Galaxy Digital Buys $306 Million in Solana in a Single Day

Digital assets investment firm Galaxy Digital has dramatically expanded its Solana holdings, purchasing 1.2 million SOL worth $306 million in a single day, according to blockchain analytics platform Lookonchain. 

The tokens were bought across several exchanges on Sunday and transferred to crypto custody provider Fireblocks for safekeeping.

Galaxy Leads Aggressive Solana Accumulation

This latest purchase is part of a broader acquisition streak that began Wednesday. Over the past five days, Galaxy has scooped up a total of 6.5 million SOL—valued at about $1.55 billion—buying tens to hundreds of thousands of tokens at a time.

The buying spree coincides with Galaxy’s new partnership with investment firm Multicoin Capital and trading powerhouse Jump Crypto to form a so-called crypto treasury company. Last week, the trio joined a $1.65 billion private placement round in Forward Industries, a medical device company that recently shifted its strategy to amass one of the largest Solana treasuries among public firms. 

Galaxy has not clarified whether its Solana purchases are directly linked to Forward Industries’ pivot.

Solana Adoption and Market Impact

Forward Industries’ stock has surged on news of its Solana-focused strategy. The shares are up 16% over the last five trading days and have gained an eye-catching 620% year-to-date, closing Friday at $36.10. This rally comes despite the company reporting a 50% year-over-year revenue decline and a net profit margin drop of more than 300% in its latest quarter.

The broader Solana ecosystem is also showing impressive momentum. Galaxy Digital itself became the first Nasdaq-listed company to be tokenized on the Solana blockchain earlier this month, highlighting the network’s growing appeal to institutional players. 

Separately, DeFi Development Corp announced that its own Solana treasury surpassed 2 million SOL after an $117 million buying spree over eight days.

Industry observers estimate that Solana-focused treasury companies have collectively raised between $3 billion and $4 billion, underscoring accelerating institutional adoption. Total value locked on Solana-based DeFi projects has climbed to a record $12 billion, second only to Ethereum, according to on-chain data.

With corporate treasuries showing growing interest, Solana’s role as a leading blockchain for decentralized finance and tokenization appears stronger than ever.