Hougan explained that BTC followed this recipe since January 2024, while ETH discovered the same formula in April 2025. \u201cIt\u2019s no surprise that the recipe works. It\u2019s classic supply and demand,\u201d he stated, adding that \u201call the ingredients are there for an epic end-of-year run for Solana.\u201d<\/p>\n
As the CIO highlighted, multiple issuers, including Bitwise, Grayscale, and VanEck, have filed to launch spot SOL exchange-traded products (ETPs), which are expected to be approved at the start of Q4.<\/p>\n
As reported by NewsBTC, the US Securities and Exchange Commission (SEC) announced last month that it had pushed back its decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital\u2019s spot SOL exchange-traded funds (ETFs) for two months, pushing it to October 16, 2025, \u201cmeaning we may have multiple issuers pushing spot Solana ETPs in Q4.\u201d<\/p>\n
Meanwhile, three major firms, Galaxy Digital, Jump Crypto, and Multicoin Capital, recently secured $1.65 billion in cash and stablecoins to launch a publicly traded SOL-focused treasury company, Forward Industries, to purchase SOL, stake it, and generate excess return.<\/p>\n
Hougan also noted that Forward Industries named Kyle Samani, who has been among the cryptocurrency\u2019s most consistent promoters, as chairman. To Bitwise\u2019s CIO, if Samani can \u201ccarry the Solana message\u201d like Michael Saylor and Tom Lee have done with Bitcoin and Ethereum, it will help drive investor demand.<\/p>\n
SOL\u2019s Secret Ingredient<\/h2>\n
Hougan pointed out that the existence of ETPs and treasury companies does not guarantee demand, adding that there must be fundamental reasons for investors\u2019 interest in those vehicles.<\/p>\n
\u201cSolana is an Ethereum competitor,\u201d he asserted, \u201cit\u2019s a programmable blockchain designed to host stablecoins, tokenized assets, and decentralized finance applications, among other things.\u201d<\/p>\n
The blockchain recently approved a major technical upgrade that will make it one of the fastest networks in the world. Additionally, it is also third in stablecoin liquidity among programmable blockchains and fourth in tokenized assets, recording rapid growth in this sector.<\/p>\n
Nonetheless, he argued that there\u2019s a key difference between SOL and the two leading cryptocurrencies. While Bitcoin\u2019s market capitalization sits around $2.2 trillion, and Ethereum\u2019s is near the $530 billion mark, Solana\u2019s market capitalization is around $120.8 billion, 1\/20th the size of BTC and less than 1\/4th the size of ETH.<\/p>\n
\u201cScaled for the size of the blockchain, a relatively small amount of flows into Solana could significantly impact prices,\u201d Hougan explained.<\/p>\n
He detailed that Forward Industries\u2019 $1.6 billion purchase of SOL shares would be the equivalent of $33 billion in BTC purchases, noting that this could be slightly offset by Solana\u2019s higher annual inflation rate of 4.3%, versus Bitcoin\u2019s 0.8% and Ethereum\u2019s 0.5%.<\/p>\n
\u201cThe setup is still attractive,\u201d he concluded, suggesting that investors keep their eyes on Solana in the coming months.<\/p>\n
As of this writing, Solana is trading at $222, a 5.1% increase in the weekly timeframe.<\/p>\n
![\"Solana,](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/09\/SOLUSDT_2025-09-10_10-33-41.png?w=860&resize=860%2C495\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
As Solana (SOL) taps the $225 barrier, Bitwise\u2019s CIO forecasted that a bullish Q4 rally might be brewing for the altcoin if it follows Bitcoin (BTC) and Ethereum\u2019s (ETH) recipe. Solana To Follow BTC, ETH\u2019s Recipe? On Tuesday, Matt Hougan, CIO at Bitwise, affirmed in a new memo to clients that the recipe for strong…<\/p>\n","protected":false},"author":1,"featured_media":6941,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[22,275,3295,3296,3212,55,71,616,174,109,3167,3297,3298,117,3299],"class_list":["post-6940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-bitcoin","tag-bitwise","tag-bitwise-cio","tag-crypto-market-bull-run","tag-crypto-market-q4","tag-cryptocurrency-market-news","tag-ethereum","tag-matt-hougan","tag-sol","tag-solana","tag-solana-etfs","tag-solana-q4","tag-solana-treasury-companies","tag-solusdt","tag-spot-solana-etfs"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/6940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=6940"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/6940\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/6941"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=6940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=6940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=6940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}