Novogratz Declares ‘SOL Season’ Amid $1.65B Treasury Push

• Novogratz declares the market is in a “SOL season,” pointing to Solana’s growing demand.
• SEC Chair pushes to modernize rules, backing tokenization and onchain capital raises.
• Nasdaq files to list tokenized stocks and ETFs, eyeing blockchain settlement by late 2026.

Galaxy Digital CEO Mike Novogratz said on Thursday that the crypto market has entered what he called “SOL season.” Speaking on CNBC, he linked the term to a $1.65 billion Solana treasury financing led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The move is now alongside new U.S. regulatory efforts and Wall Street filings for tokenized assets.

$1.65 Billion Treasury Backing Boosts Solana

Novogratz pointed to the Solana-focused raise completed by Forward Industries (FORD) earlier this week, describing it as part of a broader trend of crypto treasury companies funneling capital into altcoin markets. 

According to him, these treasury funds are bringing liquidity and momentum that resemble the early cycles of Bitcoin and Ethereum ETF approvals. This financing round, which Galaxy, Jump Crypto, and Multicoin led, was noted as the largest Solana treasury strategy to date. 

Novogratz stated that the inflows show conviction among institutional investors with long-term balance sheet strategies, adding that such commitments indicate digital assets are moving beyond narrative-driven hype into structured financial infrastructure.

Shifting U.S. Regulatory Field 

Alongside the capital flows, Novogratz cited changes in U.S. regulation as another catalyst. Recently, the Securities and Exchange Commission (SEC) Chair Paul Atkins stated that the agency is working to “modernize securities rules and regulations to enable our markets to move onchain.” Novogratz described this stance as a radical move from past policy.

Atkins has reiterated that “most crypto tokens are not securities,” pointing out that investors should be able to raise capital on-chain without extended legal uncertainty. These remarks, coming within weeks of each other, suggest a clear effort to provide regulatory clarity. According to Novogratz, the change is “pushing things in the right direction” for broader institutional adoption.

Adding to the momentum, Nasdaq has filed for a rule change with the SEC to list tokenized stocks and ETFs. If approved, these tokenized versions could trade alongside traditional securities on the same order book. The filing proposes blockchain-based settlement by the third quarter of 2026, thus integrating digital assets with traditional markets.

Related: WLFI and BONKFUN Announce USD1 Trading Pairs on Solana

Novogratz Backs Solana for Wall Street

With the regulatory framework growing, Novogratz highlighted that Solana’s role is suited for financial markets, citing its ability to process billions of daily transactions at speeds surpassing traditional markets like equities, fixed income, and commodities. 

Further, he added that Solana’s scale and throughput are effective for Wall Street’s tokenization initiatives, along with Ethereum, and emphasized that the relationship between the two is healthy competition. 

He added that multiple blockchains will coexist, connected through bridges, to support global financial infrastructure. Moreover, with interoperability, markets can mature, while institutions gain access to faster and more efficient settlement systems.

While Solana attracts fresh inflows, Novogratz pointed out Bitcoin’s consolidation and explained that capital rotation into Solana and Ethereum markets has slowed Bitcoin’s momentum. However, he expects Bitcoin to rebound by late 2025 as the Federal Reserve begins its interest rate cuts. 

Earlier this week, Bitwise CIO Matt Hougan stated the formation of a “Solana season” with potential ETF approvals and corporate treasury adoption, thus boosting demand. Fundstrat’s Tom Lee also commented that Bitcoin could reach $200,000 by year-end, to which Novogratz commented, “His lips to God’s ears.”

Novogratz’s remarks align with several developments in the current market cycle. A $1.65 billion Solana treasury financing, U.S. regulatory changes, and Nasdaq’s tokenization push all point toward deepening institutional engagement. At the same time, Solana’s technical capacity and Bitcoin’s consolidation show how capital is rotating within the broader $4 trillion digital asset market.

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