Galaxy's Novogratz calls it the 'season of SOL', says Solana is tailor made for financial markets

Galaxy Digital CEO Mike Novogratz said the crypto market is entering what he called the “season of SOL [Solana],” as both market momentum and regulatory signals align in the blockchain's favor.

Speaking on CNBC on Thursday, Novogratz highlighted a recent $1.65 billion fundraise for Forward Industries (ticker FORD), led by Galaxy Digital, Jump Crypto, and Multicoin Capital, to build the world’s largest Solana treasury strategy. He said crypto treasury companies focused on altcoins are bringing new energy and money into the space.

At the same time, he pointed to a shifting regulatory backdrop. U.S. Securities and Exchange Commission Chair Paul Atkins recently said the agency is working to “modernize the securities rules and regulations to enable our markets to move onchain,” a stance Novogratz described as a “radical departure” from prior policy and a sign that institutional adoption is accelerating.

Atkins has made a series of pro-crypto statements in recent weeks, including that entrepreneurs and investors should be able to raise capital onchain “without endless legal uncertainty.” He has also reiterated that “most crypto tokens are not securities” and fall outside the SEC’s remit. Novogratz said such comments are “pushing things in the right direction.”

Separately, Nasdaq has filed a rule change with the SEC seeking approval to allow tokenized versions of listed stocks and ETFs to trade on the same order book as their traditional counterparts. If approved, the change could activate blockchain-based settlement as soon as the third quarter of 2026. Novogratz said blockchains are now fast, safe, secure, and trusted — and, with regulatory frameworks in place, are ready for Wall Street adoption.

He singled out Solana as a tailor made blockchain suited for financial markets, citing its speed and high transaction capacity. Solana and Ethereum, he added, represent healthy competition in rebuilding global financial infrastructure. Multiple blockchains will coexist, connected by bridges, as applications mature.

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

Earlier this week, Bitwise Chief Investment Officer Matt Hougan also said he sees a “Solana season” emerging, with anticipated ETF approvals, subsequent inflows, and corporate treasury purchases fueling runs similar to those of bitcoin and ether.

Novogratz on bitcoin: ‘going nowhere but up over time’

Novogratz said bitcoin has been consolidating and trading sideways as capital rotates into other ecosystems via treasury firms. He expects a rebound toward the end of the year as the Federal Reserve begins cutting rates. In the long run, he said, “Bitcoin is going nowhere but up over time.”

He described bitcoin as digital gold and argued the world’s first and largest cryptocurrency stands apart as a store of value. “It’s got a community of people that trust it,” he said.

On the broader crypto market — now worth over $4 trillion — Novogratz said it remains small compared with the $400 trillion global wealth market. “So we got a long way to go,” he said, adding, “we’re just getting started.”

Bitcoin is currently trading flat at around $114,400, according to The Block’s bitcoin price page. Earlier this week, Fundstrat’s Tom Lee said he sees bitcoin reaching $200,000 by the end of the year, to which Novogratz said: “His lips to God’s ears.”