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Solana ($SOL) has jumped more than 8% in the past week to above $143, fueled by growing institutional interest from heavyweight players such as ARK Invest, Galaxy Digital, and GSR.
Yesterday’s latest development was crypto trading firm GSR’s $100 million private placement into consumer goods firm Upexi (UPXI) to support its Solana-based treasury strategy. Upexi will buy and stake SOL as part of its digital assets treasury strategy.
1/ GSR has led a $100M private placement into Nasdaq-listed Upexi, Inc. to support its @solana-based treasury strategy. 🧵 https://t.co/7TX2M5X5Tr
— GSR (@GSR_io) April 21, 2025
Asset manager ARK Invest also announced yesterday that it will incorporate Canada’s 3iQ Solana Staking ETF (exchange-traded fund) into its crypto-centric funds. Many analysts see this move as a major step towards the broader adoption of SOL investment products.
Meanwhile, on-chain data shared by Lookonchain in an X post earlier today shows Galaxy Digital has started selling Ethereum (ETH) to buy SOL. In the past fortnight, the company has deposited 65,600 ETH, worth around $105.48 million at the time, to Binance.
Shortly thereafter, the firm withdrew 752,240 SOL tokens, the on-chain analytics platform added.
It seems that Galaxy Digital is selling $ETH and buying $SOL!
In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2
— Lookonchain (@lookonchain) April 22, 2025
Enter, Solaxy
Such developments highlight the importance of Solana’s first layer 2, Solaxy ($SOLX), a presale project that will provide infrastructure critical to Solana’s future ability to handle surging transaction volumes without congestion or outages as institutional adoption increases.
The growing demand for Solana, which has surged 4.3% in the past 24 hours, has helped fire Solaxy past $31 million in funding for one of the most successful crypto presales of the year.
Solaxy is designed to scale Solana’s infrastructure, helping it handle growing institutional activity and the flood of meme coin launches on its Pump.fun ecosystem.
One of the ways it will do this is by processing and bundling SOL transactions off of the Solana mainnet. It will then send the batches of transactions to the layer-1 for final validation.
Solaxy’s approach to transaction processing is similar to that used by Arbitrum and Optimism in the Ethereum ecosystem. It has also been proven as a successful way to help a layer-1 blockchain scale to new heights.
Given Solaxy’s position as the first Solana layer-2, popular YouTube channel 99Bitcoins, which has more than 725K subscribers, predicts SOLX could soar 100X post-launch.
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