Galaxy Digital Buys $306M in Solana to Fuel Treasury Push

Galaxy Digital bought $306M in Solana in one day, part of a $1.55B spree, as Solana treasuries surge among public companies.

Galaxy Digital has made a massive bet on Solana. The investment firm purchased $306 million worth of the token in one day, as part of an accumulation spree that has seen it scoop up $1.55 billion over the past five days.

Why Galaxy Digital is Buying Solana

The single-day purchase involved 1.2 million SOL tokens bought across multiple exchanges. Blockchain data tracked by Lookonchain shows that the tokens were later sent to Fireblocks

The scale of the move shows Galaxy’s ongoing focus on Solana as the ecosystem attracts more institutional players.

The buying spree also coincides with Galaxy’s involvement in a $1.65 billion private placement for Forward Industries.

Galaxy joined forces with Multicoin Capital and Jump Crypto to support Forward’s new direction. While the firm has not confirmed a direct link between its Solana purchases and the Forward deal, the timing has been a source of speculation that the two are connected.

Forward Industries’ stock (NASDAQ: FORD) surged 16% on the news over the past week. The company’s share price is now up more than 600% this year despite weak financials that include a 50% revenue drop and strong losses.

Solana treasuries are expanding fast.

Galaxy Digital is not alone in chasing Solana as a treasury asset. Other companies are also building large positions.

DeFi Development Corp recently revealed that it has accumulated more than 2 million SOL, worth over $117 million

Consumer products company, Upexi Inc., also turned into a Solana treasury holder, and now owns more than 2 million SOL valued at $447 million. The firm also collects daily staking rewards of about $105,000.

BIT Mining Limited is preparing to rebrand as SOLAI Limited, and recently added 17,221 SOL this week. This has brought its holdings to more than 44,000 SOL

The company is planning to raise $300 million to expand its Solana treasury and has launched a stablecoin called DOLAI in partnership with Brale Inc.

Institutional support for Solana

The recent wave of treasury activity shows Solana is gaining strength in institutional crypto strategies. The network now secures more than $12 billion in total value locked, and is second only to Ethereum, according to DefiLlama.

Mert Mumtaz, CEO of Helius, said that Solana-focused treasury companies have raised between $3 billion and $4 billion so far, with more expected

These numbers point to a rising appetite for Solana as a corporate asset, and are similar to how Bitcoin became a treasury choice for companies like MicroStrategy.

Galaxy Digital itself has become more tied to Solana. Earlier this month, it became the first Nasdaq-listed firm to be tokenised on the Solana blockchain, in yet another milestone in the network’s expansion.

Solana price benefits from institutional demand

Solana’s price has rallied alongside the surge in treasury adoption. According to CoinMarketCap, SOL is up more than 9% in the past week and nearly 30% over the last month, trading at $234.77 at press time.

This upward trend comes as firms continue to absorb large amounts of supply. Galaxy Digital alone purchased 6.5 million SOL in just five days. If more companies adopt Solana as a treasury asset, buying pressure could support further price growth.