Overview
- In an October 29 memo, Matt Hougan applied his Bitcoin-style “two ways to win” framework to Solana, arguing the case hinges on both sector growth and Solana’s rising share.
- He sizes the blockchains powering stablecoin payments and asset tokenization at about $768 billion, with Solana near $107 billion, or roughly 14% of that market.
- Hougan cites Solana’s speed, active developer base, and early institutional traction, pointing to Western Union’s planned Solana-based stablecoin targeted for early 2026.
- Bitwise launched BSOL this week as the first U.S. spot Solana ETF, with reports noting about $69.45 million of day-one inflows and roughly $116 million over two days alongside strong debut volumes.
- SOL traded around $186 to under $190 during the coverage window, with outlets stressing the thesis remains long term and dependent on adoption, competition, regulation, and market conditions.