Galaxy Digital bought $306 million in Solana in one day, marking this as one of the boldest institutional bets yet on Solana. Galaxy Digital has been pushing its total five-day purchases, which has now reached $1.55 billion. The acquisitions, tracked through blockchain data by Lookonchain, revealed Galaxy acquiring blocks of tens to hundreds of thousands of SOL tokens and sending them into the custody of Fireblocks.

The company’s purchase of 1.2 million SOL tokens on Sunday marks a pivotal moment in Galaxy’s broader strategy to establish itself as a leader in the fast-emerging market for crypto treasury companies.

Galaxy Along With Other Firms Investing in Forward Industries

At the heart of this strategy is Forward Industries (NASDAQ: FORD), a little-known medical device company that has abruptly pivoted to crypto. Galaxy, Multicoin Capital, and Jump Crypto have invested $1.65 billion in a private placement in Forward Industries, which aims to build one of the largest publicly listed Solana treasuries. The market reaction has been swift, with Forward’s stock increasing 620% year-to-date, including a 16% rally in the past week. Yet behind the hype, the company’s financials remain weak, with revenues halved and profit margins plunging more than 300%.

The bet reflects that there are still wider institutional shifts occurring in Solana. Unlike the Bitcoin flagship company MicroStrategy, which simply accumulates BTC, Solana treasury firms are actively deploying capital into DeFi protocols, generating staking yields, and strengthening ecosystem liquidity.

Solana’s Adoption Continues to Grow By Multiple Firms

Talking about Galaxy alone, it has doubled down on Solana in other ways. On September 3, it became the first NASDAQ-listed company to tokenize its shares on Solana’s blockchain, a symbolic move that increased confidence in the network’s scalability and low transaction cost. Meanwhile, their rivals are also not moving slowly, as they are racing to build their Solana reserves.

DeFi Development Corp recently disclosed that it acquired 2 million SOL ($117 million) in just over a week, while Upexi Inc. now holds more than 2 million SOL valued at $447 million, earning an estimated $105,000 per day from staking rewards. Along with them, BIT Mining Limited announced plans to rebrand as SOLAI Limited, shifting its focus from proof-of-work mining to Solana-based assets. The company has acquired over 44,000 SOL tokens and is preparing a $300 million fundraising effort, while simultaneously launching a new Solana-based stablecoin called “DOLAI” in partnership with Brale Inc.

The momentum is clearly rising, and Solana’s total value locked (TVL) in decentralized finance has surpassed $12 billion, placing it just behind Ethereum. This growth, paired with aggressive institutional accumulation, has helped SOL’s price rise nearly 30% in the past month, now trading around $234.77.

Solana’s Race For Future Dominance

With notable firms buying Solana in their crypto treasuries and Solana experiencing a market rally, analysts indicate that Solana might become a stronger competitor than ever before. Galaxy’s buying spree also indicates that the firm is willing to secure Solana as its primary treasury, with rivals likely to follow, marking Solana’s true potential in the future market and bringing greater profits and growth to the companies. The future is yet to be decided.