Mike Novogratz, CEO of Galaxy Digital, announced the start of the 'Solana season' in the cryptocurrency market, emphasizing that market momentum and regulatory changes are benefiting Solana ($SOL ). In an interview with CNBC on September 11, 2025, he noted that Solana is ideally suited for financial markets due to its high speed and throughput — the network can process 14 billion transactions per day, surpassing traditional assets like stocks, fixed income, or currencies. This creates healthy competition with Ethereum, promoting interoperability through bridges rather than the dominance of a single chain.
The announcement from Novogratz is backed by actions from Galaxy: the company invested $530 million in SOL, and together with Jump Crypto and Multicoin Capital led a $1.65 billion private placement in Forward Industries (FORD), which is transitioning to a treasury strategy based on Solana. These funds bring fresh capital and energy into the ecosystem, positioning Solana as a leader for institutional adoption. Novogratz noted that Bitcoin is currently in consolidation, with sideways price movement, while capital flows into altcoins, particularly $SOL and $ETH .
The regulatory backdrop is also favorable: SEC Chair Paul Atkins mentioned the modernization of rules for transitioning to on-chain markets, which Novogratz called a 'radical change.' Nasdaq proposed rules for listing tokenized securities alongside traditional ones, accelerating digitization. Galaxy tokenized its shares (GLXY) on Solana, becoming the first Nasdaq company to take such a step, enabling 24/7 trading and instant settlement.
This ‘season’ signals the maturity of Solana: public treasuries hold 4.67 million SOL, and new ETFs and funds for the ecosystem are expected soon. Novogratz predicts a BTC rally by the end of 2025, but right now, Solana is in the spotlight, with potential for growth through institutional investments and innovations in DeFi and tokenization.
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