Galaxy Digital Buys $306M in Solana in One Day to Fuel New Crypto Treasury Venture

Galaxy Digital has purchased $306 million worth of Solana (SOL) in a single day, fueling speculation about its growing role in a new wave of crypto treasury strategies.

The transaction, involving 1.2 million SOL tokens, was executed on Sunday across multiple exchanges and sent to custody platform Fireblocks, according to blockchain data tracked by Lookonchain.

Galaxy Digital’s Solana Buying Spree Tops $1.5B in Just Five Days

The aggressive move is part of a broader Solana acquisition spree.

In the past five days, Galaxy has reportedly acquired 6.5 million SOL, worth around $1.55 billion, with on-chain data showing bulk purchases of tens to hundreds of thousands of tokens at a time.

Galaxy’s latest buy comes on the heels of a newly announced partnership with Multicoin Capital and Jump Crypto.

Galaxy Digital bought another 1.2M $SOL($306M) in the past 24 hours.

Their total buys over the past 5 days have now reached ~6.5M $SOL($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm

— Lookonchain (@lookonchain) September 15, 2025

The three firms are backing a $1.65 billion private placement in Forward Industries, a little-known medical device company that recently shifted its focus to building one of the largest Solana treasuries among publicly traded firms.

It remains unclear whether Galaxy’s Solana purchases are directly linked to Forward Industries, and Galaxy has not commented on the connection.

Forward Industries’ stock (NASDAQ: FORD) surged 16% over the past five trading days, driven by investor enthusiasm over its pivot to Solana.

The stock is now up 620% year-to-date, rebounding sharply from a prolonged decline. Despite the rally, the company’s financials remain weak, with revenue down 50% and a 329% drop in net margins in its most recent quarterly filing.

The Solana ecosystem continues to attract institutional capital. On September 3, Galaxy Digital became the first Nasdaq-listed company to be tokenized on the Solana blockchain.

Other firms are also joining the trend: DeFi Development Corp recently announced that it has accumulated over 2 million SOL after an $117 million buying streak.

Solana now boasts over $12 billion in total value locked (TVL) across its DeFi ecosystem, second only to Ethereum.

According to Helius CEO Mert Mumtaz, Solana-focused treasury companies have raised between $3 billion and $4 billion to date, with more expected to follow.

The SOL treasury companies' initial raises combined are about 3-4B (more are coming)

This is before they buy more on the open market

Unlike Bitcoin and MSTR, a non-trivial amount of this cash will be injected into SOL DeFi

not financial advice

— mert | helius.dev (@0xMert_) September 14, 2025

SOL is up 17.3% in the past week and nearly 30% over the past month, trading at $234.77, according to CoinGecko.

Solana Treasury Firms Expand Rapidly

Solana-based treasury strategies are gaining significant traction among publicly listed companies, with total corporate holdings reaching 6.49 million SOL.

Recent disclosures from BIT Mining Limited and Upexi Inc. highlight the accelerating pace of institutional accumulation, driven by both long-term conviction and attractive staking yields amid Solana’s price rally.

BIT Mining, soon to rebrand as SOLAI Limited, added 17,221 SOL this week, bringing its holdings to over 44,000 SOL worth $9.95 million.

The company is phasing out its former focus on Bitcoin and other proof-of-work assets, instead doubling down on Solana with plans to raise up to $300 million.

As part of its ecosystem play, BIT Mining also launched a stablecoin called DOLAI on Solana in partnership with Brale Inc.

Upexi Inc., a consumer products firm turned Solana treasury powerhouse, now holds over 2 million SOL valued at $447 million, with $142 million in unrealized gains and daily staking rewards of around $105,000.

The firm has introduced new treasury metrics like “adjusted SOL per share” and recently appointed former BitMEX CEO Arthur Hayes to its advisory board.