Galaxy Digital scoops $486m SOL as Solana treasury strategies gain traction

Institutional demand for Solana is heating up as major players continue to snap up large amounts of the token.

Galaxy Digital has been making heavy SOL purchases to fund a newly-debuted Solana treasury vehicle. Per data from on-chain data tracker Lookonchain, the firm purchased a total of 2.2 million SOL on September 12, worth roughly $486 million at the time of acquisition.

Blockchain data from Arkham Intelligence shows the SOL (SOL) was sourced from major exchanges, with large tranches moving from Binance and Coinbase hot wallets into Galaxy Digital’s custody.

The purchases follow earlier reports of Galaxy’s broader plan to establish a dedicated Solana treasury company through Forward Industries, serving as both lead investor and strategic partner, in collaboration with Multicoin Capital and Jump Crypto.

As part of the mission, Forward Industries recently closed a $1.65 billion private placement, now betting on long-term accumulation of SOL. According to the company, the proceeds will not only fund the new cryptocurrency treasury operation and direct SOL acquisitions for working capital but will also cover future transactions and related expenses, positioning Forward for a sizable long term stake in the Solana ecosystem.

Galaxy Digital treasury holdings surge past $2.4b

Galaxy Digital’s latest purchase comes as institutional Solana treasuries continue to swell, with around 14 verified entities now holding 10.27 million SOL worth about $2.44 billion. This figure represents roughly 1.79% of Solana’s total supply, a sharp climb from early September as more firms commit to long-term on-chain exposure.

The largest holders are an eclectic mix of public companies and digital-asset specialists. Sharps Technology tops the list with about 2.14 million SOL, roughly $508 million, followed by DeFi Development Corp, which recently made a $40 million purchase that pushed its holdings above the 2 million SOL mark. 

Together, these treasury vehicles have been on a steady upward trajectory, rising from about 9.6 million SOL on September 5 to today’s 10.27 million. That growth reflects a broader trend of institutions methodically adding Solana to their balance sheets throughout this month, signaling that large-scale accumulation is only accelerating as Solana’s institutional market matures.

Solana’s price action is reinforcing the institutional bid. SOL trades around $237.2 at the time of writing, up 6.27% in the past 24 hours and 16.13% over the last week, extending its month-long climb. With major firms steadily doubling down on their various Solana treasury strategies, this wave of institutional demand could further boost prices, providing support for higher levels and increasing the likelihood of testing key resistance near $265 and beyond.