Galaxy Digital, one of the world’s leading crypto investment firms, has made a record-breaking purchase of Solana (SOL), acquiring 2,159,182 SOL worth $486 million within 24 hours, according to on-chain data verified by blockchain analytics platform Lookonchain.
Galaxy Digital just bought another 706,790 $SOL($160M).
In the past 24 hours, their total buy is a massive 2,159,182 $SOL($486M).https://t.co/OFLLaSJQdS pic.twitter.com/RUoK7NXZMM
— Lookonchain (@lookonchain) September 12, 2025
The transactions included a single purchase of 706,790 SOL valued at $160 million, executed at an average price of $225 per token. This marks one of the largest single-day Solana acquisitions by an institutional investor in crypto history.
Solana Price Impact and Market Reaction
The massive buy came as Solana surged past $220 for the first time in eight months, triggering more than $17 million in short liquidations across major trading platforms.
Galaxy Digital’s CEO Mike Novogratz recently declared that “the crypto market is entering Solana season,” a sentiment now reinforced by this strategic acquisition. Analysts note that Solana has established a strong support zone between $220–$225, with potential upside targets of $300 to $400 if momentum continues.
Following the purchase, Solana’s market capitalization jumped to $126.4 billion, overtaking Binance Coin (BNB) to become the fifth-largest cryptocurrency by market cap.
Institutional Strategy and ETF Speculation
Galaxy Digital has been ramping up its Solana-focused investments, including leading a $1.65 billion private placement in Forward Industries, a digital asset management company. This move fueled a 135% surge in Forward’s stock within five trading days.
Alongside Jump Crypto and Multicoin Capital, Galaxy has committed over $300 million in cumulative Solana-focused investments.
Industry experts, including Bitwise CIO Matt Hougan, highlight this trend as part of a broader shift where institutions adopt crypto as a balance sheet asset. Growing speculation also surrounds the eventual approval of a Solana ETF, following the success of spot Bitcoin ETFs.
Galaxy’s aggressive accumulation strategy underscores rising institutional confidence in Solana’s ecosystem, signaling potential long-term upside for the blockchain’s adoption and valuation.
