In a development reverberating through global markets, digital asset powerhouse Galaxy Digital has executed a massive purchase of Solana (SOL) tokens, acquiring $530 million worth of SOL over the past 24 hours. This signal event is amplifying conversations around a potential “Solana Season,” positioning the Ethereum challenger squarely in the sights of institutional capital.
Data from leading blockchain intelligence platform Arkham reveals Galaxy Digital accumulated 2.31 million SOL tokens, with the transactions routed through major exchanges including Binance, Bybit, and Coinbase. While Galaxy Digital has yet to issue an official statement regarding the transaction, the scale and swiftness of the move fuel both excitement and speculation about Solana’s role in the next phase of digital asset adoption.
This strategic maneuver closely follows Galaxy’s recent headline-grabbing private equity deal, in which the firm led a $1.65 billion round for Forward Industries—a Nasdaq-listed company—with participation from industry titans Jump Crypto and Multicoin Capital. Notably, Forward Industries is undergoing a transition into a Solana-centric digital asset treasury, with $300 million of fresh capital deployed. The market response has been immediate: Forward Industries’ shares have soared 135% in five days, reflecting surging optimism about Solana’s institutional trajectory.
Market observers, including the analytics team at Lookonchain, suggest the newly acquired SOL may be destined for Forward’s treasury. Yet, the precise allocation remains undisclosed, layering intrigue atop already bullish sentiment. The structure of these investments hints at a broader trend: public companies may increasingly embrace “reverse merger” strategies to onboard crypto assets, circumventing established regulatory hurdles.
Galaxy Digital’s CEO, Mike Novogratz, declared recently that “Solana season” is underway, highlighting renewed market momentum and a strengthening regulatory framework. Bitwise CIO Matt Hougan echoed this optimism, pointing to robust institutional demand and growing anticipation of a spot Solana ETF as drivers for SOL’s upward movement.
Solana’s price reflects the sector’s exuberance. The asset has rallied 6% in just 24 hours, reaching $236.83 and a market capitalization of $126.4 billion. That ascent pushes SOL past BNB to claim the rank of fifth-largest cryptocurrency globally—a testament to its accelerating adoption and evolving institutional narrative.
As crypto treasurys and novel investment vehicles gain popularity, all eyes are on how Galaxy Digital—and Solana itself—will shape this new era of fintech innovation.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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