Institutional Demand for Solana Heats Up as Galaxy Digital Scoops Up $486M in SOL
The institutional demand for Solana is on the rise, with major players continuing to absorb large amounts of the tokens. According to recent data, Galaxy Digital has made a significant purchase of SOL, buying around 2.2 million tokens worth approximately $486 million. This move is part of the company’s efforts to finance a newly inflated Solana Treasury vehicle.
Solana Treasury Initiatives Gain Traction
Galaxy Digital’s purchase of 2.2 million SOL is not an isolated incident. The company has been working with Forward Industries to establish a Solana Treasury company, with Multicoin Capital and Jump Crypto joining as key supporters. Forward Industries recently closed a private placement of $1.65 billion to finance Solana acquisitions, demonstrating the growing interest in the Solana ecosystem.
The total amount of SOL held by institutional Solana treasuries has reached 10.27 million, worth approximately $2.44 billion. This represents around 1.79% of the total Solana supply, indicating a significant increase in institutional demand. The largest owners of SOL include a mix of public companies and digital asset specialists, such as Sharps Technology and Defi Development Corp.
Impact on Solana’s Price
The increasing institutional demand for Solana is likely to have a positive impact on the token’s price. SOL is currently trading at around $237.2, having increased by 6.27% in the last 24 hours and 16.13% in the last week. As large companies continue to accumulate SOL, this trend is expected to continue, potentially leading to higher prices and increased likelihood of breaking through key resistance levels.
The growth of institutional Solana treasuries reflects a broader trend of institutions methodically adding to their balance sheets. This wave of institutional demand could further increase prices, supporting a higher level and increasing the likelihood of key resistance levels being broken. For more information on this development, visit https://crypto.news/galaxy-digital-scoops-486m-sol-as-solana-treasury-strategies-gain-traction/
