Galaxy Digital adds $300 million worth of SOL via Coinbase, Binance: onchain data

Galaxy Digital seemingly bought about $300 million worth of Solana in the past day via centralized crypto exchanges, onchain data shows.

According to Arkham Intelligence data, Galaxy acquired 1.24 million SOL from Binance, Coinbase and Bybit across 13 transactions during the last 24 hours.

Galaxy has been continuously acquiring significant batches of Solana cryptocurrency from exchanges in recent days. Onchain analytics platform Lookonchain reported Sunday that the company has bought around 6.5 million SOL in the past five days, which amounts to $1.57 billion at current market prices.

Arkham's data shows that during the same period, Galaxy moved millions of SOL to other addresses, mainly to custody wallets on Fireblocks.

Solana treasury investment

Last week, Galaxy, Jump Crypto, and Multicoin Capital led a $1.65 billion private placement in Nasdaq-listed Solana digital asset treasury company Forward Industries (FORD). The private placement closed on Thursday with the three companies collectively subscribing over $300 million.

Galaxy and the other two companies announced that they will provide Forward Industries with capital and strategic support, with the overall goal of positioning the Solana treasury strategy as the foremost publicly traded institutional participant in the Solana ecosystem.

Lookonchain has drawn a connection between Galaxy's Solana acquisition and Forward Industries, but whether that relationship is verifiable is still uncertain. The Block has reached out to Galaxy for further comment.

Meanwhile, Mike Novogratz, CEO of Galaxy, recently noted that the crypto market is entering a "season of Solana," pointing to strong market momentum and favorable regulatory signals.

Solana is down 2.18% in the past 24 hours to trade at $241.18 as of 10:00 p.m. on Sunday, according to The Block's SOL price page.