A Chinese crypto user on X has spotted notable losses on Galaxy Digital’s holdings across some cryptocurrencies on the Solana blockchain. According to the crypto user, they identified a crypto wallet belonging to a well-known asset manager that spent $16.41 million to take positions in three crypto tokens.
「近三个月花费 1641 万美金建仓 $PNUT & $ai16z & $arc」的地址大概率归属于 Galaxy Digital🧐
目前该机构在这三个 Memecoin 上的累计亏损高达 849.3 万美金，尚不确定是否参与了做市
🔸PNUT：持有 2146 万枚，成本 $0.3743，浮亏 493.5 万美金
🔹ai16z：持有 753 万枚，成本 $0.7446，浮亏 313.3… https://t.co/a1JShknEP6 pic.twitter.com/U9g6huoHl9— Ai 姨 (@ai_9684xtpa) February 18, 2025
Related: Solana Meme Coin Chaos: Scandals Spark Investor Risk Debate
$16 Million Crypto Wager on PNUT, AI16Z, ARC Turns Red
In a recent post on X, the Chinese observer noted that Galaxy Digital invested the funds into three digital assets, including PNUT, ai16z, and ARC. All three digital currencies are based on the Solana blockchain and have gone way down since the asset manager bought them.
The observer’s report shows Galaxy Digital held 21.46 million PNUT tokens, which it bought for $0.3743. However, the investment’s floating loss as of posting was $4.935 million. At the same time, the asset manager held 7.53 million ai16z tokens that cost $0.7446 each when they bought them. The firm saw a floating loss of $3.133 million on that asset and another $425,000 floating loss on ARC tokens that it bought at $0.2913 per coin.
$8.5 Million Loss on Solana Tokens
In the meantime, the observer did not mention when Galaxy Digital made the purchases. However, based on the individual floating losses of the assets being looked at, the investment firm’s cumulative loss across the three listed tokens was $8.493 million at the time of the observer’s post.
The dwindling values of the listed tokens is also reflected on SOL, the native token of the Solana blockchain. SOL’s price has tumbled significantly, losing all the gains from the first few weeks into 2025. TradingView’s data show that SOL dropped from a $295 yearly high on January 19 and traded for $168 at the time of writing.
Related: Galaxy Digital Eyes BTC Dip? $30 Million Moved to Binance as Bitcoin Falls Below $90K
Solana’s decline highlights the laid-back approach of investors in the current crypto market dispensation. Most cryptocurrency holders are waiting for a substantial regulatory structure for the crypto industry, especially since Donald Trump’s initial moves to restructure the US crypto ecosystem.
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