Galaxy Digital Scoops Up $300M in Solana as “Season of Solana” Gains Steam

Galaxy Digital is making waves in the Solana market, snapping up roughly $300 million worth of SOL in just the past 24 hours, according to onchain data from Arkham Intelligence. The firm reportedly acquired 1.24 million SOL across 13 transactions on Binance, Coinbase, and Bybit, adding to an already aggressive buying spree.

Blockchain analytics platform Lookonchain highlights that Galaxy has accumulated about 6.5 million SOL—valued around $1.57 billion—over the last five days. Much of this Solana has been moved into Fireblocks custody wallets, suggesting a long-term holding strategy.

The timing of these acquisitions aligns with Galaxy’s broader Solana-focused initiatives. Last week, Galaxy joined Jump Crypto and Multicoin Capital to lead a $1.65 billion private placement in Forward Industries (FORD), a Nasdaq-listed Solana digital asset treasury company. The trio reportedly subscribed to more than $300 million of the deal, signaling deep institutional confidence in Solana’s ecosystem.

While onchain sleuths at Lookonchain have speculated that Galaxy’s rapid accumulation of SOL is tied to the Forward Industries investment, no direct confirmation has surfaced.

Galaxy CEO Mike Novogratz recently hinted at a bullish outlook, declaring that the crypto market is entering a “season of Solana,” driven by strong momentum and encouraging regulatory signals. With Galaxy’s aggressive moves, Solana’s institutional narrative appears to be gaining undeniable traction.