Galaxy Digital, a popular investment management entity, has gained significant attention for its latest Solana ($SOL) buyout. Particularly, Galaxy Digital’s purchase of $326M in $SOL is for SOL Digital Asset Trust (DAT) of Multicoin Capital. The prominent crypto intelligence firm, Arkham Intelligence, confirmed on social media that the development is included in Galaxy Digital’s wider strategy. This comprises over $1B in existing capital, taking into account $354M in stablecoins apart from $1B in cash-based reserves.

Galaxy Digital Spends $326M on $SOL Strategically

Galaxy Digital’s latest aggressive $SOL accumulation of $326M deals with SOL DAT of Multicoin Capital. Keeping this in view, the market observers are keenly tracking Galaxy Digital’s activity across notable exchanges and wallets. In this respect, the recent data indicate $SOL swaps carried out between Galaxy Digital and Binance.

A notable instance among these swaps took into account the inclusion of $SOL from the hot wallet of Binance into the Fireblocks wallet of Galaxy Digital. This points toward direct over-the-counter (OTC) operations between the two entities. Additionally, 12 of these $SOL transfers were marked by Arkham Intelligence, indicating the systematic accumulation strategy of Galaxy Digital.

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Apart from that, Galaxy Digital is now left with $1.3B in capital, with the cash holdings and stablecoin reserves of the platform pushing it to keep absorbing $SOL supply. This could likely impact short-term price action as well as the liquidity of the $SOL token across crypto exchanges. Hence, the respective approach could play a crucial role in the further growth of the Solana ecosystem.

$SOL Jumps 22% As Galaxy Digital Hints at Institutional Custody and Staking Plans

According to Arkham, the aggressive $SOL accumulation by Galaxy Digital could also be a sign of preparation for institutional-level custody and staking solutions for $SOL. Simultaneously, the $SOL token has experienced a noteworthy surge of 2.13% over the past twenty-four hours, reaching the $227.47 mark. In addition to this, its weekly price performance accounts for a 10.97% increase. Moreover, it has witnessed a 22.02% rise over the month. Hence, this bullish outlook of $SOL and the Galaxy Digital’s massive accumulation pave the way for an exclusive wave of Solana’s institutional-scale adoption as well as infrastructure development.