Galaxy Digital Buys $486M Solana as Treasury Strategies Gain Momentum

Highlights:

• Galaxy Digital purchased 2.2 million SOL, worth $486 million, fueling Solana’s treasury expansion.
• Forward Industries raised $1.65 billion to build Solana treasuries with major crypto partners.
• Institutional demand rises as 14 entities now hold over 10.27 million SOL.

On September 12, Galaxy Digital purchased 2.2 million Solana, worth around $486 million at the time, according to data from Lookonchain. Arkham Intelligence data shows SOL moving from Binance and Coinbase wallets into Galaxy Digital’s custody. 

Galaxy Digital just bought another 706,790 $SOL($160M).

In the past 24 hours, their total buy is a massive 2,159,182 $SOL($486M).https://t.co/OFLLaSJQdS pic.twitter.com/RUoK7NXZMM

— Lookonchain (@lookonchain) September 12, 2025

These purchases are part of Galaxy’s bigger plan to set up a dedicated Solana treasury company through Forward Industries. Galaxy is taking the lead as both investor and strategic partner, working alongside Multicoin Capital and Jump Crypto.

Forward Industries has launched a major push into Solana, recently raising $1.65 billion in a private funding round to build up long-term SOL holdings. The company said the funds will support its new Solana treasury business, cover direct SOL purchases for working capital, and finance future deals and expenses, all aimed at securing a sizable, lasting stake in the Solana ecosystem.

Nasdaq-listed Forward Industries has completed its previously announced $1.65 billion private placement to build out the largest corporate treasury focused on Solana. Galaxy, Jump Crypto, and Multicoin Capital leading over $300 million in funding. https://t.co/UHPpGyWVKv

— Wu Blockchain (@WuBlockchain) September 11, 2025

Novogratz Sees Solana Leading Next Wave of Crypto Adoption

Galaxy Digital CEO Mike Novogratz says SOL could play a leading role in the next big wave of crypto adoption, with billions of dollars likely to flow into SOL. Speaking on CNBC’s Squawk Box, he noted that the crypto market is already worth over $4 trillion, global wealth is about $400 trillion, meaning there’s still huge room for growth. He believes traditional investors will move more money into crypto, and Solana will be one of the main platforms to benefit.

Mike Novogratz pointed to this $1.65 billion treasury plan, along with the upcoming SOL ETFs, as clear signs of fresh capital flowing into Solana. In fact, Forward Industries, a Nasdaq-listed company, has already begun acquiring SOL, with Galaxy Digital facilitating the purchases. Adding to the momentum, Novogratz pointed to two big developments: Dan Morehead’s upcoming Solana-focused treasury company and the likely approval of Solana ETFs.

He highlighted that Bitcoin acts as digital gold, trusted as a store of value, while Ethereum serves different purposes with its own community.

Institutions Boost SOL Treasuries

Galaxy Digital’s latest buy comes as more institutions build up Solana treasuries. Right now, about 14 verified entities hold 10.27 million SOL, worth around $2.44 billion. That’s about 1.79% of Solana’s total supply, a big jump since early September as more firms commit to holding SOL long-term. The biggest holders are a mix of public companies and crypto-focused firms. Sharps Technology leads with about 2.14 million SOL (around $508 million). DeFi Development Corp is next, recently adding $40 million worth of SOL to push its total above 2 million SOL.

This shows that more big firms are steadily adding Solana to their balance sheets, with large-scale buying picking up as the market matures. Solana rises to $237, up 7% daily and 17% weekly, as growing demand drives continued month-long price momentum. With major companies increasing their Solana holdings, demand continues to grow strongly. This could push prices higher, with $265 as the next key level.