- Galaxy Digital’s $536M Solana purchase boosts bullish market sentiment.
- Solana’s rise continues as institutional investments pour in, fueling growth.
- Galaxy Digital and partners lead major $1.65B Solana investment.
Galaxy Digital made a massive move, acquiring $536 million worth of Solana (SOL) within just 24 hours, according to on-chain data. Arkham Intelligence discloses that Galaxy got over 2.31 million SOL in various transactions with four primary exchanges: Binance, Bybit, and Coinbase. This significant acquisition has led to tremors within the crypto market, causing people to have hope for what Solana has in store.
This is the second acquisition after Galaxy Digital made a massive investment in Solana’s ecosystem. Galaxy, Jump Crypto, and Multicoin Capital have spearheaded a $1.65 billion private placement in Forward Industries (FORD), which is becoming a Solana-based digital asset treasury organization. All three companies spent more than $300 million, and Forward Industries is now ready to utilize this capital to purchase Solana. The news has already taken its toll, as Forward has seen its stock in Nasdaq go up 135% within five days.
Also Read: Bill Morgan Says It’s Hard to Stay Angry at Coinbase for Delisting XRP – Here’s Why
Solana Set for a Bullish Run with Strong Institutional Backing
The combined institutional moves are creating an undeniable bullish sentiment for Solana. Galaxy has engaged in Forward Industries as an element of a new development in the crypto market, which demonstrates that corporate digital asset treasuries (DATs) are emerging as a driving force in the sector. The trend of purchasing public firms and transforming them into crypto treasury companies is on the rise, and Solana is leading in this transition.
One of the CEOs of Galaxy Digital, Mike Novogratz, has even mentioned a season of Solana, in which cryptocurrency has a lot of positive market momentum and regulatory signs that could be growing the company. Future Solana exchange-traded funds (ETFs) and corporate treasury purchases are other factors that have boosted Solana demand, as Bitwise Chief Investment Officer Matt Hougan believes. Solana also has benefits over Ethereum, such as higher speeds and reduced costs, which are also contributing to its growing appeal to investors.
The latest purchase of Galaxy Digital for $536 million is a solid sign that Solana’s ascent is not over. With a market capitalization of $126.4 billion, the cryptocurrency has surpassed Binance Coin (BNB) to become the fifth-largest digital asset in the world.
Also Read: Binance Listing Sends PUMP Price Soaring – Will It Hit $0.01 Soon?
