Galaxy Digital Ramps Up Solana Bet, Pours $283 Million In Crypto, But Stock Drops Pre-Market

Galaxy Digital Inc. GLXY shares are trading lower in Monday's pre-market trading, coinciding with the cryptocurrency-focused company's purchase of over $280 million in Solana SOL/USD.

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Galaxy Bags Heaps Of SOL

Galaxy Digital bought 1.2 million SOL, worth $283.87 million at current prices, over the last 24 hours, reported on-chain analytics firm Lookonchain.

With the latest grab, the company's total SOL purchases in the last five days have reached 6.5 million, totaling $1.53 billion.

However, investors didn't seem too impressed with the accumulation drive, as the company's shares slipped 1.72% in pre-market trading.

It was unclear whether the slide could be linked to SOL’s decline of more than 5% in the recent 24 hours.

The Strategic Bet On Solana

Galaxy Digital, which operates in the digital asset and data center infrastructure sectors, has lately made strategic bets on Solana.

Earlier this month, it invested in Forward Industries, Inc. FORD through a private investment in public equity to fund a SOL-focused treasury. The private placement, which ended up raising $1.65 billion in cash and stablecoin commitments, also included Jump Crypto and Multicoin Capital as leading investors.

The company also announced a partnership to tokenize its own shares on the Solana blockchain, marking the first time a publicly traded U.S. company let its equity be held directly on a major blockchain.

Price Action: At the time of writing, SOL was exchanging hands at $233.17, down 5.15% in the last 24 hours, according to data from Benzinga Pro.

Galaxy shares were down 1.68% in pre-market trading after closing 2.87% higher at $29.70 on Friday. Year-to-date, the stock has soared over 71%.

As of this writing, the stock exhibited a low Growth score. Visit Benzinga Edge Stock Rankings and compare it with other popular cryptocurrency-focused stocks such as Strategy Inc. MSTR and Coinbase Global Inc. COIN.