Galaxy Digital Leads Another $486M Solana Buying Spree

Solana (SOL) has become the center of attention in the crypto market once again. In its latest move, Galaxy Digital purchased over 2.15 million SOL within a single day. The acquisition, worth nearly $486 million, adds to the company’s growing bet on Solana. 

Galaxy Digital Backs $1.65B Solana Treasury Plan

This buying spree is not random. It is tied to Galaxy Digital’s role in helping Forward Industries raise $1.65 billion through a private placement deal. The funds will be used to create a special treasury built entirely around Solana. Forward Industries confirmed that its new crypto treasury is designed to make the company a major institutional player in the Solana ecosystem. 

Galaxy Digital is not alone in this effort. Jump Crypto and Multicoin Capital are also backing the plan, and all three have promised ongoing support. This comes after these firms announced a $1 billion plan to acquire Solana earlier this year. 

Galaxy Digital’s CEO, Mike Novogratz, explained the rising interest in Solana during an interview with CNBC. He said Solana’s price momentum and better regulatory conditions are pushing more institutions to invest, calling it “the season of SOL”. 

Institutional Holdings in Solana Surge Past $2.4B

Institutional ownership of Solana is growing at a rapid pace. Reportedly, at least 14 verified entities now hold more than 10.27 million SOL, worth about $2.44 billion. This makes up close to 1.8% of Solana’s circulating supply. The growth has been especially sharp in 2025 as more firms commit to holding Solana for the long term.

One of the latest buyers is DeFi Dev Corp. The company purchased 196,141 SOL at an average price of $202.76, expanding its reserves by 11%. Moves like this show that demand for Solana is not limited to a few players but is spreading across the institutional space.

The rise of Solana adoption is also reaching traditional finance. SOL Strategies Inc. recently began trading on the Nasdaq Global Select Market under the ticker STKE. This makes it one of the first Solana-focused firms to be listed on a major U.S. exchange. This development makes it easier for traditional investors to put money into Solana.

FTX Estate Continues Unstaking Activity

While Galaxy Digital and other corporate firms are buying and holding Solana, the bankrupt FTX Estate continues to sell. 

On-chain data shows that FTX and Alameda recently unstaked about 192,000 SOL worth $44.9 million. Since November 2023, both defunct crypto firms have sold nearly 9 million SOL valued at $1.21 billion. Even after these sales, both firms still hold around $977 million in staking. 

At the time of writing, Solana is trading at $239, up by 6.01% in the past 24 hours, according to CoinMarketCap data. This comes as its rally keeps drawing interest from both institutions and retail investors.