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Crypto investment firm GALAXY DIGITAL has initiated a significant asset swap involving the native tokens of two leading layer-1 blockchains, ETHEREUM (ETH) and SOLANA (SOL), according to on-chain data. This strategic move underscores the firm’s ongoing portfolio optimization amid evolving market conditions.
Data from blockchain analytics platform LOOKONCHAIN reveals that over the past two weeks, GALAXY DIGITAL has sold Ethereum holdings worth tens of millions of dollars and simultaneously acquired Solana tokens. Specifically, the firm deposited 65,600 ETH ($105.48 million) into Binance and withdrew 752,240 SOL ($98.37 million) from the exchange.
“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,” noted LOOKONCHAIN in a recent update.
This portfolio reshuffle coincides with recent insights from ALEX THORN, Head of Research at GALAXY DIGITAL, who predicts that the U.S. government may acquire Bitcoin this year to bolster its Strategic Bitcoin Reserve (SBR). Thorn suggests that the government could achieve this in a budget-neutral manner by swapping confiscated altcoins for 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 [U.S.] general treasury. This could be an easier way to fulfill commitments made under the SBR,” Thorn explained.
At the time of writing, Ethereum is trading at $1,630, marking a 67% decline from its all-time high in November 2021. Meanwhile, Solana is priced at $140, down 52% from its peak in January of the same year.
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Sources: Lookonchain/X
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