Solana News: Galaxy Digital Scoops $306M in Solana, Expands $1.55B Buying Spree After Crypto Treasury Deal

Key TakeawaysGalaxy Digital purchased $306 million in Solana (SOL) in a single day, sending tokens to Fireblocks custody.The firm has accumulated 6.5 million SOL worth $1.55 billion in the past five days.Galaxy partnered with Multicoin Capital and Jump Crypto in a $1.65B private placement for Forward Industries, a company pivoting into Solana holdings.Forward Industries’ stock has surged 620% year-to-date, boosted by its Solana treasury strategy.Solana adoption continues to grow, with $12B in TVL across its DeFi ecosystem.Galaxy Digital Accelerates Solana Buying SpreeGalaxy Digital has made a series of massive Solana (SOL) purchases, capped by a $306 million buy on Sunday, according to Lookonchain data. The firm moved 1.2 million SOL into Fireblocks custody, part of a broader five-day spree totaling 6.5 million SOL ($1.55 billion).The buys came in rapid succession, with Galaxy acquiring blocks of tens to hundreds of thousands of tokens at a time, underscoring aggressive institutional accumulation.Crypto Treasury Push With Forward IndustriesGalaxy’s purchases coincide with its involvement in a $1.65 billion private placement for Forward Industries (FORD), alongside Multicoin Capital and Jump Crypto.Forward, originally a medical device company, announced plans to transform into one of the largest Solana treasury companies, mirroring the rise of publicly listed firms pivoting to crypto treasuries.The announcement sent Forward’s stock up 16% last week and 620% year-to-date, despite its declining revenue and negative profit margins.Institutional Adoption Fuels Solana MomentumGalaxy’s Solana accumulation aligns with growing institutional and corporate adoption:Galaxy Digital tokenized shares on Solana on Sept. 3, becoming the first Nasdaq-listed firm to do so.Rival treasury firm DeFi Development Corp recently grew its Solana reserves to 2 million SOL ($117M) in eight days.Solana treasury companies have raised an estimated $3–$4 billion, according to Helius CEO Mert Mumtaz.Meanwhile, Solana’s total value locked (TVL) hit a record $12 billion this month, placing it second only to Ethereum in DeFi activity.SOL Price OutlookSolana has gained 17.3% over the past week and nearly 30% in the past month, per CoinGecko. With institutional treasuries absorbing large amounts of supply and TVL reaching new highs, analysts see the potential for further upside in Q4 2025.