Galaxy Digital is making bold moves in the Solana (SOL) market as demand for SOL treasuries surges. According to SolanaFloor, the company recently snapped up 430,000 SOL worth roughly $97 million all in just one hour.
In the last 12 hours, Galaxy has ramped up its efforts, acquiring 1.35 million SOL valued at around $302 million.
Galaxy Digital is tasked with supplying decentralized asset treasury (DAT) companies with large amounts of SOL. The company is expected to deploy $354 million in stablecoins and has an additional $1 billion in cash reserves for future purchases.
Part of the latest acquisitions will go toward building Multicoin’s SOL reserve, which aims to exceed $1 billion. Forward Industries, another key player, plans an even larger treasury targeting $1.65 billion.
Arkham’s data reveals that recent purchases are from Forward Industries treasury, highlighting a rising trend in transparent, on-chain fundraising.
At the same time, whales have been busy pulling SOL from Coinbase Prime. A number of transactions have been linked to four new wallets, which might be under the control of a single entity.
This indicates a growing competition for the available tokens, especially now that SOL is being viewed as a potential ETF reserve asset, much like Ethereum’s path.
Market Performance and Growing Demand
Solana price has performed strongly in the past 24 hours, moving from $221.71 to $226. The token briefly approached $229 before settling slightly lower, according to Coinglass data. SOL is up 1.50% daily, 7.20% weekly, and an impressive 29.11% over the past month.
The data further shows that market sentiment is still bullish. Binance data shows a long-to-short ratio above 1, with top traders displaying more confidence.
BitMining also joined the accumulation trend, adding 17,221 SOL to its holdings for a total treasury worth $9.95 million. The company’s BTCM stock trades at $2.91, still positive but below its $6.25 peak.
Aggressive buying by Galaxy Digital stresses the soaring demand for SOL while treasuries increase. With increased whale activity and ETF speculation, Solana could sustain accumulation.
Also Read: Sharps Partners with Pudgy Penguins to Expand Solana Treasury
