Galaxy Digital Backs $1.65B SOL Deal for Forward Industries
Forward Industries secures $1.65B to acquire SOL, with Galaxy Digital withdrawing $326M in SOL from exchanges.
- Forward Industries raises $1.65B to buy Solana (SOL)
- Galaxy Digital withdraws $326M in SOL from exchanges
- Move signals major institutional interest in Solana
Forward Industries has just made waves in the crypto world by completing a massive $1.65 billion private placement. The funding is specifically earmarked for purchasing Solana (SOL), one of the top-performing layer-1 blockchain platforms in the market. This major move points to growing institutional confidence in Solana’s long-term potential.
Backing this acquisition is none other than Galaxy Digital, a well-known crypto-focused financial services firm. In the last 12 hours alone, Galaxy Digital withdrew over 1.45 million SOL tokens, worth approximately $326 million, from centralized exchanges. This large-scale withdrawal suggests that the tokens are being moved to cold storage—likely for long-term holding as part of the acquisition strategy.
Why Solana? Why Now?
Solana has become increasingly attractive due to its high throughput, low transaction costs, and growing DeFi and NFT ecosystems. With Ethereum gas fees still an issue, Solana offers a faster, cheaper alternative that’s gaining significant traction among developers and users alike.
Institutional players like Forward Industries seem to recognize this opportunity. By placing a billion-dollar bet on SOL, they are aligning with the belief that Solana could be a central player in the next wave of blockchain innovation.
Galaxy Digital’s Strategic Involvement
Galaxy Digital’s role in facilitating this acquisition isn’t surprising. Known for its involvement in large-scale digital asset deals, Galaxy is signaling continued support for major altcoins beyond Bitcoin and Ethereum. The massive withdrawal of SOL from exchanges indicates not just a trade, but a strategic holding. It also reduces sell pressure on the open market, which could support SOL’s price in the short term.
With this development, both Galaxy Digital and Forward Industries are making it clear: Solana is not just another altcoin—it’s a long-term investment.
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