Institutional Investors Stake Big on Solana’s Future with Record Accumulation

Galaxy Digital, a leading cryptocurrency investment firm, has acquired 2.31 million Solana (SOL) tokens valued at nearly $536 million in the past 24 hours, based on blockchain tracking data. The purchase, according to on-chain analytics, included 706,790 tokens worth $160 million, bringing the firm’s total Solana purchases to over 2.15 million tokens within the same period. The tokens were reportedly transferred to Galaxy Digital from major exchanges including Binance, Bybit, and Coinbase wallets.

This move aligns with a broader trend of institutional investors accumulating Solana as part of digital asset treasury strategies. Notably, Galaxy Digital recently participated in a $1.65 billion private placement led by Forward Industries, a company transitioning into a Solana-focused treasury. Galaxy Digital has committed over $300 million to the initiative. Forward’s shares have surged 135% in five days, reflecting strong market sentiment toward Solana’s repositioning. Analysts suggest that Galaxy’s aggressive accumulation may indicate a strategic bet on Solana’s potential, particularly in light of regulatory developments and growing investor interest.

Solana’s market performance has also seen a recent upward trajectory, with the token reaching $236.83 and surpassing BNB in market capitalization to rank as the fifth-largest cryptocurrency globally. According to data, the total corporate holdings of Solana now exceed 6.49 million tokens, driven by companies like BIT Mining and Upexi Inc. BIT Mining, which is rebranding as SOLAI Limited, added 17,221 SOL in the latest week, bringing its holdings to 44,000 tokens worth $9.95 million. Upexi, now a major Solana treasury player, holds over 2 million tokens valued at $447 million, with daily staking rewards amounting to approximately $105,000.

The trend of institutional investment in Solana is gaining momentum as firms seek to capitalize on the network’s high-speed transactions and cost efficiency. Galaxy Digital CEO Mike Novogratz has described this period as the “season of Solana,” citing regulatory developments and investor demand as key drivers. Bitwise CIO Matt Hougan further supports this view, emphasizing Solana’s scalability and the potential for upcoming spot ETFs to boost adoption and price appreciation. The firm’s recent purchase underscores the growing confidence among institutional investors in the long-term viability of the Solana ecosystem.

On-chain data reveals that Galaxy Digital’s latest acquisition is part of a broader accumulation strategy that includes cross-chain transactions and strategic repositioning. The move also highlights the increasing sophistication of institutional investing in the crypto space, where firms are leveraging public shell companies to build digital asset treasuries. This approach allows for large-scale token accumulation without the need to create new tokens, thereby enhancing on-chain exposure and aligning with market demand for scalable blockchain infrastructure. As more firms adopt similar strategies, the institutional footprint in Solana is expected to expand, further reinforcing its position as a top-tier digital asset.