Crypto asset manager Galaxy Digital is in the midst of an agenda to aggressively accumulate Solana (SOL), on-chain data suggests.
Parsing Etherscan data, blockchain tracking firm Lookonchain reports that the firm, headed by early Ethereum (ETH) investor Mike Novogratz, bought well over a billion dollars’ worth of SOL in a matter of days, sending most of if to Coinbase Prime.
“Galaxy Digital has bought nearly 5M SOL( $1.16B) in the past 3 days, of which 4,719,937 SOL ($1.11B) has been moved to Coinbase Prime for custody.
And their wallet still holds 219,830 SOL ($53.5M).”
Lookonchain also reported that Galaxy has been assisting the new Solana treasury firm Forward Industries to acquire $1.65 billion worth of SOL. Forward Industries recently announced it was intending to build the world’s largest Solana treasury, with stablecoin commitments led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
According to Lookonchain, Galaxy was helping clients offload Bitcoin in late July, and was spotted on-chain conducting a massive transaction for an OG BTC investor valued at over $9 billion.
“Galaxy completed the sale of more than 80,000 Bitcoin – valued at over $9 billion based on current market prices – for a Satoshi-era investor, representing one of the earliest and most significant exits from the digital asset market. The transaction was part of the investor’s broader estate planning strategy.”
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