Galaxy Digital Boosts Solana Holdings as FTX Estate Unstakes $45M SOL

Galaxy Digital has purchased more Solana in its latest treasury vehicle push. In another move, FTX Estate redeemed $45 million worth of SOL from staking. 

Galaxy Digital Expands Its Solana Position

On-chain data revealed that Galaxy Digital acquired another 706,790 SOL, valued at roughly $160 million. This brings its 24-hour buying spree to a total of 2.15 million, worth an estimated $486 million. 

Galaxy Digital’s activity is tied to its role in facilitating a $1.65 billion private placement by Forward Industries. The Nasdaq-listed company announced that proceeds from the raise would be used to build a dedicated Solana treasury. Galaxy Digital, alongside Jump Crypto and Multicoin Capital, led the financing and pledged ongoing strategic support.

Forward Industries confirmed that the treasury is designed to make the company one of the major institutional participants in the altcoin ecosystem. 

CEO Mike Novogratz shared in a CNBC interview on Thursday that the crypto market is entering a “season of SOL.”  He cited strong momentum and improving regulatory conditions.

Galaxy Digital, Jump Crypto, and Multicoin Capital had earlier announced a $1 billion Solana acquisition plan. The scale of the Forward Industries deal shows how quickly confidence in the token has grown among major institutional players.

FTX Estate Continues Monthly Unstaking

EmberCN reported that the bankrupt FTX Estate and Alameda entities unstaked roughly 192,000 SOL as part of their regular liquidation schedule. This is valued at $44.9 million.

Since November 2023, the FTX Estate has redeemed and transferred nearly 9 million SOL. This is worth approximately $1.21 billion at an average price of $134. Even with these sales, the estate still holds a substantial amount, with about $977 million SOL left staked.

At least 14 verified entities now collectively hold more than 10.27 million SOL, valued at around $2.44 billion. This represents nearly 1.8% of Solana’s circulating supply. This is a sharp climb from earlier in the year as more firms commit to long-term exposure.

DeFi Dev Corp. also recently boosted its reserves. The firm acquired 196,141 SOL at an average price of $202.76 per token. This move expanded its holdings by 11%, further signaling sustained institutional appetite.

Furthermore, SOL Strategies Inc. launched trading on the Nasdaq Global Select Market under the ticker STKE. They became one of the first Solana-focused companies to access U.S. capital markets. 

The token is currently trading at $239. This marks a 6% gain in the past 24 hours and a 15.83% rise over the week, continuing its month-long rally.