On-chain data and corporate disclosures reveal a fresh wave of institutional interest in Solana (SOL), with Galaxy Digital and Forward Industries spearheading large-scale purchases. The developments shift attention away from retail speculation, spotlighting how professional desks and corporates are positioning themselves around the fast-growing blockchain network.
Galaxy Digital Extends Solana Buying Spree
Galaxy Digital, the crypto-focused investment firm led by Mike Novogratz, has continued an aggressive accumulation strategy. Over the past 24 hours alone, Galaxy added 1.2 million SOL valued at roughly $306 million at current prices.
This move builds on a buying streak that intensified after Forward Industries unveiled its $1.65 billion capital raise earlier this month. Since that announcement, Galaxy’s total accumulation has reached around 6.5 million SOL, worth approximately $1.55 billion.
On-chain analysts have traced the firm’s flows from major exchanges including Binance, Bybit, Coinbase and Bitstamp into Galaxy’s Fireblocks custody addresses. The transfers, often in tranches of several hundred thousand SOL, reflect institutional-grade execution rather than fragmented retail activity.
Galaxy has not confirmed whether the purchases are for its own balance sheet, on behalf of multiple clients, or tied to a single mandate. Nonetheless, in a market already primed to read “size as conviction,” the firm’s activity has become a focal point for traders and analysts alike.
Forward Industries Embarks on Solana Treasury Strategy
In parallel, Forward Industries disclosed its own sizeable bet on Solana, purchasing 6.8 million SOL around $1.58 billion, as the first step in a Solana-centric treasury initiative.
The acquisition follows its $1.65 billion fundraising and makes SOL the cornerstone of its balance-sheet strategy. While Forward has not yet detailed how it will manage the position, be it through staking, validator participation, liquidity provisioning, or simple cold storage, the scale of the purchase represents one of the strongest corporate endorsements of Solana to date.
For markets, Forward’s move carries symbolic weight. It signals that companies are no longer limiting their treasuries to Bitcoin or Ethereum but are increasingly open to integrating newer high-performance blockchains into their core financial strategies.
Markets Read Signals of Institutional Demand
Though Galaxy’s accumulation and Forward’s treasury build are separate events, markets are interpreting them as complementary demand signals pointing in the same direction: institutions want SOL exposure.
Spot market liquidity has already begun to tighten as large purchases soak up exchange supply. If momentum persists, Solana could amplify broader moves in crypto markets, particularly in an environment where macro conditions favour risk assets.
This dynamic is not new. Solana, often described as a high-beta network, has historically outperformed during periods of renewed risk appetite, thanks to its scalability, developer ecosystem and strong retail presence. What is new, however, is the scale of institutional adoption, with billions of dollars now flowing directly into the network’s token.
Rate Cuts Could Fuel Further Crypto Upside
The timing of this institutional activity coincides with growing expectations that the US Federal Reserve will cut interest rates. Analysts, including Atakan Bakiskan of Berenberg, anticipate a 25 basis point cut this week, which would lower the funds rate range from 4.25–4.50% to 4.00–4.25%.
The key market question is whether the Fed frames this move as a proactive measure to prevent labour market weakness or as a reactive response to already deteriorating conditions. A reactive framing could prompt markets to price in more aggressive easing, up to 150 basis points by end-2026, while a proactive framing would suggest measured cuts aimed at cushioning growth without signalling panic.
Bakiskan expects the Fed to present the cut as proactive, noting that while the labour market is no longer “solid,” it is also “not in poor shape.” For crypto markets, a proactive cut could reinforce the view that liquidity conditions are turning supportive again, bolstering the case for risk assets such as Solana.
Institutional Conviction Meets Macro Tailwinds
Galaxy Digital’s billion-dollar accumulation and Forward Industries’ treasury build are converging with a macro backdrop that increasingly favours high-risk assets. This combination could prove powerful for Solana, which has often magnified market shifts due to its high-beta characteristics.
If rate cuts materialise and institutional flows persist, Solana could find itself at the centre of the next leg higher in crypto markets—backed not by speculative retail manias, but by deep-pocketed institutional conviction.
At present, the signals are clear: professional capital is flowing into Solana at scale, and the market is paying close attention.
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