Galaxy Digital Buys $1.16B in SOL, Moves Most to Coinbase
Galaxy Digital has acquired nearly $1.16B worth of SOL in 3 days, transferring most to Coinbase Prime for custody.
- Galaxy Digital bought nearly 5M SOL worth $1.16B.
- Over $1.11B in SOL moved to Coinbase Prime.
- $53.5M in SOL still remains in their wallet.
Galaxy Digital, the crypto investment firm led by Mike Novogratz, has made a massive bet on Solana. In just three days, the firm purchased approximately 4.94 million SOL tokens, worth about $1.16 billion.
This sudden surge in accumulation has caught the attention of the crypto community, as Galaxy’s move signals growing institutional confidence in Solana’s ecosystem. Notably, 4.71 million SOL (about $1.11 billion) has already been transferred to Coinbase Prime, suggesting that these assets are being moved into secure, long-term custody.
Coinbase Prime Custody Suggests Long-Term Strategy
Coinbase Prime is a platform designed specifically for institutional investors, offering secure custody services for large-scale digital asset holdings. The transfer of nearly the entire SOL stash to Coinbase Prime implies that Galaxy Digital is not looking for short-term gains.
With the remaining 219,830 SOL (worth approximately $53.5 million) still in their wallet, it’s likely that a portion of the assets may be reserved for liquidity or active trading, while the majority is being secured for long-term holding.
What This Means for Solana and the Market
Galaxy Digital’s massive SOL acquisition could be seen as a strong vote of confidence in Solana’s future potential, especially as the network continues to develop in areas like DeFi, NFTs, and scalability. This kind of institutional interest often has ripple effects on market sentiment.
The move might also suggest that more traditional finance players are preparing for a broader adoption of the Solana blockchain and its ecosystem.
As institutional adoption rises, this may impact the price dynamics of SOL and bring greater legitimacy to Solana as a top-tier crypto asset alongside Ethereum and Bitcoin.
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