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- Solana saw a $306M buy from Galaxy Digital in one day, pushing its weekly spree past $1.5B in value.
- Forward Industries’ pivot to Solana lifted shares 620% this year, despite falling revenue and margins.
- Treasury firms have raised up to $4B, while DeFi value on the Solana network surged to $12B this month.
Galaxy Digital bought 306 million dollars of Solana in a single day, as confirmed by blockchain tracker Lookonchain. On Sunday, the firm bought 1.2 million SOL on several exchanges and transferred them to Fireblocks custody. The purchase is a continuation of a spree initiated last week, which had Galaxy acquiring more than $1.5 billion of Solana in just less than a week.
The acquisitions come after Galaxy has partnered with Multicoin Capital and Jump Crypto. The three companies are creating a crypto treasury vehicle that is dedicated to important token holdings. Galaxy also affirmed its participation in a $1.65 billion private issue of Forward Industries. In the recent past, the medical device producer shifted to hoarding Solana in an effort to emerge as among the biggest publicly owned token holders.
Solana Buying Spree Sees 6.5M Tokens Acquired by Galaxy
According to Lookonchain, the Galaxy has purchased 6.5 million SOL in 5 days. Galaxy bought the tokens at rates of approximately $1.55 billion. The number of tokens in each batch ranged between tens of thousands and hundreds of thousands of tokens. Each round involves millions of dollars. Galaxy has not validated the relation between the purchases and its stake in Forward industries.
The share price of Forward shot up on its Solana transition. Stocks gained 16 percent during their five trading days and ended the day at a price of $36.10 Friday. The annual performance is up by 620 percent over the past year after years of decreases.
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Nevertheless, the financial performance of the company is poor. In the June quarter, revenue decreased by 50 percent, and net profit margin declined by 329 percent compared with the same period a year earlier.
DeFi Development Corp Crosses 2M Tokens in Eight Days
Solana treasuries are also being constructed by other companies. DeFi Development Corp declared that its possessions had surpassed 2 million SOL subsequent to spending 117 million within eight days.
The industry estimates that Solana treasury companies have thus far raised between $3 billion and $4 billion. According to Mert Mumtaz, the co-founder of Helius, additional inflows should be expected shortly.
The ecosystem of Solana keeps on expanding. Decentralized finance total value locked expanded to $12.729 billion in this month, marking second after Ethereum. Price growth has been supported by market demand. According to CoinGecko data, Solana has increased by 9.8% in the last seven days and 26.7% in the last month.
In September, Galaxy Digital also hit a milestone. The company was the first publicly traded firm to be tokenized on the Solana blockchain. Together with institutional-scale treasury purchases and strong DeFi investment, Solana is establishing itself as a top asset in strategic plans.
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