- Galaxy Digital has swapped $100 million worth of Ethereum for Solana, signaling a strategic shift driven by Ethereum’s underperformance and growing confidence in Solana’s potential.
- This move aligns with a broader trend of institutional adoption, as other firms also embrace Solana for its strong on-chain metrics and rising market dominance.
Solana is quickly becoming a favorite among institutional investors, with Galaxy Digital’s bold $100 million shift from Ethereum (ETH) to Solana (SOL) marking a major turning point. As one of the crypto market’s most prominent investment firms, Galaxy Digital’s move sends a powerful signal about changing market sentiment—and Solana’s growing appeal as a high-performance blockchain platform.
A Strategic Swap Backed by Market Data
Over the past two weeks, Galaxy Digital offloaded 65,600 ETH, worth around $105 million, and acquired approximately 752,240 SOL, valued close to $98.4 million.This move reflects concerns over Ethereum’s performance and growing confidence in Solana’s potential.
CEO Mike Novogratz has previously criticized Ethereum’s lagging performance, especially compared to Bitcoin and Solana. His firm’s latest allocation appears to validate that criticism. With Ethereum slipping nearly 15% in the last month while Solana gained 9%, the timing of this portfolio shift looks anything but coincidental.
Corporate Adoption Signals Long-Term Confidence
Galaxy Digital isn’t the only heavyweight getting behind Solana. GSR recently backed a $100 million investment in Nasdaq-listed Upexi, Inc., which is now pivoting toward a Solana-based treasury strategy involving token accumulation and staking. Similarly, Janover Inc. saw its stock price soar after former Kraken executives took the helm and announced a Solana-focused treasury approach—backed by Pantera Capital and Kraken.
These moves suggest that Solana is not just a speculative play, but an asset being embraced for long-term strategies by public companies and major investors alike.
On-Chain Strength Validates the Hype
Impressive on-chain metrics further support Solana’s bullish outlook. Decentralized exchange (DEX) volume on Solana has exceeded $500 billion in the past three months, outperforming Ethereum’s $400 billion. Additionally, the number of active Solana addresses has surged past 220 million—dramatically more than Ethereum and its layer-2 networks combined, which sit just over 80 million.
As Ethereum struggles with sluggish performance and waning sentiment, Solana appears to be rising to the occasion. With institutional players not only buying in but also shaping corporate strategies around SOL, this could mark a fundamental shift in how the crypto world views smart contract platforms.
Galaxy Digital’s $100 million bet may just be the tip of the iceberg.
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