Published: Monday, September 15, 2025 — Updated: Monday, September 15, 2025
A massive move has put the spotlight on Solana: in the last 24 hours, Galaxy Digital has accumulated approximately 300 million dollars in SOL, with subsequent transfers to professional custody wallets.
The activities have been detected by on-chain platforms like Arkham Intelligence and analyzed by public reports. Data updated as of September 15, 2025.
According to the data collected by our editorial team and compared with the cited on-chain dashboards, the timeline of purchases and transfers shows patterns typical of institutional allocations.
Industry analysts observe that the speed of withdrawals to custody addresses reduces counterparty exposure and reflects standard treasury procedures used by asset managers and institutional desks.
We have monitored the transfer IDs and verified the timestamps against the exchange order books to confirm the sequence of events.
Summary
What happened: concentrated purchases on exchanges and rapid transfers to custody
According to on-chain tracking, Galaxy Digital executed 13 transactions to purchase approximately 1.24 million SOL on exchanges like Binance, Coinbase, and Bybit, then moved the tokens to addresses linked to enterprise custody solutions, primarily based on Fireblocks.
The pace and destination of the flows suggest an institutional operation oriented towards holding rather than short-term trading. It should be noted that the rapid sequence of movements is consistent with standard treasury procedures.
The numbers, on-chain
- Purchases in the last 24 hours: 1.24 million SOL (~$300M)
- Last 5 days: ~6.5 million SOL (~$1.57B) Lookonchain
- Exchanges involved: Binance, Coinbase, Bybit (aggregated data)
- Relative impact: volume equal to a fraction of a percentage point of the circulating supply of SOL; estimated to be less than 0.2% of the circulating supply in September 2025 (updated on-chain data)
- Data sources: Arkham Intelligence, Lookonchain
Where Have the Tokens Gone: Flows to Custodial Wallets
Analyses indicate movements towards custody addresses linked to Fireblocks. This pattern, often associated with professional buyers, is consistent with a medium to long-term holding strategy.
Rapid post-purchase migration reduces exposure to counterparty risk on exchanges and strengthens security measures. That said, the movements remain publicly tracked and updated in near real-time.
Technical Details Observed
- Number of transactions (24h): 13
- Type: net withdrawals from exchanges to custody addresses
- Custody platforms: Fireblocks (prevalent)
- Public tracking: dashboard by Arkham Intelligence and thread by Lookonchain
The piece that sparks debate: the alleged private placement of Forward
In the debate, a connection was hypothesized with a private placement of a company listed on Nasdaq, Forward Industries (ticker FORD).
Some reports, such as the one released via Business Wire, indicate a transaction of $1.65 billion, in which Galaxy Digital, Jump Crypto, and Multicoin Capital collectively subscribed over $300 million.
At the moment, however, this information has not been confirmed by the companies involved, and the direct correlation with the purchases of SOL remains to be verified. In other words, the causal link has not yet been established.
Status of the verifications
- Press releases/regulatory filings: not available at the time of publication
- Official statements from Galaxy, Forward Industries, and Fireblocks: not received
- Association between on-chain flows and private placement: to be verified
Why It Matters for the Market
Coordinated accumulation and custody transfers can compress the liquidity available on exchanges in the short term and influence market volatility.
If the holding trend persists, the effect on the supply side could support the price; conversely, any rapid rotations towards the spot or derivatives market could amplify movements.
Indeed, transparency regarding the motivations behind allocations remains central. For operators, understanding the context of flows becomes essential.
