Galaxy Digital Snaps Up $306M in Solana in Single Day to Power New Crypto Treasury Initiative
Galaxy Digital just dropped a massive $306 million on Solana—all in one trading session. That's not just a bet on one altcoin; it's a statement about where institutional money is flowing next.
Why This Move Matters
Galaxy isn’t playing around. This purchase fuels their freshly launched crypto treasury venture, aimed squarely at corporations and funds looking to diversify beyond traditional assets. Solana’s speed and scalability make it a prime candidate for large-scale treasury operations—something Galaxy clearly sees value in, especially as legacy finance still scratches its head over 'what the hell a blockchain even is.'
Timing Is Everything
Buying $306 million in a single day isn’t just aggressive—it’s strategic. It signals confidence not just in Solana, but in the entire crypto asset class. While some Wall Street veterans are still debating whether crypto is a 'real asset,' Galaxy is busy building the infrastructure to manage it.
What’s Next?
Expect more players to follow. When a firm like Galaxy makes a move this bold, it doesn’t go unnoticed. Other institutional investors—and maybe even a few Fortune 500 treasuries—could start eyeing crypto allocations more seriously. After all, if you’re not at the table, you’re on the menu.
One cynical take? Traditional treasury managers are still rebalancing bond portfolios while Galaxy’s out here stacking digital assets that actually appreciate. Sometimes innovation just means being willing to leave the 20th century behind.
Galaxy Digital’s Solana Buying Spree Tops $1.5B in Just Five Days
The aggressive move is part of a broader Solana acquisition spree.
In the past five days, Galaxy has reportedly acquired 6.5 million SOL, worth around $1.55 billion, with on-chain data showing bulk purchases of tens to hundreds of thousands of tokens at a time.
Galaxy’s latest buy comes on the heels of a newly announced partnership with Multicoin Capital and Jump Crypto.
Galaxy Digital bought another 1.2M $SOL($306M) in the past 24 hours.
Their total buys over the past 5 days have now reached ~6.5M $SOL($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm
The three firms are backing a $1.65 billion private placement in Forward Industries, a little-known medical device company that recently shifted its focus to building one of the largest Solana treasuries among publicly traded firms.
It remains unclear whether Galaxy’s Solana purchases are directly linked to Forward Industries, and Galaxy has not commented on the connection.
Forward Industries’ stock (NASDAQ: FORD) surged 16% over the past five trading days, driven by investor enthusiasm over its pivot to Solana.
The stock is now up 620% year-to-date, rebounding sharply from a prolonged decline. Despite the rally, the company’s financials remain weak, with revenue down 50% and a 329% drop in net margins in its most recent quarterly filing.
The Solana ecosystem continues to attract institutional capital. On September 3, Galaxy Digital became the first Nasdaq-listed company to be tokenized on the Solana blockchain.
Other firms are also joining the trend: DeFi Development Corp recently announced that it has accumulated over 2 million SOL after an $117 million buying streak.
Solana now boasts over $12 billion in total value locked (TVL) across its DeFi ecosystem, second only to Ethereum.
According to Helius CEO Mert Mumtaz, Solana-focused treasury companies have raised between $3 billion and $4 billion to date, with more expected to follow.
The SOL treasury companies' initial raises combined are about 3-4B (more are coming)
This is before they buy more on the open market
Unlike Bitcoin and MSTR, a non-trivial amount of this cash will be injected into SOL DeFi
not financial advice
SOL is up 17.3% in the past week and nearly 30% over the past month, trading at $234.77, according to CoinGecko.
Solana Treasury Firms Expand Rapidly
Solana-based treasury strategies are gaining significant traction among publicly listed companies, with total corporate holdings reaching 6.49 million SOL.
Recent disclosures from BIT Mining Limited and Upexi Inc. highlight the accelerating pace of institutional accumulation, driven by both long-term conviction and attractive staking yields amid Solana’s price rally.
BIT Mining, soon to rebrand as SOLAI Limited, added 17,221 SOL this week, bringing its holdings to over 44,000 SOL worth $9.95 million.
The company is phasing out its former focus on bitcoin and other proof-of-work assets, instead doubling down on Solana with plans to raise up to $300 million.
As part of its ecosystem play, BIT Mining also launched a stablecoin called DOLAI on Solana in partnership with Brale Inc.
Upexi Inc., a consumer products firm turned Solana treasury powerhouse, now holds over 2 million SOL valued at $447 million, with $142 million in unrealized gains and daily staking rewards of around $105,000.
The firm has introduced new treasury metrics like “adjusted SOL per share” and recently appointed former BitMEX CEO Arthur Hayes to its advisory board.
