Solana Surges Again as Galaxy Digital Buys Over $700 Million in SOL

Investment company Galaxy Digital has bought more than $ 700 million in Solana In the past two days, as part of his investment in Sol Treasury Firm Forward Industries. And the price of Solana has continued to rise all the time.

Galaxy has usually transferred Sol from Binance – and also from Coinbase – Across several transactions, with Data from Arkham Intelligence Which indicates that it has bought a little more than 3 million SOL since Wednesday.

The asset manager can make these purchases on behalf of Forward Industries, in which It has led an investment of $ 1.65 billionWith participation of Jump Crypto and Multicoin Capital.

Forward was recorded in 1961, a Nasdaq-Genten Product Design Company that uses this week’s elevation to build what the world’s largest listed Solana Treasury will be, where Galaxy is responsible for acquiring and transferring the majority of the Sol.

Galaxy’s cooperation with the company is because it has a sharper interest in Solana, who described it as “uniquely positioned to promote the next generation of capital markets” in A tweet announcing its investment.

Galaxy founder and CEO Mike Novogratz also discussed the merits of Solana in An interview with CNBCs Squawk -Doos On Thursday he explains that the blockchain of Solana can process “14 billion transactions” per day.

In summary why Galaxy is enthusiastic about Solana, he said: “You have a blockchain that is now fast enough, tailor -made to be the blockchain for financial markets.”

He then referred to comments made by SEC chairman Paul Atkins, who gave Wednesday A keynote speech in which he discussed the agency Project Crypto push-The “radical initiative” to “encourage our markets to move on-chain.”

And because of the coordination of these two factors, Novogratz confirmed that he calls the current period ‘the Sol season’.

This belief in Solana is reflected in the enormous size of the $ 1.65 billion of the forward industry, in which Galaxy played a leading role. And such a faith can ultimately have a snowball effect, with Solflare Co-CEO and co-founder Vidor Gencel Decrypt That it is a “clear signal” of institutional conviction in Solana.

“The size of the largest existing Solana Treasury almost triples, this movement marks one of the largest institutional bets on Solana so far, which underlines the growing trust among traditional companies in the long-term value of SOL and we see the market position before potential inflow,” he said.

Solana has currently risen by 6% in the last 24 hours and has risen above $ 241 for the first time since January on the back of the Forward announcement of the completed $ 1.65 billion increase. Sol has risen by almost 19% last week, making it the second largest profit in the top 10 of assets per market capitalization, behind Dogecoin.

According to Gencel, Galaxy’s focus on Solana is a sign that Sol is now ‘seriously considered’ as a treasury assets for institutions, while only Bitcoin and Ethereum had been important contenders.

Other figures in the industry agree that Galaxy’s new interest in the Altcoin is a strong signal for other institutions that Solana can be besched on a scale.

“The network is seeing record activity, Defi TVL growth and large ecosystem traction,” said Satraj Bambra, co-founder and CEO of Trading Platform Rails. “This is not just a trade – it is a voice of trust that Solana will be a core layer of the crypto economy in the future.”

This can have a major impact on Sol’s price in the future, whereby Bambra suggests that the purchase of Galaxy “kicked off a flywheel”. He added that potential Solana ETFs, who are waiting for SEC -OFFICE, “open the locks for a new question.”

In combination with approaching upgrades such as Fireworks– A new validator client who will stimulate the transit of Solana and improve network stability – the approval of SOL ETFs can be an important catalyst.

“In the short term I see sol-tracking flows and ETF newspaper heads; in the long term it is about usage growth and itself as a top 3-active,” Bambra concluded.