In less than a week, the investment firm has quietly picked up more than 6.5 million SOL – a haul worth about $1.55 billion – through a series of large on-chain buys.

The purchases, tracked by Lookonchain, included a single-day scoop of 1.2 million SOL on Sunday, worth over $300 million, later transferred to Fireblocks custody. Analysts say the size and frequency of the trades suggest long-term treasury positioning rather than short-term speculation.

Galaxy’s spree comes as it partners with Multicoin Capital and Jump Crypto to back Forward Industries, a company reinventing itself as a Solana-focused treasury vehicle. The move mirrors a growing trend of firms stockpiling tokens directly, turning corporate reserves into a new driver of demand.

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The timing couldn’t be sharper: Solana’s total value locked recently hit $12 billion, second only to Ethereum. Treasury-style investors have already poured an estimated $3–4 billion into Solana, according to Helius CEO Mert Mumtaz – a figure set to rise as more companies follow Galaxy’s lead.

Forward’s stock has surged more than 600% in 2025, reflecting the excitement around Solana’s rise, even as its traditional business slumps. For Galaxy, the strategy reinforces its growing role in shaping how corporate balance sheets intersect with the crypto economy.

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