Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
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.
