Digital asset manager Galaxy Digital has been on a serious shopping spree, piling up billions of dollars worth of Solana (SOL) tokens. Wallets tied to the company have scooped up millions of SOL tokens from major exchanges like Binance, Coinbase, and Bybit. Just in the last 12 hours, they added another 33,487 SOL to their stash.
This aggressive buying kicked off earlier in the week. Blockchain data shows that Galaxy Digital’s wallets have seen over 1.3 million SOL tokens flow in over seven days. In total, their purchases have topped $1.5 billion in just the last five days.
Analyst Lookonchain flagged a huge buying spree on Sunday. Citing data from Arkham Intelligence, Lookonchain reported that Galaxy picked up around 1.24 million SOL in 24 hours. That’s roughly $300 million. These buys happened across 13 separate transactions on the various trading platforms.
Lookonchain shared on X: “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).” The buying didn’t stop there. In the past 12 hours, Galaxy’s wallets took in another 33,487 SOL, worth about $7.9 million. This follows a big move on Friday when Galaxy reportedly pulled about 3.1 million SOL tokens from Binance and Coinbase over 48 hours. That batch was valued at an estimated $744 million.
Galaxy Digital bought another 1.2M ($306M) in the past 24 hours.
Their total buys over the past 5 days have now reached ~6.5M ($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm
— Lookonchain (@lookonchain)
Why Everyone’s Buzzing About Solana
Galaxy’s SOL withdrawals have landed in custody wallets at Fireblocks. This suggests they’re planning to hold these tokens for a while, according to Arkham’s data. Many folks are connecting these large buys to a recent deal with Forward Industries. This Nasdaq-listed company plans to build a multi-billion dollar Solana treasury.
Galaxy, along with Jump Crypto and Multicoin Capital, led a $1.65 billion private funding round for Forward. This deal was announced last Thursday. It could easily explain some of these big institutional moves. It marked the largest institutional funding focused on SOL to date.
Mike Novogratz, CEO of Galaxy, cranked up the excitement last week. He declared the start of “Solana season.” He pointed to growing corporate interest in using SOL for company treasuries. He also noted a more favorable regulatory landscape in the United States. Matt Hougan from Bitwise made a similar prediction, seeing an “epic run” for Solana by the end of the year.
Hopes for a spot SOL Exchange Traded Fund (ETF) in the U.S. also fuel this confidence. These ETFs would need approval from the Securities and Exchange Commission (SEC). Fidelity’s proposed ETF recently appeared on the Depository Trust & Clearing Corporation (DTCC) website. It was listed alongside XRP and Hedera products. While this is positive news, it does not guarantee immediate approval.
Solana’s Price Action: What the Numbers Say
These big institutional buys have given SOL’s price a boost, even after a recent dip.
SOL saw a drop of almost 4% in the last 24 hours. However, it still gained over 10% this week and nearly 30% this month. It traded around $237 when this article was written, according to CoinGecko. Its market value now sits above $130 billion. Daily trading volume also jumped 31% to reach $11.9 billion.
Simply put, Galaxy Digital’s aggressive buying shows strong confidence in the Solana ecosystem. It also hints at a broader embrace of SOL by big institutions. This kind of movement could really benefit the altcoin in today’s changing market.
- Galaxy Digital addresses have taken in over 1.3 million SOL tokens in just one week.
- In the last 12 hours alone, they added 33,487 SOL, worth almost $8 million.
- Galaxy started showing signs of building up its holdings on Friday, buying over $700 million worth of SOL.
- The firm recently signed a SOL treasury deal, and CEO Mike Novogratz has expressed his excitement.
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