Ethereum Out, Solana In: Galaxy Digital Repositions Portfolio

Galaxy Digital appears to be shifting its focus away from Ethereum in favor of Solana, with on-chain data revealing a sizable repositioning of assets in recent weeks.

Galaxy Digital appears to be shifting its focus away from Ethereum in favor of Solana, with on-chain data revealing a sizable repositioning of assets in recent weeks.

According to Blockchain analytics, the firm has transferred over 65,000 ETH—valued at more than $105 million—to Binance in recent weeks, likely in preparation for a sale.

At the same time, Galaxy has been steadily building its Solana position. The firm has withdrawn over 750,000 SOL (worth roughly $98 million) from a hardware wallet and staked nearly $40 million of it on Optimism.

Solana's reputation as a fast, low-cost network with growing developer activity continues to attract interest, while Ethereum is still dealing with persistent scalability issues and increasing sell-side pressure.

This isn't the first time Galaxy has trimmed its Ethereum exposure. Back in late 2024, the firm shifted part of its ETH holdings into Bitcoin. Now, it's seemingly reducing its ETH stake again—this time to lean into Solana.

Adding to the concerns around Ethereum, a wallet linked to the Ethereum Foundation was seen transferring 1,000 ETH to Kraken. The same address originally received over 84,000 ETH from the foundation in 2015 when ETH traded at just $1.20. The foundation has a track record of selling ahead of market dips and offloaded over $12 million worth of ETH throughout 2024.

Together, the signs suggest a broader trend: major players like Galaxy Digital may be recalibrating their portfolios as Ethereum faces headwinds—and Solana gains momentum.