tl;dr
Galaxy, a digital assets investment firm, purchased $306 million worth of Solana (SOL) in a single day, partnering with Multicoin Capital and Jump Crypto to form a crypto treasury company. The acquisition, revealed by blockchain data, involved buying 1.2 million SOL tokens and transferring them to...
**Galaxy’s Bold Move: $306M Solana Buy Amid Crypto Treasury Surge**
In a single day, digital assets investment firm Galaxy made headlines by snapping up $306 million worth of Solana (SOL), teaming up with Multicoin Capital and trading giant Jump Crypto to form a so-called “crypto treasury company.” The move, revealed through blockchain data by Lookonchain, saw Galaxy purchase 1.2 million SOL tokens ($234.94 each) from multiple exchanges and transfer them to custody firm Fireblocks. This follows a relentless Solana buying spree since Wednesday, with Galaxy acquiring over $1.5 billion in the token.
The frenzy isn’t just about numbers. Over the past five days, Galaxy has amassed 6.5 million SOL, valued at roughly $1.55 billion. On-chain data shows the firm acquiring tens to hundreds of thousands of SOL tokens in rapid succession, each batch costing millions. Whether this ties to Galaxy’s recent partnership with Forward Industries—a medical device company pivoting to become a Solana powerhouse—remains unclear. Galaxy hasn’t commented, but the timing is striking.
**Forward Industries’ Stock Soars on Solana Pivot**
Forward Industries (FORD) has been a wild card in this saga. Its stock surged 16% over five trading days after announcing its pivot to become a major Solana holder, with shares now up 620% year-to-date. Yet, the company’s financials tell a different story: revenue fell 50% year-over-year in the June quarter, and net profit margins tumbled 329%. Still, investors are betting big on its Solana ambitions, with Galaxy and others pouring $1.65 billion into a private placement round.
**Solana’s Adoption Soars, But Is This a Bubble?**
Solana’s momentum shows no signs of slowing. On Sept. 3, Galaxy became the first Nasdaq-listed firm to be tokenized on the Solana blockchain. Meanwhile, DeFi Development Corp, a Solana treasury company, hit a 2 million SOL milestone after buying $117 million in eight days. Mert Mumtaz, CEO of Helius, estimates that Solana treasury companies have raised $3–$4 billion so far, with more on the way.
The network itself is thriving. Solana’s total value locked (TVL) hit a record $12 billion earlier this month, placing it second only to Ethereum in DeFi projects. Yet, with so much capital flowing in, questions linger: Is this a sustainable shift, or a speculative bubble?
**What’s Next for Solana?**
Galaxy’s moves signal a growing belief in Solana’s potential, but the road ahead isn’t without risks. Forward Industries’ financial struggles and the volatile nature of crypto markets mean the outcome is far from certain. Still, for now, Solana—and its allies—seem to be riding a wave of optimism.
As the dust settles, one thing is clear: the crypto world is watching closely. Will this be the start of a new era for Solana, or just another flash in the pan?