Galaxy Digital has executed a massive accumulation of Solana (SOL) tokens, purchasing over $1.2 billion worth in less than a week. Blockchain analytics platform Lookonchain reported on September 13 that Galaxy acquired nearly 5 million SOL (valued at approximately $1.16 billion) within just three days. The majority of these tokens—roughly 4.7 million SOL—were transferred to Coinbase Prime for custody.
The buying spree continued the next day, with Galaxy adding another 325,000 SOL (worth $78 million), bringing its total purchases to nearly 5.3 million tokens. Arkham Intelligence data indicates that after these transfers, Galaxy retained only around 225,000 SOL (worth just over $55 million) in its wallet, suggesting the acquisitions are aimed at long-term storage and strategic execution rather than short-term trading.
This activity aligns with Galaxy's leadership role in a $1.65 billion investment round for Forward Industries, alongside Jump Crypto and Multicoin Capital. Forward is positioning itself as a specialized Solana treasury vehicle with ambitions to dominate the space. While industry speculation suggested Forward might be a vehicle for insiders to offload locked Solana tokens, executives from Galaxy and Multicoin have dismissed these concerns. Multicoin's Kyle Samani stated with "100% certainty" that Forward would not buy any locked SOL from Multicoin-affiliated entities.
Galaxy emphasized that its approach is not passive accumulation but an "active alpha generation" strategy. The firm expects Forward to leverage its and Jump's high-performance infrastructure to stake SOL and lend into decentralized finance markets, while also deploying capital across Solana-native strategies designed to accelerate per-share growth.
SOL's price has significantly outperformed the general market amid this strong institutional conviction. According to BeInCrypto data, the token's value rose by more than 21% over the past week, reaching an eight-month high of $246. This uptrend coincided with Solana's perpetual open interest climbing above $7 billion for the first time, according to Glassnode, indicating increased speculative interest from traders.