Bitwise CIO Matt Hougan Doubles Down on Solana, Calling It a “Two-Way Win” Investment

Quick Breakdown 

• Bitwise CIO Matt Hougan sees Solana as a “two-way win” investment tied to stablecoin and tokenization growth.
• Institutional interest in Solana is rising, with Western Union adopting its blockchain for settlements.
• Despite Ethereum’s lead, Hougan believes Solana’s speed and scalability will help it gain market share.

Bitwise executive backs Solana’s dual growth potential

Bitwise Chief Investment Officer Matt Hougan has reaffirmed his bullish stance on Solana (SOL), pointing to two powerful growth drivers that make the blockchain stand out against rivals like Ethereum.

1/ The best crypto investments give you two ways to win. A thread exploring one reason I’m so bullish on Solana.

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— Matt Hougan (@Matt_Hougan) October 30, 2025

In a post on X on Thursday, Hougan said Solana offers “two ways to win.” He believes the network is well-positioned to benefit from the rapid expansion of the stablecoin and tokenization infrastructure market, while also capturing a greater market share within it.

“I think people dramatically underestimate how much and how quickly these technologies will remake markets,” Hougan wrote. “It’s easy for me to imagine this market growing by 10x or more.”

Solana’s competitive edge against Ethereum

While Ethereum remains the dominant player with over $163 billion in stablecoin market capitalization and more than $85 billion in total value locked (TVL), Hougan argues that Solana’s fast, user-friendly technology and vibrant community give it a distinct advantage.

He described Solana as a “ship-fast” network supported by a strong developer base and sees it as one of the top challengers alongside Tron and BNB Smart Chain. Data from DefiLlama shows Solana’s stablecoin market capitalization has reached $14.9 billion, with over $11.3 billion in TVL — still behind Ethereum but steadily climbing.

Institutional interest strengthens Solana’s case

Hougan noted that institutional adoption is accelerating, citing Western Union’s recent move to use Solana for its stablecoin settlement system as an example. “It’s a newer asset and is playing catch-up against its peers in winning institutional mandates, but it’s gaining ground,” he said.

Bitwise recently launched a Solana staking exchange-traded fund (ETF), signaling growing institutional confidence in the blockchain’s potential.

Hougan drew parallels between Solana and Bitcoin (BTC), stating that both assets offer dual growth opportunities. For Bitcoin, he explained, success lies in the global store of value market expanding — and Bitcoin capturing a larger slice of it. “Only one has to happen for me to do well,” he added.