Key Notes
- Galaxy Digital scoops up 1.2 million Solana in a single day, worth $306 million.
- Total Solana purchases reached 6.5 million coins in five days.
- Solana is trading close to $236, gaining 25% over the past month despite a slight daily dip.
Galaxy Digital has bought another 1.2 million Solana
SOL
$234.7
24h volatility:
4.4%
Market cap:
$127.33 B
Vol. 24h:
$10.76 B
, worth about $306 million, in the past 24 hours. The new move adds to a buying spree that has seen the investment firm secure nearly 6.5 million Solana in just five days. The total value of these purchases is now pegged at about $1.55 billion.
Galaxy Digital Expands Solana Holdings
Data from Lookonchain reveals that the recent 1.2 million Solana purchases were made across multiple exchanges on Sept. 14 before being transferred to Fireblocks, a well-known crypto custody firm.
On-chain data shows Galaxy has been buying Solana in blocks ranging from tens of thousands to hundreds of thousands of tokens. According to the update, each transaction is worth millions of dollars. The pace of buying has surprised many in the market.
It is worth noting that Galaxy is not making these moves in isolation, but with a major catch tied to industry partners. The company recently joined forces with Multicoin Capital and Jump Crypto to form a new crypto treasury company. The aim is to build reserves of digital assets, and Solana has become the centerpiece of this push.
In addition, Galaxy Digital has invested in Forward Industries. Forward, which started as a medical device maker, has now shifted its focus to digital assets. As noted earlier, Forward Industries raised $1.65 billion through a private placement. The company said its goal is to become one of the largest public holders of Solana.
Still, it remains unclear whether Galaxy’s Solana purchases are directly tied to Forward’s plan. However, the timing of the purchases has raised questions. Galaxy has not commented on this link. Apart from the latest buying activity, Coinspeaker noted that Galaxy Digital pulled out $40 million worth of Solana shortly after the network hit a record $12.35 billion in DeFi total value locked (TVL).
Adoption Grows as Solana Price Holds Strong
The move to acquire Solana is not limited to Galaxy Digital. Other firms have also been building treasuries with the Solana. DeFi Development Corp said it now holds over 2 million Solana after spending $117 million across eight days. Industry voices, such as Helius CEO Mert Mumtaz, estimated that crypto treasury companies have already raised between $3 billion and $4 billion to focus on Solana.
There are also signs of wider adoption. In September, Galaxy Digital became the first Nasdaq-listed company to be tokenized on the Solana blockchain. This marked an important step for Solana as it continues to attract attention from traditional finance and technology sectors.
The network itself has been showing strength. The total value locked on Solana has reached a record $12 billion this month. This puts it second only to Ethereum in terms of decentralized finance activity. This growing use has helped support its price.
Solana is trading at about $236, according to CoinMarketCap. It is up more than 13% in the last week and about 25% over the past month. The price dropped by around 3.8% in the past day, but overall, the outlook is still positive, with more people and institutions showing interest in it.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/galaxy-digital-solana-accumulation-price-soars/
