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Crypto firm Galaxy Digital is executing an asset swap involving the native tokens of layer-1 blockchains Ethereum (ETH) and Solana (SOL), according to on-chain data.
Data from blockchain tracking platform Lookonchain suggests that Galaxy Digital has, over the past two weeks, sold Ethereum worth tens of millions of dollars and purchased Solana.
“In the past two weeks, Galaxy Digital deposited 65,600 ETH ($105.48 million) to Binance and withdrew 752,240 SOL ($98.37 million) from Binance.”
Source: Lookonchain/X
Source: Lookonchain/X
Galaxy Digital’s portfolio reorganization is coming amid the firm’s head of research, Alex Thorn, predicting that the US will purchase Bitcoin (BTC) this year to add to the Strategic Bitcoin Reserve (SBR) launched in March. According to Thorn, one of the options the US could exercise to purchase the flagship crypto asset in a budget-neutral way would be to swap confiscated altcoins into Bitcoin.
“To be specific, you could sell an altcoin in an altcoin/BTC pair and never touch cash at all. No cash ever has to flow into the [US] general treasury. Could be an easier way to get to a ‘promises made, promises kept’ on the SBR.”
Ethereum is trading at $1,630 at time of writing, down by 67% from the all-time high reached in November of 2021. Solana is changing hands at $140 at time of writing, down by 52% from the record high hit in January.
