Galaxy Digital has accelerated its bet on Solana, purchasing more than $1.2 billion worth of SOL in less than a week.
On September 13, blockchain analytics platform Lookonchain reported that Galaxy had acquired nearly 5 million SOL—valued at about $1.16 billion—within three days. Of that amount, roughly 4.7 million SOL was transferred to Coinbase Prime for custody.
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Solana Surges 21% After Galaxy Digital Acquires 5.3 Million Tokens in a Week
A day later, the firm added another 325,000 SOL, worth $78 million, bringing its total purchases close to 5.3 million tokens.
Arkham Intelligence data shows that after these transfers, Galaxy retained only around 225,000 SOL—worth just over $55 million—in its wallet.
This shows that the SOL buying spree is aimed at long-term storage and strategy execution through Coinbase’s infrastructure rather than short-term trading.
Meanwhile, the buying activity aligns with Galaxy’s leadership role in a $1.65 billion investment round for Forward Industries, alongside Jump Crypto and Multicoin Capital. Forward is positioning itself as a specialized Solana treasury vehicle with ambitions to dominate the space.
Notably, industry speculation suggested Forward might be a vehicle for insiders to offload locked Solana tokens. However, Galaxy and Multicoin’s executives have dismissed those concerns.
Multicoin’s Kyle Samani stated that none of its affiliates would sell locked tokens to the treasury firm.
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“I can represent with 100% certainty that Forward will not buy any locked SOL from any Multicoin-affiliated entity or person,” Samani said.
Instead, Forward’s backers have framed the initiative as a deliberate push to scale Solana’s role in capital markets.
For context, Galaxy emphasized that its approach is not passive accumulation but an “active alpha generation” strategy.
The firm expects Forward to leverage its and Jump’s high-performance infrastructure to stake SOL and lend into decentralized finance markets. It also plans to deploy capital across Solana-native strategies designed to accelerate per-share growth.
Due to this strong conviction, SOL’s price has outperformed the general market over the past week.
According to BeInCrypto data, the token’s value 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 price uptrend coincided with the digital asset’s perpetual open interest climbing above $7 billion for the first time, according to Glassnode data. This suggests that more crypto traders are speculating on SOL’s price momentum in the current market situation.
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Oluwapelumi Adejumo
https://beincrypto.com/solana-hits-8-month-high-amid-galaxy-purchases/
2025-09-14 09:52:00
