Bitwise chief investment officer Matt Hougan presented a detailed framework for why Solana may be the most compelling blockchain investment today. He argues the asset offers “two ways to win”: capturing growth in the stable-coin and tokenised-asset market and increasing its share of that rapidly expanding pool. He estimated the combined market for tokenisation and stable-coins at around $768 billion- of which Solana currently holds about 14%, placing its valuation near $107 billion.
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
Solana’s Growth Case Explained
Hougan draws parallels with Bitcoin’s trajectory, where investors benefited both from deepening adoption of the store-of-value market and Bitcoin’s rising share within it. He sees Solana playing a similar game: growth in tokenised finance and securing share among Layer-1 blockchains. He cites Solana’s technical strengths- high throughput, low latency and vibrant developer ecosystem – as core advantages over more established rivals like Ethereum. He also pointed to real-world traction, noting that institutional brands are already building on Solana, which supports his conviction that the asset is positioned well to benefit if the market grows ten-fold from current levels.
Investor Outlook and Long-Term Potential
For investors, Hougan’s approach signals a shift: rather than betting solely on a blockchain’s size today, the focus is on structural growth and relative share gain. If Solana succeeds in both arenas, the upside could be significant. Yet execution risk looms large. The blockchain must convert infrastructure credibility into institutional flows, maintain token-economics durability and navigate regulatory scrutiny around staking and token-based products. Indicators to watch include future ETF launches linked to Solana, institutional wallet inflows, token-staking uptake and competitive positioning versus other chains. As previously covered, tokenised infrastructure is moving from speculative to foundational Solana’s next phase may determine whether it becomes a dominant network or a tactical challenger.
