Crypto Firm Galaxy Digital Swaps Ethereum for Solana Tokens in Recent Asset Exchange
Crypto firm Galaxy Digital has recently engaged in an asset swap involving the native tokens of popular layer-1 blockchains Ethereum (ETH) and Solana (SOL), as indicated by on-chain data analysis.
According to data from Lookonchain, a blockchain tracking platform, Galaxy Digital has conducted a significant transaction over the past two weeks, selling off Ethereum tokens worth tens of millions of dollars while acquiring Solana tokens in return.
The specific details of the asset swap transaction reveal that Galaxy Digital deposited 65,600 ETH (equivalent to $105.48 million) to Binance and withdrew 752,240 SOL (amounting to $98.37 million) from the same exchange platform.
This strategic portfolio realignment by Galaxy Digital coincides with the firm’s head of research, Alex Thorn, making predictions about the potential for the US government to acquire Bitcoin (BTC) this year to bolster its Strategic Bitcoin Reserve (SBR) established in March. Thorn suggested that one approach the US could take to acquire Bitcoin in a budget-neutral manner would involve swapping confiscated altcoins for Bitcoin.
At present, Ethereum is trading at $1,630, marking a 67% decrease from its peak value in November 2021. Meanwhile, Solana is priced at $140, representing a 52% decline from its all-time high recorded in January.
Galaxy Digital’s strategic asset swap and Thorn’s insights on potential US government actions in the crypto space underscore the evolving dynamics within the digital asset landscape and the growing importance of blockchain technologies.
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