Galaxy Digital withdraws 920,000 SOL worth $205M from Binance after leading Forward Industries’ $1.65B SOL treasury raise

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Key Takeaways

Galaxy Digital withdrew 920,000 SOL (worth $205 million) from Binance over a six-hour timeframe.
This withdrawal closely follows Galaxy Digital’s role in leading Forward Industries’ $1.65 billion SOL treasury raise.

Galaxy Digital withdrew 920,000 SOL tokens worth $205 million from Binance today over a six-hour period. The withdrawal follows the crypto asset management firm’s role in leading Forward Industries’ $1.65 billion SOL treasury raise.

The large-scale token movement has raised questions about whether Galaxy Digital is accumulating Solana tokens for its portfolio or client strategies. The firm’s recent activity represents one of the more significant institutional movements of SOL tokens from major crypto exchanges.

Galaxy Digital, founded by Mike Novogratz, provides digital asset financial services including trading, lending, and investment management. The company has been expanding its exposure to various crypto assets beyond Bitcoin and Ethereum.

Forward Industries’ $1.65 billion SOL treasury allocation represents one of the larger corporate crypto treasury moves involving Solana tokens, with Galaxy Digital serving as the lead arranger for the transaction.