A wave of institutional activity has propelled Solana to new 2025 highs. The token climbed 5% on Friday to $239.47, bringing weekly gains to 18% and outperforming both bitcoin and ether.
Driving the rally were large-scale withdrawals by Galaxy Digital, which removed roughly 3.1 million SOL—worth $724 million—from Binance and Coinbase, according to Arkham Intelligence. The moves appear linked to Forward Industries, a treasury company with $1.65 billion earmarked for Solana accumulation. Galaxy, a lead investor, is tasked with managing those assets.
The developments highlight a growing narrative around Solana as a target for institutional treasuries and potentially ETFs. Bitwise CIO Matt Hougan suggested the token’s smaller market cap makes it highly responsive to such inflows, while Galaxy CEO Mike Novogratz predicted the arrival of a “season of SOL.”
That momentum is reinforced by new initiatives, including Pantera’s upcoming Solana treasury project and Galaxy’s decision to tokenize its own stock on Solana through a partnership with Superstate.
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