Galaxy Digital Moves $40M in Solana as SEC ETF Decision Looms
Key Highlights:
- Galaxy Digital withdrew 154,000 SOL from Binance and Coinbase.
- The SEC is set to rule on spot Solana ETF applications from various well-known companies.
- Solana’s DeFi ecosystem hit an all-time high TVL of $12.25B.
The Solana ecosystem is once again gaining attention after a major move by Galaxy Digital, as both regulation and network strength shape investor mood. According to on-chain data, it can be seen that Galaxy Digital has withdrawn 154,000 SOL, which are worth $40 million, from Binance and Coinbase on Tuesday, September 9, 2025. The timing of this transfer is notable as it is coming days before the U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on the various proposed Solana spot exchange-traded funds (ETFs).
The size of the transfer is something that has sparked speculation across various trading desks and crypto social media platforms that Galaxy Digital might be preparing to engage in institutional custody of OTC positioning ahead of a potential regulatory green light. Some of the analysts also believe that such moves usually indicate increased confidence in the asset’s mid-term trajectory, especially when withdrawals from centralized exchanges are aligning with anticipated structural catalysts.
Moreover, new on-chain evidence has added to the bullish backdrop as four newly created wallet addresses withdrew 101,824 SOL from the exchange (Binance) which indicates a rising appetite among whales to self-custody tokens rather than leaving them on trading platforms.
ETF decision nearing
The SEC is facing a deadline this week to respond to applications from major issuers which includes VanEck, 21Shares, and Franklin Templeton, all of them seeking approval for a spot Solana ETF. This decision could be a turning point for crypto as it may make Solana the second big altcoin, after Ethereum, to get approval for major institutional investment products in the U.S.
Galaxy Digital, which is led by billionaire investor Mike Novogratz, has always been vocal about supporting crypto ETFs that are beyond Bitcoin and Ethereum. Even though the firm has not directly confirmed their intentions behind the $40 million transfer, this movement has come at a tactically sensitive moment. If the SEC delivers a positive response, the demand from regular investors and big institutions will increase and it will boost Solana’s trading activity and liquidity.
At press time, the price of the $SOL token stands at $220.23 with an uptick of 1.15% in the last 24 hours as per CoinMarketCap. Solana has reclaimed the $220 level and hit the $222 mark today, September 10, 2025. The token has been able to reclaim this position for the first time in eight months.
Nasdaq Listing Expand Exposure
SOL Strategies, an important player in the Solana ecosystem, has received approval to uplist its shares from the over-the-counter (OTC) market to Nasdaq’s Global Select Market under the ticker symbol STKE. This uplisting was announced in late August 2025 and trading started on September 9, 2025. This listing on Nasdaq is a major move for Solana because it gives SOL Strategies access to U.S> investors and increases visibility.
Record-breaking DeFi Traction
Even though the speculation around ETFs is dominating narratives, Solana’s on-chain fundamentals are strengthening as well. The network’s total value locked (TVL) increased to a new all-time high of $12.257 billion this week, which again solidifies Solana’s position as the second-largest blockchain in DeFi and the fastest-growing ecosystem this year.
If you look at the Solana’s DeFi TVL, it has grown almost 300% year-to-date, which has surpassed the growth rate of competing ecosystems such as Ethereum L2 solutions and Avalanche.
Galaxy Digital’s moves, Solana’s record DeFi growth and other catalysts indicate that the blockchain is entering a more mature phase. Institutions are beginning to see Solana not just as an altcoin but more as a candidate for regulated investment products. If the ETF is approved, it could accelerate its rise as a top layer-1 blockchain, though even without it, momentum around Solana is already clear.
Also Read: Forward Industries Raises $1.65B For Solana Treasury, Will $SOL Hit $227 Soon?
Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries, including his tenure at TheCryptoTimes, and has written extensively about Crypto, Blockchain, Web3, NFT, and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he holds the pulse of the rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced. With a deep understanding of market trends and emerging technologies, he strives to bridge the gap between complex blockchain concepts and mainstream audiences.
