Galaxy Digital adds $530M in SOL amid rising institutional demand
Galaxy Digital has increased its Solana token reserves by $530 million, fueling rumors of a so-called "Solana season." The company boosted its holdings by moving a portion of SOL from exchanges to self-custodied wallets, which may indicate a long-term strategy.
According to Arkham Intelligence, as of September 11, 2025, Galaxy Digital has withdrawn approximately 1,452,392 SOL (about $326 million) from cryptocurrency exchanges. This coincides with increased market activity and preparation for the possible launch of new institutional products based on Solana.
Galaxy Digital withdrew about 920,000 SOL (approximately $205 million) from Binance. This could be part of a comprehensive strategy to move assets to self-custodied wallets or to diversify risk across different platforms. Additionally, the company deposited 500,000 SOL (~$103 million) on Coinbase, possibly to support trading operations or its long-term accumulation strategy.
This move closely correlates with the initiatives of other institutional players. As previously reported, Forward Industries, a NASDAQ-listed company, recently raised $1.65 billion in fiat and stablecoins to form its own Solana treasury. The project is backed by major investors, including Jump Crypto and Multicoin Capital. Forward Industries plans to use SOL for staking, trading, and risk management through partnerships with leading players, including Galaxy Digital.
Matt Hougan, Chief Investment Officer at Bitwise, notes that Solana is entering a phase previously seen with Bitcoin and Ethereum. Key drivers, including demand from exchange-traded products and institutional treasuries, could fuel an “epic end-of-year run for Solana.” Venture capital firms are closely watching several pending applications for spot Solana ETFs in the U.S., which could receive approval as early as October 10. Their launch ьфн attract new capital and further expand Solana’s footprint in the traditional finance (TradFi) market.
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