation and regulatory developments.
Galaxy Digital seemingly acquired about $536 million in Solana within the last 24 hours, according to onchain data.
Arkham Intelligence data shows that Galaxy received more than 2.31 million SOL across numerous transactions from wallets on Binance, Bybit and Coinbase over the past day. The Block has reached out to Galaxy to confirm the transaction.
The transaction comes on the heels of Galaxy's major investment in a Solana treasury company, fueling the narrative of an approaching bull season for the cryptocurrency.
On Monday, Galaxy, along with Jump Crypto, and Multicoin Capital, announced that they are leading a $1.65 billion private placement in Forward Industries (FORD), which is transitioning into a Solana digital asset treasury company. The three companies collectively subscribed for more than $300 million.
Forward Industries said Thursday that it has closed the private placement, and is expected to start purchasing Solana with the proceeds. Its stock on the Nasdaq rose 135% in the past five days, according to Google Finance data.
The three companies said they intend to provide Forward Industries with capital and strategic support, with the overall goal of positioning the Solana treasury strategy as the foremost publicly traded institutional participant in the Solana ecosystem.
Blockchain analytics platform Lookonchain wrote on X on Thursday that Galaxy was helping Forward Industries accumulate SOL. However, it is unclear whether Galaxy's $530 million Solana transaction has a verifiable link to Forward Industries.
The private investment comes amid a booming trend of corporate digital asset treasuries (DATs), as many firms adopt a "reverse merger" approach — acquiring publicly traded companies and converting them into crypto treasury companies.
According to The Block's data dashboard, public Solana treasuries currently hold 4.67 million SOL.
Meanwhile, Galaxy CEO Mike Novogratz said Thursday that the crypto market is entering a "season of Solana," pointing to strong market momentum and favorable regulatory signals.
Bitwise Chief Investment Officer Matt Hougan also said in his memo earlier this week that corporate treasury purchases and upcoming spot Solana exchange-traded funds have put the cryptocurrency on a bullish trajectory, further boosted by the Layer 1 network's speed and cost efficiency compared to Ethereum.
The Block's crypto price page shows that Solana is up 6% in the past 24 hours to trade at $236.83, surpassing BNB to become the fifth largest cryptocurrency in the world with a market capitalization of $126.4 billion.
Article updated to add information on Solana's latest price movement
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