CoinDesk
Sep 12, 2025
4 0

Solana Surges as Galaxy Withdraws $724M in Tokens From Exchanges

Solana Price Surge:

  • Solana's price reached its highest since January, trading close to $240.
  • The token gained 5% in the last 24 hours and achieved an 18% weekly increase, outperforming Bitcoin and Ethereum, which rose by 4%-5%.

Market Movements:

  • Galaxy Digital withdrew approximately 3.1 million SOL tokens from exchanges, valued at $724 million, according to Arkham Intelligence data.
  • These transactions might be linked to Forward Industries' strategy to build a Solana treasury, with Galaxy leading the investment round.

Galaxy withdrawing SOL from exchanges (Arkham Intelligence)

Future Outlook:

  • Bitwise CIO Matt Hougan and Galaxy CEO Mike Novogratz suggest that incoming demand from treasury companies and potential SOL ETFs could drive further increases in Solana's value.
  • Galaxy Digital has chosen the Solana blockchain for tokenizing its shares with Superstate.