Galaxy Digital expanded its Solana investments by purchasing 5 million SOL worth $1.2 billion over the past three days, while CEO Mike Novogratz said “Solana season has begun” due to both market momentum and regulatory developments.
The investment firm Galaxy Digital, which operates in the crypto sector, has purchased approximately 5 million SOL over the past three days. The amount purchased is equivalent to $1.2 billion at current prices. The company began making significant investments in SOL in April, selling $100 million worth of ETH to purchase SOL during that period.
Meanwhile, it was recently announced that Forward Industries, a Nasdaq-listed company, would be converted into a Solana treasury company similar to Strategy's Bitcoin venture. This company had secured 1.65 billion dollars in investment. Backing the company are crypto giants Jump Crypto and Multicoin Capital, as well as Galaxy Digital. It is currently unknown whether Galaxy Digital's recent purchases are related to Forward Industries.
While Galaxy Digital is making significant investments in Solana, its CEO Michael Novogratz also claimed that “the Solana season has begun.” Speaking to CNBC, Novogratz argued that both market momentum and legal developments favor Solana. The Galaxy Digital CEO highlighted recent statements by Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC). Atkins stated that they want to enable entrepreneurs and investors to raise capital on blockchains without encountering obstacles. Previously, he had noted that the vast majority of cryptocurrencies do not qualify as securities.
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