Solana price surged above $241 after Galaxy Digital purchased over $700 million in SOL on behalf of Forward Industries, driving a near-term 6% gain and ~19% weekly rise. Institutional treasury buys and potential ETF flows are cited as the primary catalysts for the rally.
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Galaxy Digital purchased ~3 million SOL (~$700M) across multiple transactions.
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Forward Industries led a $1.65 billion raise to build a publicly traded Solana treasury.
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Solana price rose 6% in 24 hours and ~19% over the past week amid institutional demand and network upgrades.
Solana price jumps after Galaxy Digital buys ~$700M SOL for Forward Industries — read how institutional treasury demand may drive ETF flows and market momentum.
What drove the Solana price surge this week?
Solana price climbed to its highest level since January after Galaxy Digital executed over $700 million in SOL purchases, reportedly on behalf of Forward Industries. The concentrated buying from an institutional firm triggered immediate market re-pricing, generating a 6% 24-hour gain and roughly 19% weekly advance.
How did Galaxy Digital and Forward Industries execute the purchases?
According to on-chain tracking data from Arkham Intelligence, Galaxy transferred just over 3 million SOL across multiple transactions, moving assets primarily from Binance and from Coinbase. Forward Industries — a Nasdaq-listed product design company incorporated in 1961 — led a $1.65 billion raise to establish what it calls the world’s largest publicly traded Solana treasury, with Galaxy acquiring and transferring most of the SOL.
Why is institutional demand important for Solana price and market structure?
Institutional purchases matter because they create sizeable, sustained demand that can shift market expectations. Market participants and executives — including Galaxy founder Mike Novogratz and Solflare co-CEO Vidor Gencel — framed this activity as a signal of institutional conviction. Increased treasury allocations reduce available float, and combined with potential Solana ETF approvals, could meaningfully raise long-term demand for SOL.
When did the purchases occur and how large were they?
Arkham Intelligence data indicates transactions began mid-week, with Galaxy Digital amassing just over 3 million SOL since Wednesday and buying more than $700 million worth over two days. Forward Industries announced completion of a $1.65 billion raise, with Galaxy acquiring the bulk of the SOL for the treasury.
What are industry leaders saying about these developments?
Galaxy’s CEO Mike Novogratz highlighted Solana’s transaction capacity in media statements, calling it fit for next-generation financial markets. Vidor Gencel described Forward’s treasury as a “clear signal” of institutional conviction. Satraj Bambra of Rails cited record network activity, DeFi TVL growth, and ecosystem traction as supporting the thesis that large treasuries can kick off a positive feedback loop for SOL.
Frequently Asked Questions
How many SOL did Galaxy Digital buy and from which exchanges?
Galaxy Digital purchased just over 3 million SOL—primarily moving funds from Binance, with some transfers from Coinbase—across multiple transactions tracked by Arkham Intelligence.
What is Forward Industries building with the $1.65B raise?
Forward Industries plans to establish a large publicly traded Solana treasury, using proceeds to hold SOL as a strategic corporate treasury asset and to signal institutional adoption of SOL.
How might Firedancer and network upgrades influence Solana price?
Upcoming upgrades such as Firedancer aim to improve throughput and stability, which can enhance real-world usage and on-chain activity — factors that support long-term valuation beyond short-term flows.
Key Takeaways
- Immediate catalyst: Galaxy Digital’s ~3M SOL buys (~$700M) for Forward Industries pushed Solana price above $241.
- Institutional signal: Forward’s $1.65B raise and Galaxy’s role signal growing treasury interest in SOL beyond Bitcoin and Ethereum.
- Potential follow-on drivers: ETF approvals, Firedancer upgrade, and continued on-chain growth could sustain demand and price momentum.
Conclusion
Institutional buying by Galaxy Digital on behalf of Forward Industries has materially influenced the recent Solana price move, highlighting a shift toward SOL as a treasury-grade asset. While short-term gains reflect concentrated demand, long-term price dynamics will depend on ETF developments, network upgrades, and sustained ecosystem adoption. COINOTAG will continue monitoring on-chain flow data and regulatory milestones.
