Galaxy Digital Buys 2.31 Million Solana Tokens Worth Nearly $536 Million
Galaxy Digital has reportedly acquired 2.31 million Solana (SOL) tokens, valued at practically $536 million, in line with blockchain knowledge tracked over the previous 24 hours.
Key Takeaways:
- Galaxy Digital reportedly acquired 2.31 million SOL value $536 million through main exchanges.
- The transfer follows Galaxy’s $300M funding in Forward Industries’ Solana treasury pivot.
- Solana’s momentum continues, hitting $236.83 and surpassing BNB in market cap.
The tokens have been transferred to Galaxy from Binance, Bybit, and Coinbase wallets, as per Arkham Intelligence.
While the agency has but to verify the purchases, the scale and timing of the acquisition are fueling hypothesis throughout the market.
Galaxy Backs Solana Pivot as Forward Industries Transforms Into Crypto Treasury
This aggressive transfer follows Galaxy’s high-profile funding in Forward Industries (NASDAQ: FORD), an organization now transitioning right into a Solana-focused digital asset treasury.
Galaxy, alongside Jump Crypto and Multicoin Capital, lately led a $1.65 billion personal placement into Forward, with over $300 million dedicated straight.
The firm confirmed on Thursday that the funding spherical has closed and will likely be used to build up SOL as a part of its strategic repositioning.
Forward’s shares have soared 135% in simply 5 days, reflecting market enthusiasm across the pivot and broader confidence in Solana.
While Lookonchain instructed Galaxy is actively helping Forward acquire SOL, it stays unclear whether or not the $536 million transaction is a part of that initiative.
The transfer underscores a rising pattern of digital asset treasury performs, the place companies purchase public shell firms and rebrand them as crypto treasuries, a technique more and more widespread amongst institutional gamers seeking to acquire on-chain publicity with out launching new tokens.
Galaxy CEO Mike Novogratz declared on Thursday that the market is coming into a “season of Solana,” citing favorable regulatory alerts and rising investor urge for food.
Bitwise CIO Matt Hougan echoed that view, highlighting Solana’s community pace, value effectivity, and the potential for upcoming spot ETFs as key drivers of its momentum.
Solana’s current rally has pushed its worth to $236.83, up 6% up to now day. With a market cap of $126.4 billion, SOL has now overtaken BNB to assert the quantity 5 spot among the many world’s largest cryptocurrencies.
Solana Treasury Firms Expand Rapidly
Solana-based treasury methods are gaining significant traction among publicly listed companies, with whole company holdings reaching 6.49 million SOL.
Recent disclosures from BIT Mining Limited and Upexi Inc. spotlight the accelerating tempo of institutional accumulation, pushed by each long-term conviction and engaging staking yields amid Solana’s worth rally.
BIT Mining, quickly to rebrand as SOLAI Limited, added 17,221 SOL this week, bringing its holdings to over 44,000 SOL value $9.95 million.
The firm is phasing out its former deal with Bitcoin and different proof-of-work belongings, as an alternative doubling down on Solana with plans to lift as much as $300 million.
As a part of its ecosystem play, BIT Mining additionally launched a stablecoin referred to as DOLAI on Solana in partnership with Brale Inc.
Upexi Inc., a client merchandise agency turned Solana treasury powerhouse, now holds over 2 million SOL valued at $447 million, with $142 million in unrealized positive aspects and every day staking rewards of round $105,000.
The agency has launched new treasury metrics like “adjusted SOL per share” and lately appointed former BitMEX CEO Arthur Hayes to its advisory board.
Upexi’s management factors to strong execution, profitable capital raises, and rising SOL per share as proof of its dominance within the rising digital asset treasury pattern.
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