CMC News

#GalaxyDigital Acquires $1.55B in $SOL Tokens

Galaxy Digital completed massive $SOL purchases totaling $1.55 billion over five trading days through multiple exchange acquisitions. The investment firm bought 1.2 million $SOL tokens on Sunday alone, worth approximately $306 million.

The purchasing spree began on Wednesday following Galaxy's partnership announcement with Multicoin Capital and Jump Crypto. These firms joined a $1.65 billion private placement round in Forward Industries, a medical device company pivoting to $SOL treasury operations.

Blockchain data reveals Galaxy transferred newly acquired tokens to Fireblocks custody services immediately after purchase. The firm executed rapid succession trades, buying tens to hundreds of thousands of $SOL tokens per transaction.

Galaxy's total acquisition reached 6.5 million $SOL tokens across the five days. Each transaction involved millions of dollars in value as the firm systematically accumulated positions.

Forward Industries stock rallied 16% over the past week following its #Solana pivot announcement. The company's shares gained 620% year-to-date, reaching $36.10 by Friday's close.

Galaxy Digital became the first Nasdaq-listed company to be tokenized on the #Solana blockchain in early September. The move highlighted growing institutional adoption of the high-performance network for traditional finance applications.

#DeFi activity continues to expand across Solana as total value locked reached record $12 billion levels. The network ranks second only to #Ethereum in terms of decentralized finance protocol adoption.

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