- Galaxy Digital added 1.2M SOL worth $283.87M in 24 hours, bringing total holdings to 6.5M SOL.
- Purchases spanned 15 trades on Binance, Coinbase, and Bybit, with most tokens moved into institutional custody wallets.
- Galaxy led a $1.65B Solana treasury for Forward Industries with Jump Crypto and Multicoin as major participants.
Galaxy Digital has accumulated 6.5 million Solana (SOL) over the last five days, valued at about $1.53 billion. According to on-chain analytics firm Lookonchain, the company added another 1.2 million SOL within the past 24 hours alone, worth approximately $283.87 million at current prices.
Despite this aggressive buying, shares of Galaxy Digital traded 1.72% lower in Monday’s pre-market session. The decline coincided with Solana’s own 5% pullback over the same period, raising questions about investor reaction to the rapid purchases.
Five Day Buying Spree
The transactions were executed through 15 purchases across Binance, Coinbase, and Bybit. Lookonchain data shows the majority of tokens were moved into custody wallets on Fireblocks and Coinbase Prime, suggesting a long-term holding approach.
Over the five days, Galaxy accumulated SOL worth nearly $1.57 billion, indicating the scale of its deployment strategy. The purchases followed an earlier acquisition of 4.3 million SOL valued at $1.1 billion, alongside a $486 million buy completed in one 24-hour period.
Forward Industries and Solana Treasury
The recent activity aligns with Galaxy’s leadership in a $1.65 billion private placement for Forward Industries (FORD), a Solana-focused digital asset treasury. According to filings, Jump Crypto and Multicoin Capital also participated in the placement, collectively subscribing more than $300 million.
Forward Industries aims to channel the raised funds into a Solana-based treasury framework, with Galaxy providing both capital and strategic support. Much of the capital has already been deployed within a week, indicating rapid progress in treasury development.
Tokenization and Broader Market Moves
Earlier this month, Galaxy Digital revealed plans to tokenize its own shares on Solana, marking the first time a publicly traded U.S. firm allowed equity to be directly held on a major blockchain. This move, alongside the Forward Industries treasury initiative, shows the company’s focus on Solana based infrastructure.
Meanwhile, Solana’s market cap recently advanced into the fifth largest spot among digital assets. However, Galaxy’s stock showed investor caution, slipping by 1.68% in pre-market trading after closing 2.87% higher on Friday. Year to date, shares remain up more than 71%, despite the immediate pullback.
