- Galaxy Digital’s $536M Solana buy shows real conviction as it fuels treasury growth and signals stronger institutional confidence.
- Forward Industries jumps 135% after Galaxy and partners back its $1.65B Solana plan, showing how fast investor demand is rising.
- Mike Novogratz calls this the season of Solana as regulation shifts and ETFs add momentum to the network’s growing influence.
Galaxy Digital has accelerated its bet on Solana with a staggering purchase spree. On Thursday, blockchain data revealed that the company acquired more than $536 million worth of SOL within 24 hours.
These acquisitions are part of Galaxy’s broader plan to buy over $1 billion in Solana for Multicoin Capital’s digital asset treasury (DAT). The funds come from its $1.3 billion cash and stablecoin reserves, which include $354 million in stables and up to $1 billion in cash.
Arkham Intelligence reported that Galaxy secured over 2.31 million SOL across multiple transactions routed through Binance, Bybit, and Coinbase. Besides, the move follows Galaxy’s participation in a massive $1.65 billion private placement for Forward Industries, a company pivoting into a Solana-focused treasury. The placement, closed earlier this week, received backing from Galaxy, Jump Crypto, and Multicoin Capital.
Forward Industries’ Role in Solana Push
Forward Industries confirmed Thursday that it had completed the funding round. Additionally, its stock price surged 135% over the last five days, signaling strong investor enthusiasm. Galaxy and its partners plan to provide both strategic and financial support. Hence, the aim is to establish Forward Industries as the leading publicly traded Solana treasury company.
However, analysts remain cautious. Lookonchain suggested Galaxy’s huge purchases may link directly to Forward Industries’ Solana strategy, though final confirmation remains unclear. Still, public Solana treasuries now hold 4.67 million SOL, showing the growing adoption of treasury models across the market.
Market Narrative and Regulatory Momentum
Moreover, Galaxy CEO Mike Novogratz described the current market as the “season of Solana.” Speaking on CNBC, he emphasized Solana’s efficiency compared to Ethereum and the accelerating pace of institutional adoption. Bitwise CIO Matt Hougan echoed this sentiment, pointing to treasury activity and anticipated Solana ETFs as bullish drivers.
At the same time, regulatory momentum adds fuel to this trend. SEC Chair Paul Atkins recently said the agency aims to modernize securities rules for onchain markets. He further stated that most crypto tokens are not securities, a shift Novogratz called a “radical departure” that pushes adoption forward.
Galaxy’s aggressive Solana buildup highlights a growing institutional pivot into digital asset treasuries. This move cements Solana’s rising influence in the crypto market.
