He argues that the same mix of forces that transformed Bitcoin and Ethereum over the last two years are now converging around SOL, setting the stage for a powerful move before year’s end.

Billion-Dollar Treasuries Enter the Picture

The clearest signal of institutional appetite came with the creation of Forward Industries, a publicly traded company designed to hold, stake, and manage Solana at scale. Backed with $1.65 billion from Galaxy Digital, Jump Crypto, and Multicoin Capital, the firm puts Solana in the same league as corporate treasuries that famously propelled Bitcoin higher. Multicoin’s Kyle Samani is set to chair the company — a role Hougan compares to the evangelism Michael Saylor provided for BTC.

At the same time, asset managers are preparing a flood of Solana exchange-traded products. Sixteen spot filings — more than any other altcoin — are pending at the SEC. Heavyweights like Grayscale, VanEck, Fidelity, Invesco/Galaxy, and Bitwise itself are in line, with decisions due in October. If approved, the fourth quarter could see a wave of new investment vehicles designed to channel capital into SOL.

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Public Companies Quietly Accumulating

Exposure is also building in public markets. Nasdaq-listed SOL Strategies launched with nearly $100 million in holdings, while CoinGecko data shows that corporates now collectively control around $1 billion worth of Solana. Though small compared to Bitcoin’s corporate footprint, Hougan notes that Solana’s relative market size means even modest inflows can have an outsized impact.

Underlying this momentum is Solana’s technology. The chain has reduced transaction speeds to 150 milliseconds, putting it among the fastest and cheapest platforms for stablecoins, tokenized assets, and DeFi. Advocates argue this combination gives Solana a realistic chance at handling tokenization at scale — a feature Hougan says is critical for sustaining institutional interest.

Looking back, Hougan points to a formula: when ETP flows and corporate treasuries outpace new issuance, prices explode. Bitcoin surged from $40,000 to $112,000 in under two years under those conditions. Ethereum tripled to $4,500 once ETPs and corporates began accumulating far more ETH than was minted. Solana, Hougan believes, is now approaching the same setup.

What Comes Next

Whether Solana can truly mimic Bitcoin’s and Ethereum’s trajectories remains to be seen. But with ETF rulings imminent, billion-dollar treasuries forming, and fundamentals improving, Hougan insists the conditions are in place for a standout finish to 2025.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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