Solana Price Climbs as Galaxy Digital Ramps up Billion-Dollar Buying Spree
Galaxy Digital has accelerated its guess on Solana, buying greater than $1.2 billion price of SOL in lower than per week.
On September 13, blockchain analytics platform Lookonchain reported that Galaxy had acquired practically 5 million SOL—valued at about $1.16 billion—inside three days. Of that quantity, roughly 4.7 million SOL was transferred to Coinbase Prime for custody.
Solana Surges 21% After Galaxy Digital Acquires 5.3 Million Tokens in a Week
A day later, the agency added one other 325,000 SOL, price $78 million, bringing its whole purchases shut to five.3 million tokens.
Arkham Intelligence data reveals that after these transfers, Galaxy retained solely round 225,000 SOL—price simply over $55 million—in its pockets.
This reveals that the SOL shopping for spree is geared toward long-term storage and technique execution by Coinbase’s infrastructure moderately than short-term buying and selling.
Meanwhile, the shopping for exercise aligns with Galaxy’s management position in a $1.65 billion investment round for Forward Industries, alongside Jump Crypto and Multicoin Capital. Forward is positioning itself as a specialised Solana treasury vehicle with ambitions to dominate the area.
Notably, business hypothesis steered Forward could be a car for insiders to offload locked Solana tokens. However, Galaxy and Multicoin’s executives have dismissed these considerations.
Multicoin’s Kyle Samani said that none of its associates would promote locked tokens to the treasury agency.
“I can symbolize with 100% certainty that Forward is not going to purchase any locked SOL from any Multicoin-affiliated entity or particular person,” Samani said.
Instead, Forward’s backers have framed the initiative as a deliberate push to scale Solana’s position in capital markets.
For context, Galaxy emphasized that its strategy just isn’t passive accumulation however an “lively alpha technology” technique.
The agency expects Forward to leverage its and Jump’s high-performance infrastructure to stake SOL and lend into decentralized finance markets. It additionally plans to deploy capital throughout Solana-native methods designed to speed up per-share development.
Due to this sturdy conviction, SOL’s worth has outperformed the overall market over the previous week.
According to BeInCrypto knowledge, the token’s worth has risen by more than 21% in the last seven days. This uptrend helped push it to an eight-month high of $246.
Moreover, the worth uptrend coincided with the digital asset’s perpetual open curiosity climbing above $7 billion for the primary time, in line with Glassnode knowledge. This means that extra crypto merchants are speculating on SOL’s worth momentum within the present market state of affairs.
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