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- Galaxy Digital purchased 1.24 million SOL across major exchanges, signaling strong institutional interest in Solana’s ecosystem.
- The assets were moved to custodial wallets, highlighting a strategy focused on long-term holding and treasury allocation.
Galaxy Digital has once again made a big splash in the crypto market. This time, Mike Novogratz’s company reportedly purchased around 1.24 million Solana (SOL) tokens in less than two days, valued at around $306 million, according to Lookonchain.
Galaxy Digital bought another 1.2M $SOL($306M) in the past 24 hours.
Their total buys over the past 5 days have now reached ~6.5M $SOL($1.55B).https://t.co/f4FXOfK0vJ pic.twitter.com/NQ9da23mzm
— Lookonchain (@lookonchain) September 15, 2025
Galaxy Digital Sparks Speculation After Quiet $300M SOL Grab
The transaction was executed in dozens of small transactions on major exchanges like Binance, Coinbase, and Bybit. It’s not just the sheer size of the transaction; what’s causing a stir is the fact that after the purchase was completed, most of the tokens were immediately transferred to the Fireblocks custodial wallet.
This means that Galaxy Digital doesn’t appear to be playing for the short term. This seems like a SOL hoarding operation with a more serious purpose.
Furthermore, many analysts believe this buying spree is not isolated. A few days earlier, Galaxy was also known to have participated in a $1.65 billion private placement in Forward Industries—a public company focused on managing the treasury of Solana-based crypto assets.
Galaxy reportedly contributed around $300 million, a suspiciously similar amount to the current purchase value of SOL in circulation.
Are the two related? There has been no official statement, but many believe this move is part of a larger strategy to increase institutional exposure to the Solana ecosystem.
Galaxy Talks Tokenized Shares While U.S. Eyes Bitcoin Reserves
Meanwhile, a mid-May report from CNF stated that Galaxy Digital was in active discussions with the SEC regarding its plans to tokenize the company’s shares.
The goal? Not just to show off its technology, but to make the shares usable directly in various DeFi applications. Despite its financial losses, the company has continued to expand its infrastructure, seemingly preparing to become a major player in the digital asset tokenization arena.
And that’s not all. Galaxy Digital’s head of research, Alex Thorn, also stated that the United States will likely have a strategic Bitcoin reserve before the end of the year. Although President Trump signed an executive order in March, the official strategy is still under discussion. But if Galaxy is already taking steps like this, it may be aware of something the public doesn’t.
Returning to SOL, although the token’s price dipped slightly after the large purchase was discovered, the market appears to remain optimistic.
Some are calling this moment part of the “Season of Solana”—a phase where major investors are starting to focus on the Solana ecosystem. It’s understandable, as the network is known for its speed, low cost, and vibrant on-chain activity.
However, this doesn’t mean everything will be without challenges. Large movements like this can sometimes trigger profit-taking by retail traders. However, if it’s true that most of the SOL from Galaxy purchases is locked in custodial wallets and won’t be released anytime soon, the available supply in the market could become even tighter.
