Galaxy Digital Acquires $1.2 Billion in Solana Assets

Galaxy Digital recently acquired between $486 million and $1.2 billion worth of Solana (SOL) through major exchanges, according to on-chain data.

The acquisition signifies a major institutional interest in Solana, driving its market cap to new highs and impacting derivative markets.

Galaxy Digital executed a large-scale purchase of Solana in a matter of days. The acquisition was tracked through the hot wallets of major exchanges.

The assets were moved into Galaxy’s Fireside custody, signaling robust institutional interest. Market dynamics notably shifted following these movements.

The purchase raised Solana’s market cap beyond $135 billion, positioning it among the top five cryptocurrencies. This has sparked a sharp increase in Solana’s price.

Financial markets witnessed a significant liquidation of shorts and rising investor interest. Solana is speculated to benefit from increased DeFi activities on its network.

Similar institutional accumulations in Ethereum and Bitcoin have previously led to price surges. Historical patterns suggest long-term growth in network use and value.

While direct regulatory feedback is absent, historical data implies increased institutional involvement can lead to greater asset stabilization.

“The right app at the right time can bring a billion new users to Solana, and change everything. The network is ready. Are you?” — Solana Official Account