Mike Novogratz, who runs Galaxy Digital, recently announced a big shift in the crypto market. He says we are now in “Solana season.” He believes many things are happening that point to a bright future for the Solana blockchain and its native coin. He shared these thoughts during a chat with CNBC.
Big Moves Point to Solana
Novogratz highlighted a massive $1.65 billion fundraiser for Forward Industries (FORD). Galaxy Digital led this effort with Jump Crypto and Multicoin Capital. Their goal is to build the world’s largest treasury strategy focused on Solana. Novogratz sees these treasury companies, which target alternative coins, bringing new energy and money into the crypto world.
He also pointed to new rules forming in the United States. Paul Atkins, the head of the U.S. Securities and Exchange Commission (SEC), stated the agency is working to “update securities rules and regulations.” This is so markets can operate on blockchain technology. Novogratz called this a “major change” from old ways. He believes it signals faster adoption by big institutions.
Atkins has spoken positively about crypto lately. He said that businesses and investors should be able to raise money using blockchain. They should do this “without endless legal worries.” He repeated that “most crypto tokens are not securities,” meaning they are outside the SEC’s control. Novogratz feels these comments show “we are on the right path.”
Nasdaq also jumped into the mix. It asked regulators to let tokenized versions of stocks and exchange-traded funds (ETFs) trade. These would be on the same order book as their traditional versions. If approved, this change could bring blockchain-based settlement by late 2026. Novogratz believes blockchains are now fast, safe, and reliable. He said they are ready for Wall Street, especially with clear rules in place.
Solana’s Role in the New Financial World
Novogratz sees Solana as a blockchain made for financial markets. He noted its speed and ability to handle many transactions. He added that Solana and Ethereum compete in a healthy way to rebuild global finance. He thinks many different systems will exist together. They will connect using special “bridges” as applications become more advanced.
Matt Hougan, who oversees investments at Bitwise, agrees. He also expects a “Solana season” very soon. He predicts ETF approvals, new money flowing in, and corporate buying. These actions could spark rallies similar to what Bitcoin and Ethereum have seen.
Bitcoin Still a Strong Bet
Novogratz also shared his views on Bitcoin. He called it “digital gold.” He said Bitcoin has been steady, trading sideways for a bit. But he expects a surge toward the end of the year. This will happen when the Federal Reserve starts cutting interest rates. For the long haul, he said, “Bitcoin will only go up over time.”
Market data shows Bitcoin trading around $114,400 right now. Earlier this week, Tom Lee from Fundstrat suggested Bitcoin could hit $200,000 by year-end. Novogratz responded, “From your lips to God’s ears.”
Novogratz pointed out that the crypto market is worth over $4 trillion. But he says this is still tiny compared to the $400 trillion global wealth market. He concluded, “We are just getting started.”