Investment firm Galaxy Digital has acquired $306 million worth of Solana in a single day, collaborating with Multicoin Capital and Jump Crypto to establish a crypto treasury company.
Galaxy purchased 1.2 million Solana (SOL) on Sunday from various exchanges and transferred them to Fireblocks, a crypto custody firm, as per blockchain data reported by Lookonchain.
This acquisition continues a buying spree for Solana by Galaxy that began on Wednesday, totaling over $1.5 billion in purchases.
On Thursday, Galaxy announced its partnership with Multicoin Capital and Jump Crypto to participate in a $1.65 billion private placement in Forward Industries, a medical device company aiming to hold the largest Solana reserves among public firms, aligning with the trend of emerging crypto treasury companies.
Galaxy acquires over 6.5 million SOL
Lookonchain reported that in the past five days, Galaxy has acquired 6.5 million SOL, valued at about $1.55 billion.
On-chain data indicates that Galaxy is purchasing tens to hundreds of thousands of SOL tokens at once, each transaction amounting to millions.
It is uncertain if Galaxy’s SOL acquisitions are tied to its stake in Forward Industries. Galaxy Digital has not yet responded to inquiries for comments.
Forward Industries stock surges
Forward Industries (FORD) shares surged last week following its announcement regarding Solana, with a 16% increase over the last five trading days leading up to Friday.
The company’s stock price has risen 620% year-to-date, closing at $36.10 on Friday, reversing a prolonged downward trend.
According to its report for the June quarter, the firm experienced a 50% decline in revenue compared to the previous year, with a net profit margin decrease of 329% during the same period.
Increase in Solana adoption
On September 3, Galaxy Digital became the first firm listed on Nasdaq to be tokenized on the Solana blockchain.
Related: Galaxy Digital reports a $31M profit as Bitcoin holdings rise to 17,102 in Q2
Additionally, Solana treasury company DeFi Development Corp reported reaching a milestone of 2 million in SOL treasury after acquiring $117M worth of SOL in just eight days.
Mert Mumtaz, co-founder and CEO of Helius, has stated that Solana treasury companies have collectively raised between $3-$4 billion, with more expected soon.
The total value locked in Solana reached a record high of $12 billion earlier this month, making it second only to Ethereum in terms of TVL across its DeFi projects.
Solana has increased by 17.3% in the past week and has gained nearly 30% in the last 30 days, according to CoinGecko.
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