Galaxy Digital appears to have secured over 2.31 million Solana (SOL) tokens, valued at nearly $536 million, through multiple transfers from Binance, Bybit, and Coinbase wallets, according to blockchain data tracked by Arkham Intelligence over the past 24 hours.
The firm has not publicly confirmed the transaction, but its size and timing have generated notable speculation across the market.
The acquisition aligns with Galaxy’s recent high-profile investment in Forward Industries (NASDAQ: FORD), a company transitioning into a Solana-focused digital asset treasury.
Alongside Jump Crypto and Multicoin Capital, Galaxy led a $1.65 billion private placement, contributing more than $300 million directly.
Forward Industries confirmed the funding round closed on Thursday and plans to deploy the proceeds into Solana holdings, a move that has propelled its Nasdaq shares up 135% in just five days.
Blockchain analytics platform Lookonchain suggested Galaxy is actively assisting Forward in accumulating SOL, though it remains unclear if the $536 million transfer is directly linked to this initiative.
The trend of corporate digital asset treasuries is gaining traction, with public firms increasingly acquiring Solana to diversify their balance sheets.
According to The Block, public Solana treasuries now hold roughly 4.67 million SOL.
BIT Mining Limited, soon to rebrand as SOLAI Limited, added 17,221 SOL this week, bringing its holdings to over 44,000 SOL worth nearly $10 million.
The firm is shifting away from Bitcoin and other proof-of-work assets, aiming to raise up to $300 million for its Solana strategy and launching a stablecoin called DOLAI on the network.
Upexi Inc., a consumer products company now focused on Solana treasuries, holds more than 2 million SOL valued at $447 million, reporting daily staking rewards of around $105,000.
Its leadership, including former BitMEX CEO Arthur Hayes on the advisory board, emphasises metrics like “adjusted SOL per share” to showcase performance and strategy execution.
Galaxy CEO Mike Novogratz declared that the market is entering a “season of Solana,” highlighting positive regulatory signals and rising investor interest.
Bitwise CIO Matt Hougan also noted that corporate treasury purchases and the potential for upcoming spot Solana ETFs are driving the token’s bullish momentum, supported by the network’s speed and low costs relative to Ethereum.
Solana’s price has surged to $236.83, up 6% in the past 24 hours, and with a market cap of $126.4 billion, it now ranks as the fifth-largest cryptocurrency, overtaking Binance Coin (BNB).
Source: CoinGecko
This wave of corporate Solana accumulation illustrates the growing appeal of digital asset treasuries as a method for firms to gain on-chain exposure without launching new tokens.
The strategy, often involving reverse mergers or rebranded public companies, is increasingly shaping the institutional landscape in crypto.
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Anais