Galaxy Digital Increases SOL Holdings; FTX Estate Unstakes $45M
Galaxy Digital Boosts Solana Position
Galaxy Digital has significantly increased its Solana (SOL) holdings, according to on-chain data. The firm acquired an additional 706,790 SOL, valued at approximately $160 million. Over the past 24 hours, their total SOL purchases have reached 2.15 million, worth an estimated $486 million.
This activity is linked to Galaxy Digital's role in a $1.65 billion private placement by Forward Industries. Forward Industries intends to use the funds to establish a dedicated Solana treasury. Galaxy Digital, along with Jump Crypto and Multicoin Capital, spearheaded the financing and committed to providing ongoing strategic support.
According to Forward Industries, this treasury is intended to position the company as a major institutional player within the Solana ecosystem.
Galaxy Digital CEO Mike Novogratz recently stated that the crypto market is entering a “season of SOL,” citing strong momentum and favorable regulatory developments.
FTX Estate Continues SOL Unstaking
The FTX Estate and Alameda entities unstaked roughly 192,000 SOL, valued at approximately $44.9 million, as part of their scheduled liquidation process, according to EmberCN.
Since November 2023, the FTX Estate has redeemed and transferred nearly 9 million SOL, worth approximately $1.21 billion at an average price of $134. Despite these sales, the estate still holds a substantial amount of SOL, with approximately $977 million remaining staked.
Currently, at least 14 verified entities collectively hold more than 10.27 million SOL, valued at around $2.44 billion, representing almost 1.8% of Solana’s circulating supply.
DeFi Dev Corp. also recently increased its reserves by acquiring 196,141 SOL at an average price of $202.76 per token, expanding its holdings by 11%.
Furthermore, SOL Strategies Inc. has begun trading on the Nasdaq Global Select Market under the ticker STKE, becoming one of the first Solana-focused companies to access U.S. capital markets.
The token is currently trading at $239, marking a 6% gain in the past 24 hours and a 15.83% rise over the week.