Solana Surges as Galaxy Scoops Up Over $700M Tokens From Exchanges

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By Krisztian Sandor | Edited by Stephen Alpher Sep 12, 2025, 1:23 p.m. Solana (CoinDesk) What to know : Solana's price surged to its highest since January, with a 5% increase over the past 24 hours and a 17% gain for the week. Galaxy Digital withdrew $724 million worth of SOL tokens from exchanges, possibly linked to Forward Industries' $1.65 billion treasury strategy. Anticipated demand from treasury companies and potential SOL ETFs could further boost Solana's market performance, Bitwise's CIO said. Solana SOL $ 238.56 ripped higher on Friday, hitting its strongest price since January as digital asset treasury demand could be taking shape. The token rallied 5% over the past 24 hours to just shy of $240. It has extended weekly gains to 18% and vastly outperformed bitcoin BTC $ 114,979.25 and ether (ETH) , which advanced just 4%-5% over the same period. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The gains occurred as digital asset manager Galaxy Digital withdrew some 3.1 million in SOL tokens from exchanges, predominantly from Binance and Coinbase, through the last two days, worth a total of $724 million, blockchain data by Arkham Intelligence showed. Galaxy withdrawing SOL from exchanges (Arkham Intelligence) The transactions may have to do with Forward Industries (FORD) , the digital asset strategy company with a $1.65 billion cash pile to build a Solana treasury. Galaxy was a lead investor in the fundraising round, while its asset management division was tasked to "actively manage" Forward's war chest, according to a press release . Solana season Solana's outperformance could continue, Bitwise CIO Matt Hougan forecasted earlier this week, as incoming demand from treasury companies and spot ETF anticipation could have an outsized impact and SOL, given its smaller market capitalization compared to bitcoin BTC $ 114,979.25 and ether (ETH) . Mike Novogratz, CEO of Galaxy, echoed that view in a Thursday CNBC interview , saying that the market could be entering the "season of SOL." He pointed to crypto investment firm Pantera's upcoming Solana treasury company and the potential approval of SOL ETFs, bringing in fresh money for the crypto. His firm also chose the Solana blockchain to tokenize its stock with Superstate earlier this month. Read more: ‘The Ingredients Are All There’: Solana May Be Set to Soar, Says Bitwise Solana Digital Asset Treasury Galaxy Digital Mike Novogratz More For You Traders Load Up on Nine-Figure Bullish Bitcoin Bets, Raising Liquidation Risks By Oliver Knight | Edited by Stephen Alpher 11 minutes ago Heavy leverage in bitcoin derivatives has set up the market for potential downside cascades, with pockets of vulnerability looming if prices break lower. What to know : Traders are taking on nine-figure leveraged bullish bitcoin positions, exposing the market to sharp downside risks if prices reverse. Data from The Kingfisher shows a cluster of liquidation levels between $113,300 and $114,500 that could spark a cascade back to $110,000 support. 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