Solana draws institutional buyers with $98.4M FalconX purchase

Solana continues to attract institutional interest amid large-scale purchases facilitated through FalconX. Recently, a major buyer acquired 412,075 SOL worth approximately $98.4 million, according to transaction data on the platform. The tokens were transferred from leading exchanges, including Binance, OKX, Coinbase, and Bybit, suggesting a market-priced acquisition.

Despite this activity, SOL’s price dropped to $233.86, allowing the buyer to take advantage of lower levels. According to data reported by Cryptopolitan, DAT companies already hold about 2% of the total SOL supply.

Meanwhile, Forward Industries has completed its own acquisition program, while other entities moved assets to exchanges, including one investor transferring $23 million worth of SOL to OKX. Currently, FalconX manages around 449,000 SOL, valued at more than $117 million.

In total, treasuries hold around 2 million SOL, while smaller entities control less than 500,000. The acquired tokens are also being used for staking, generating additional yields and boosting Solana’s total value locked, which has reached $12.35 billion.