Solana Season Kicks Off as Novogratz Sees Billions Flowing In

Galaxy Digital CEO Mike Novogratz believes the cryptocurrency market is entering what he called the “season of Solana”, with both market momentum and regulatory shifts aligning to boost the blockchain’s position.

Speaking on CNBC Thursday, Novogratz pointed to the recent $1.65 billion fundraise by Forward Industries (FORD) — led by Galaxy Digital, Jump Crypto, and Multicoin Capital — to launch the world’s largest Solana-focused treasury strategy. He said that crypto treasury companies dedicated to altcoins are infusing new energy and liquidity into the ecosystem.

Regulatory Winds Turning in Solana’s Favor

A key catalyst, according to Novogratz, is the changing tone from U.S. regulators. SEC Chair Paul Atkins recently said the Commission is working to modernize securities rules to enable markets to move onchain — a stance that Novogratz described as a “radical departure” from years of hostility.

Atkins has also argued that most crypto tokens fall outside securities laws, calling for entrepreneurs and investors to raise capital onchain “without endless legal uncertainty.” Novogratz said this regulatory clarity is “pushing things in the right direction” and paving the way for institutional adoption.

Meanwhile, Nasdaq has filed for a rule change with the SEC to allow tokenized stocks and ETFs to trade on the same order book as their traditional versions. If approved, this could enable blockchain-based settlement by the third quarter of 2026 — a development Novogratz said would prove that blockchains like Solana are “fast, safe, secure, and ready for Wall Street.”

Why Solana Stands Out

Novogratz singled out Solana as tailor-made for financial markets, citing its high-speed execution and ability to process vast transaction volumes. He argued that Solana and Ethereum represent healthy competition in building global financial infrastructure, with multiple blockchains likely to coexist and interconnect as the industry matures.

“Most importantly, money is going to move into the space as we now start moving from narrative to plumbing,” he said.

This sentiment was echoed earlier in the week by Bitwise CIO Matt Hougan, who predicted a “Solana season” fueled by ETF approvals, treasury adoption, and inflows similar to the boom cycles once dominated by Bitcoin and Ethereum.

Bitcoin as Digital Gold

While bullish on Solana, Novogratz reiterated that Bitcoin remains the bedrock of crypto, calling it “digital gold.” He noted that Bitcoin has been consolidating as capital rotates into other ecosystems but expects a rebound toward the end of the year as the Federal Reserve cuts rates.

“Bitcoin is going nowhere but up over time,” he said, emphasizing its role as a store of value with unmatched community trust.

The Bigger Picture

The broader crypto market now sits above $4 trillion, still small compared to the $400 trillion global wealth market.

Total crypto market cap (Source: TradingView)

Novogratz said this highlights just how early the sector remains:

“We’ve got a long way to go. We’re just getting started.”

With major Wall Street players circling, regulators softening, and billions in capital flowing into blockchain treasuries, Solana appears to be at the center of crypto’s next growth phase.