Key Takeaways
- Galaxy and Forward Industries invested over $1.8 billion in SOL in the last 24 hours.
- Timing overlaps, but there’s no proof Galaxy’s entire spree is for Forward.
- With markets eyeing rate cuts, risk assets tend to catch bids and SOL’s high beta means it could outperform on a broader risk-on pivot.
On-chain records and fresh disclosures point to a renewed institutional bid for Solana. Galaxy Digital has been moving size from major exchanges into custody, while Forward Industries has formally begun building a SOL treasury.
The activity shifts attention from retail trading to how professional desks and corporates are positioning around the network.
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Galaxy Extends Buying Spree
Galaxy Digital has added another 1.2 million SOL —about $306 million at reported notionals—over the past 24 hours, extending a buying streak that has accelerated since Forward Industries unveiled its $1.65 billion capital raise.
Taken together, Galaxy’s accumulation since that announcement now stands near 6.5 million SOL, roughly $1.55 billion in value.
On-chain watchers have traced a steady cadence of transfers from exchange hot wallets, including Bybit, Binance, Coinbase, and Bitstamp, into Galaxy Digital’s Fireblocks custody addresses.
The flows appear in multiple tranches, some as large as the mid-six-figure SOL range per hop, and they are consistent with institutional execution rather than retail accumulation.
Galaxy has not said whether these purchases are for its own book, for multiple clients, or tied to a single mandate, leaving room for interpretation in a market already primed to read size as conviction.
Forward Industries’ Treasury Push
In a parallel move, Forward Industries disclosed the purchase of 6.8 million SOL —about $1.58 billion—as the opening salvo in a Solana-centric treasury strategy.
The acquisition follows the company’s $1.65 billion raise and places SOL squarely at the center of its balance-sheet plans.
Forward has yet to detail how the position will be managed day to day—whether via staking, validator participation, liquidity provisioning, or simple cold storage—but the sizing alone marks one of the clearest corporate endorsements of Solana to date.
For now, markets are treating Galaxy’s purchases and Forward’s treasury build as overlapping but not identical demand signals that nonetheless point in the same direction: institutions want SOL exposure.
Macro Backdrop and What Comes Next
The accumulation arrives as investors increasingly price in the prospect of interest-rate cuts, a macro turn that has historically restored sponsorship for risk assets.
In such environments, high-beta crypto networks like Solana often amplify broader moves, and large spot bids can tighten order-book liquidity just as momentum returns.
According to Atakan Bakiskan from Berenberg,”The Fed will almost certainly deliver a 25bp rate cut on Wednesday to lower the target range for its funds rate from 4.25-4.50% to 4.00-4.25%.”
“The crucial point in our view is whether the Fed frames this cut as a reactive response or a proactive move. Is the Fed easing its stance because it fears a future collapse in the labour market, or because recent downward revisions to nonfarm payrolls revealed that the labour market already needs rate cuts?” he asked.
If Fed Chair Jerome Powell’s press conference, the Fed statement or the September economic projections point to the latter, then the Fed would implicitly suggest that it has acted “too late” and fallen behind the curve – a reactive cut.
For Bakiskan, such a scenario could push the market to price in more rate cuts than the 75bp for the rest of the year and 150bp by end-2026 that is currently priced in.
“However, we expect the Fed to present a cut as proactive, intended to prevent a further downturn in the labour market. At the same time, the Fed would emphasize that the labour market is not in poor shape, although it is no longer solid,” the expert added.
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