- Galaxy Digital has acquired over 2 million SOL, valued at $486 million, supporting the growth of Solana’s institutional involvement.
- FTX Estate has unstaked 192,000 SOL as part of its liquidation plan, continuing its regular monthly process.
- At least 14 institutional entities now hold over 10 million SOL, representing 1.8% of Solana’s total circulating supply.
Galaxy Digital has made significant strides in increasing its Solana (SOL) holdings. Recent on-chain data reveals that the firm acquired an additional 706,790 SOL, valued at around $160 million. This follows a larger buying spree in the past 24 hours, bringing its total purchase to 2.15 million SOL, worth an estimated $486 million.
This acquisition aligns with Galaxy Digital’s role in facilitating a $1.65 billion private placement by Forward Industries. The Nasdaq-listed company confirmed that the funds would be used to establish a dedicated Solana treasury. Galaxy Digital, along with Jump Crypto and Multicoin Capital, took the lead in financing the project. These firms have also pledged ongoing strategic support. Forward Industries stated that the treasury would position it as one of the major institutional players in the Solana ecosystem.
Confidence in Solana Continues to Grow
Galaxy Digital’s activity is part of a broader institutional push into Solana. CEO Mike Novogratz recently expressed his belief that the crypto market is entering a “season of SOL,” citing both strong market momentum and improving regulatory conditions. In fact, Galaxy Digital, Jump Crypto, and Multicoin Capital had previously revealed a $1 billion acquisition plan for Solana. The large-scale Forward Industries deal reflects a growing confidence in Solana among institutional investors..
Meanwhile, the FTX Estate continues its monthly liquidation process. The bankrupt exchange’s estate and related entities recently unstaked approximately 192,000 SOL, valued at $44.9 million. Since November 2023, the FTX Estate has redeemed nearly 9 million SOL, worth about $1.21 billion at an average price of $134 per token. Despite these sales, the estate still holds a significant stake, with approximately $977 million in SOL left staked.
Institutional Appetite for Solana Remains Strong
Solana’s appeal to institutional investors is evident in the increasing number of firms acquiring significant holdings. As of now, at least 14 verified entities collectively hold more than 10.27 million SOL, which is valued at around $2.44 billion. This represents almost 1.8% of Solana’s total circulating supply. Notably, DeFi Dev Corp. also made a recent move to increase its reserves by acquiring 196,141 SOL at an average price of $202.76, signaling strong long-term institutional interest.
On top of the increased institutional attention, DeFi Dev Corp. has increased its reserves by 11 per cent, which strengthens its investment dedication to the Solana ecosystem. Also, SOL Strategies Inc. began trading in the Nasdaq Global Select Market under the symbol STKE, becoming one of the first Solana-specific companies to have access to capital markets in the United States.
The recent institutional activity spurt around Solana demonstrates a wider trend of greater confidence in the potential of the blockchain. Solana token, which is priced at $239, is on the increase, with a 6% growth over the past 24 hours and 15.83% in the past week.
