Galaxy Digital has purchased $1.55 billion worth of Solana in the past five days after joining a $1.65 billion private placement in a Solana treasury firm.
Digital assets investment firm Galaxy Digital has bought $306 million worth of Solana in a single day after teaming up with investment firm Multicoin Capital and trading firm Jump Crypto to create a so-called crypto treasury company.
Galaxy scooped up 1.2 million Solana SOL$234.64 on Sunday from multiple exchanges and sent them to the crypto custody firm Fireblocks, according to blockchain data reported by Lookonchain.
It extends a Solana buying spree from Galaxy since Wednesday, which has seen it buy up over $1.5 billion worth of the token.
On Thursday, Galaxy said that it’s linking up with Multicoin Capital and Jump Crypto to join in a $1.65 billion private placement round in Forward Industries, a medical device company that recently pivoted to wanting to have the largest Solana holdings among public firms, joining a trend of similar so-called crypto treasury companies.
Galaxy buys up over 6.5 million SOL
Lookonchain said in the past five days, Galaxy has scooped up 6.5 million SOL, worth approximately $1.55 billion.
On-chain data shows the firm is buying tens to hundreds of thousands of SOL tokens at a time in rapid succession, each costing millions of dollars.
It’s unclear if Galaxy’s SOL purchases are linked to its involvement with Forward Industries. Galaxy Digital did not immediately respond to a request for comment.
Forward Industries stock rallies
Shares of Forward Industries (FORD) rallied last week on its Solana pivot announcement, with its stock up 16% over the last five trading days to Friday.
The firm’s stock price is up 620% year-to-date after closing trading on Friday at $36.10, which has reversed a multi-year slide.
As of the June quarter, the firm reported its revenue had declined 50% from the same period last year, while its net profit margin was down 329% during the same period.
Solana adoption on the rise
On Sept. 3, Galaxy Digital became the first Nasdaq-listed firm to be tokenized on the Solana blockchain.
Meanwhile, Solana treasury company DeFi Development Corp stated that its Solana treasury hit the 2 million milestone after buying $117M worth of SOL in eight days.
Mert Mumtaz, co-founder and CEO of Helius, has said that Solana treasury companies have cumulatively raised $3-$4 billion with more to follow.
The total value locked on Solana hit a record high of $12 billion earlier this month, and is second only to Ethereum when measured by TVL locked across its DeFi projects.
Solana is up 17.3% in the past seven days and has gained nearly 30% in the past 30 days, according to CoinGecko.
Source: https://cointelegraph.com/tags/blockchain
