In a note published this week, Hougan outlines a recipe he says drove bitcoin and ethereum higher: ETP inflows plus corporate buys. He cites bitcoin’s climb from $40,000 in Jan. 2024 to $112,000, with more than 1.1 million coins bought versus 322,681 mined since Jan. 11, 2024, and 7.4 million ETH purchased since Apr. 15, 2025, against 388,568 issued.

Hougan says solana could be next if a slate of spot SOL exchange-traded product (ETP) filings wins approval. He lists applications from his own company, Bitwise, alongside others like Grayscale, Vaneck, Franklin Templeton, Fidelity, Invesco/Galaxy, and Canary Capital, with a Securities and Exchange Commission (SEC) decision due by Oct. 10, 2025, setting up potential launches.

He also points to a new treasury vehicle: a planned, publicly traded company, Forward Industries, that he says has $1.65 billion in cash and stablecoins committed by Galaxy Digital, Jump Crypto, and Multicoin Capital. He writes that the firm intends to buy solana ( SOL), stake it, and target excess returns, and that Multicoin co-founder Kyle Samani will serve as chairman.

On fundamentals, Hougan presents the Solana network as a high-throughput, low-fee blockchain for stablecoins, tokenized assets, and decentralized finance (DeFi). He says an approved upgrade will cut finality from about 12 seconds to 150 milliseconds once live, argues its design avoids layer two (L2) complexity, and notes third-place stablecoin liquidity and tokenized-asset assets under management (AUM) up 140% this year.

He concludes that SOL is smaller and more inflationary, citing a $116 billion market cap as of Sept. 7 versus bitcoin’s $2.22 trillion and ethereum’s $519 billion, and annual inflation near 4.3% versus 0.8% and about 0.5%. Still, he says scaled flows could matter, while noting ETFs and treasury efforts do not guarantee demand.

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