Galaxy Digital has reportedly acquired about $536 million worth of Solana (2.31 million SOL) in the past 24 hours, according to Arkham Intelligence data. The tokens, sourced from Binance, Bybit, and Coinbase wallets, were accumulated just days after Galaxy, alongside Jump Crypto and Multicoin Capital, led a massive $1.65 billion private placement in Forward Industries (FORD), a Nasdaq-listed company now transforming into a Solana digital asset treasury (DAT) firm.

Forward Industries’ stock has soared 135% in five days, as the firms behind the placement aim to establish the largest institutional Solana treasury strategy. Blockchain analytics platform Lookonchain suggested Galaxy may be helping FORD accumulate SOL, though the link to the $536 million purchase remains unconfirmed. Public Solana treasuries currently hold about 4.67 million SOL, reflecting the growing trend of publicly traded firms repositioning themselves as corporate digital asset treasuries.

Galaxy CEO Mike Novogratz called this moment the “season of Solana,” citing strong momentum, institutional capital flows, and a shifting regulatory landscape. On CNBC, he praised SEC Chair Paul Atkins, who recently pledged to modernize securities rules for onchain markets. Atkins has argued that most crypto tokens are not securities and should be free from regulatory ambiguity, a stance Novogratz described as a “radical departure” from prior policy.

Adding to the momentum, Nasdaq has filed with the SEC to allow tokenized versions of listed stocks and ETFs to trade alongside traditional ones, potentially enabling blockchain-based settlement as early as Q3 2026. Novogratz said that with speed, security, and reliability, blockchains like Solana are now ready for Wall Street adoption. He described Solana as particularly well-suited for financial markets, while stressing that multiple blockchains, including Ethereum, will coexist to rebuild global financial infrastructure.

On Bitcoin, Novogratz said the asset is consolidating as capital rotates into altcoin ecosystems through treasury companies, but he expects a rebound later this year when the Federal Reserve begins rate cuts. Long term, he insisted that “Bitcoin is going nowhere but up over time,” calling it digital gold and a trusted store of value.

The broader crypto market now exceeds $4 trillion, still a fraction of the estimated $400 trillion global wealth market. Analysts such as Bitwise CIO Matt Hougan argue that Solana ETFs, combined with corporate treasury inflows, are fueling the same kind of bullish cycle previously seen with Bitcoin and Ethereum.

Meanwhile, Solana has jumped 6% in the past 24 hours, trading at $236.83 and surpassing BNB to become the fifth-largest cryptocurrency, with a market capitalization of $126.4 billion.

Why This Is Important

The timing aligns with a favorable regulatory shift led by SEC Chair Paul Atkins, whose recent statements indicate a willingness to modernize rules for onchain finance and reduce uncertainty around token classifications. If Nasdaq’s proposal to list tokenized stocks and ETFs is approved, it could legitimize blockchain-based settlement at the highest level of traditional finance, further bolstering Solana’s role as a high-throughput chain for institutional adoption.

For Bitcoin, Novogratz’s view that capital rotation into altcoin treasuries is temporary underscores the market’s cyclical nature: while Solana and other Layer 1s capture momentum, Bitcoin remains the long-term treasure.