Core Viewpoint - Galaxy Digital Inc. is actively accumulating Solana (SOL) tokens, purchasing over $280 million worth, but the market reaction has been negative, with a decline in the company's share price [1][2]. Group 1: Company Actions - Galaxy Digital purchased 1.2 million SOL for $283.87 million in the last 24 hours, bringing total SOL purchases over five days to 6.5 million, valued at $1.53 billion [2]. - The company made a strategic investment in Forward Industries, Inc. to fund a SOL-focused treasury, raising $1.65 billion in cash and stablecoin commitments [4]. - Galaxy Digital announced a partnership to tokenize its shares on the Solana blockchain, marking a significant milestone as the first publicly traded U.S. company to allow its equity to be held directly on a major blockchain [4]. Group 2: Market Reaction - Despite the significant accumulation of SOL, Galaxy Digital's shares fell by 1.72% in pre-market trading [2]. - The price of SOL decreased by over 5% in the last 24 hours, which may have influenced the decline in Galaxy's share price [3]. - Year-to-date, Galaxy Digital's stock has increased by over 71%, but it currently exhibits a low Growth score compared to other cryptocurrency-focused stocks [5].
Galaxy Digital Ramps Up Solana Bet, Pours $283 Million In Crypto, But Stock Drops Pre-Market