Galaxy Digital scoops $306M in Solana after deal for crypto treasury

Digital assets investment firm Galaxy Digital has bought $306 million worth of Solana in a single day after teaming up with investment firm Multicoin Capital and trading firm Jump Crypto to create a so-called crypto treasury company.

Galaxy scooped up 1.2 million Solana on Sunday from multiple exchanges and sent them to the crypto custody firm Fireblocks, according to blockchain data reported by Lookonchain.

It extends a Solana buying spree from Galaxy since Wednesday, which has seen it buy up over $1.5 billion worth of the token.

On Thursday, Galaxy  said  that it’s linking up with Multicoin Capital and Jump Crypto to join in a $1.65 billion private placement round in Forward Industries, a medical device company that recently pivoted to wanting to have the largest Solana holdings among public firms, joining a trend of similar so-called  crypto treasury companies .

Galaxy buys up over 6.5 million SOL

Lookonchain said in the past five days, Galaxy has scooped up 6.5 million SOL, worth approximately $1.55 billion.

On-chain data shows the firm is buying tens to hundreds of thousands of SOL tokens at a time in rapid succession, each costing millions of dollars.

It’s unclear if Galaxy’s SOL purchases are linked to its involvement with Forward Industries. Galaxy Digital did not immediately respond to a request for comment.

Forward Industries stock rallies

Shares of Forward Industries (FORD) rallied last week on its Solana pivot announcement, with its stock up 16% over the last five trading days to Friday.

The firm’s stock price is up 620% year-to-date after closing trading on Friday at $36.10, which has reversed a multi-year slide.

As of the June quarter, the firm reported its revenue had declined 50% from the same period last year, while its net profit margin was down 329% during the same period.

Solana adoption on the rise

On Sept. 3, Galaxy Digital became the  first Nasdaq-listed firm to be tokenized  on the Solana blockchain.

Meanwhile, Solana treasury company DeFi Development Corp stated that its  Solana treasury hit the 2 million milestone  after buying $117M worth of SOL in eight days.

Mert Mumtaz, co-founder and CEO of Helius, has  said  that Solana treasury companies have cumulatively raised $3-$4 billion with more to follow.

The  total value locked on Solana hit a record high of $12 billion  earlier this month, and is second only to Ethereum when measured by TVL locked across its DeFi projects.

Solana is up 17.3% in the past seven days and has gained nearly 30% in the past 30 days,  according  to CoinGecko.