Galaxy Digital has recently made a significant move in the cryptocurrency market by acquiring $306 million worth of Solana (SOL). This purchase follows Galaxy's involvement in a deal to create a crypto treasury company, signaling a growing institutional interest in Solana.

Details of the Acquisition

According to blockchain data reported by Lookonchain, Galaxy Digital acquired 1.2 million SOL on Sunday and transferred them to the crypto custody firm Fireblocks. This acquisition extends a buying spree that began the previous Wednesday, bringing Galaxy's total Solana purchases to over $1.5 billion. On-chain data indicates that Galaxy has been rapidly buying SOL tokens in large quantities, with each transaction costing millions of dollars.

Partnership with Forward Industries

Galaxy Digital is partnering with Multicoin Capital and Jump Crypto in a $1.65 billion private placement in Forward Industries, a medical device company that is pivoting to become a major Solana holder among public firms. This partnership highlights a trend of companies establishing crypto treasuries. Forward Industries aims to become the largest publicly listed holder of SOL, inspired by MicroStrategy's Bitcoin strategy. Kyle Samani, co-founder of Multicoin Capital, has been named chairman of Forward Industries' board, with Chris Ferraro of Galaxy Digital and Saurabh Sharma of Jump Crypto as board observers.

Institutional Interest in Solana

The increasing interest in Solana treasuries reflects a broader trend of institutional adoption of Solana as a treasury asset. Several firms are launching Solana-focused treasury initiatives, highlighting the growing acceptance of Solana. These initiatives could reduce the circulating supply of SOL, potentially driving up prices and increasing market volatility.

Solana Treasuries

Solana treasuries are becoming a focal point for investors and analysts. Currently, Solana treasuries hold approximately 1.79%–2% of the total SOL supply, with 16 firms managing over 11 million SOL tokens worth $2.5–$2.84 billion. Pantera Capital is also planning to raise $1.25 billion for a Nasdaq-listed Solana treasury company.

Impact on Forward Industries

The announcement of Forward Industries' Solana pivot has led to a rally in its stock price. The company's stock rose 16% over the five trading days leading up to last Friday, and is up 620% year-to-date. Investors have responded positively to the company's new digital asset strategy.

Galaxy Digital's Broader Solana Strategy

Galaxy Digital's investment in Solana is part of a broader strategy to establish a Solana-focused corporate treasury. In early September 2025, Galaxy Digital became the first Nasdaq-listed firm to be tokenized on the Solana blockchain. Galaxy Digital previously demonstrated confidence in Solana by swapping $100 million in Ethereum for Solana in April.

Digital Asset Treasuries

Digital Asset Treasuries (DATs) are publicly traded entities that raise capital to acquire, hold, and manage digital assets. These firms provide indirect exposure to crypto via traditional markets. Bitcoin, Ethereum, and Solana are among the most popular assets held in DATs. The rise of DATs represents a new wave of institutional investment in the crypto space.

Solana's Growing Ecosystem

Solana is a decentralized blockchain known for its speed, low fees, and scalability. It is considered a competitor to Ethereum in the decentralized finance (DeFi) and Web3 sectors. Forward Industries plans to deploy funds in Solana DeFi protocols. Solana's native cryptocurrency, SOL, is used to pay for transaction fees and has no total maximum supply.