Galaxy Digital raises over $500 million to buy Solana

Business Background

In a strong show of institutional confidence, Galaxy Digital Holdings, the cryptocurrency-focused financial services firm led by billionaire Mike Novogratz, has amassed more than 2.31 million Solana (SOL) tokens worth nearly $536 million through a series of on-chain transfers from major exchanges. Blockchain analysis from Arkham Intelligence shows the inflows originated from wallets affiliated with Binance, Bybit, and Coinbase, with multiple transactions over the past day.

The acquisition, reported on September 12, 2025, comes amid explosive growth for Solana and Galaxy's strategic move into Solana Treasury bonds, adding to speculation of a "Solana Season."

On-chain data tracked by Arkham Intelligence shows that Galaxy Digital received a total of over 2.31 million SOL from wallets associated with the exchange between September 11 and 12, 2025. These transactions were not single transactions but were distributed in multiple batches, suggesting a deliberate accumulation strategy rather than opportunistic trading. Key details include:

• Wallets linked to Binance (the largest contributor), Bybit, and Coinbase facilitated the inflow, highlighting Galaxy’s centralized exchange liquidity leverage for large-scale positions.

• With SOL currently priced at around $232 per token during the transfer, the total amount raised equates to around $536 million, with some tranches valued at as much as $97 million in the final hours alone.

• The company has not publicly confirmed the purchases, but Arkham's entity tagging — powered by advanced blockchain technology — has attributed the deposits directly to Galaxy's custody addresses.

This isn’t the first time Galaxy has partnered with Solana. Just weeks earlier, the company withdrew 920,000 SOL ($205 million) from Binance in six hours, after the firm led a $1.65 billion funding round for a strategic move to Forward Industries’ SOL fund, which is listed on Nasdaq. The move, backed by Galaxy along with Jump Crypto and Multicoin Capital, saw Forward’s (FORD) stock surge 135% in five days, as the company geared up for SOL staking, lending and market making operations.

On-Chain Details

The transfers reflect sophisticated on-chain activity. Arkham’s data shows a pattern of increasing inflows, minimizing the slippage of a high-volume asset like SOL. For example: Massive Analysis: Previous reports noted 430,000 SOL ($97 million) from Binance in just one hour, bringing the total to 2.31 million.

Unlike retail purchases, these trades are executed directly on the OTC floor, which is well-suited to Galaxy's infrastructure to handle multi-million dollar transactions.

Following the transfer, Galaxy's SOL balance increased without a corresponding outflow, in contrast to recent patterns where the company deposited SOL into exchanges (e.g., 500,000 SOL or $103 million into Coinbase in late August).

Evaluation and Conclusion

alaxy Digital’s mega-acquisition of Solana underscores a seismic shift: Institutions are not just dabbling in high-yield chains like SOL, they’re diving headfirst into them. Valued at $536 million and timed perfectly, the move sparked “Solana Season” and outperformed rivals like AVAX and POL. As crypto connects to TradFi, Galaxy’s performance could signal a Treasury bond boom, but sustainable growth requires more than hype. For Solana holders, it’s a green light; for the ecosystem, it’s a reminder that big investments come with scrutiny.

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