Galaxy Digital has bought $306 million worth of Solana in one day after teaming up with Multicoin Capital and Jump Crypto to form a crypto treasury firm.
On Sunday, Galaxy picked up 1.2 million SOL tokens from different exchanges and sent them to the custody firm Fireblocks, according to blockchain data from Lookonchain.
This was not a one-time purchase. According to lookonchain, Galaxy has been on a buying streak since last Wednesday. In the past five days, the company has collected 6.5 million SOL, worth about $1.55 billion. The tokens were bought in big amounts, with each transaction worth millions of dollars. Galaxy bought in quick steps, taking tens of thousands or even hundreds of thousands of tokens at a time.
On Thursday, Galaxy also said it was joining Multicoin Capital and Jump Crypto in a $1.65 billion private placement with Forward Industries. Forward, which was once a medical device maker, recently changed course and said it wants to hold the biggest Solana reserve of any public company.
This is following a trend of firms shifting toward massive Solana holdings. It is not clear whether Galaxy’s SOL buying is directly linked to this investment.
Following the announcement, Forward Industries’ stock has jumped since it made its Solana plans public. The stock rose 16% over the last five trading days and has gained 620% this year, closing at $36.10 on Friday. This comes even though the company’s June report showed revenue falling 50% from last year and its profit margin dropping by 329%.
Galaxy Digital has also made news this month by becoming the first Nasdaq-listed firm to be tokenized on the Solana blockchain. Other treasury firms are moving in the same direction. DeFi Development Corp said it now holds more than 2 million SOL after spending $117 million in just eight days.
Mert Mumtaz, CEO of Helius, said that treasury companies together have raised between $3 billion and $4 billion to buy Solana.
According to CoinGecko data, Solana’s total value locked in decentralized finance has reached $12 billion, second only to Ethereum. Solana’s price is also up, rising 17.3% in the past week and nearly 30% in the past month.
Also Read: Polymarket Teams Up With Chainlink to Boost Market Accuracy
