Crypto investment giant Galaxy Digital has converted $100 million worth of Ethereum (ETH) into Solana (SOL), signaling a major shift in its digital asset allocation strategy.
According to data from on-chain analytics platform Lookonchain, Galaxy Digital sold approximately 65,600 ETH (valued at $105.48 million) on Binance and withdrew 752,240 SOL (worth around $98.37 million) over the past two weeks. The move appears to be a direct swap from Ethereum to Solana.
This shift comes during a volatile period for Ethereum, which has seen its price drop by 20% over the past month. In contrast, Solana has experienced an 8% price increase during the same timeframe. As of now, Galaxy Digital still holds 55,760 ETH and 171,250 SOL, indicating a significant rebalancing but not a total exit from Ethereum.
The timing of Galaxy’s move aligns with Solana’s increasing on-chain activity. The network now supports over 4 million daily active wallets, rebounding from a recent low of 2.9 million. Solana also leads in decentralized exchange (DEX) trading volume, commanding more than 48% of all DEX transactions. Meanwhile, Ethereum’s DEX volume has declined to just 19.7%.
This strategic reallocation by Galaxy Digital may reflect broader trends in crypto investment strategies, as firms pivot toward faster, more scalable blockchain platforms like Solana.
