According to on-chain data from Arkham Intelligence, financial services firm Galaxy Digital has reportedly acquired over 2.31 million SOL tokens, valued at approximately $536 million, from various crypto exchanges.
This major purchase comes just after Galaxy Digital, along with Jump Crypto and Multicoin Capital, announced a significant $1.65 billion private placement in Forward Industries. Forward Industries, a publicly traded company, is in the process of transitioning into a Solana digital asset treasury company. The three firms collectively contributed over $300 million to this investment, with the goal of making Forward Industries a leading institutional player in the Solana ecosystem.
While blockchain analytics firm Lookonchain suggested that Galaxy's large SOL acquisition is linked to this investment, there is no direct, verifiable evidence confirming this connection. However, the timing has intensified the market's bullish sentiment.
This activity is part of a growing trend of "corporate digital asset treasuries" where firms are acquiring publicly traded companies to convert them into crypto treasury companies.
Adding to the bullish outlook, Galaxy CEO Mike Novogratz recently stated that the crypto market is entering a "season of Solana." Bitwise Chief Investment Officer Matt Hougan also noted that corporate treasury purchases and the potential for a spot Solana ETF are contributing to the cryptocurrency's upward momentum, alongside the network's technical advantages like speed and low cost.
September 2025, Cryptoniteuae