Bitwise: Solana will become the new favorite of institutional funds, expected to welcome an "epic" pump by the end of the year.

Bitwise Chief Investment Officer Matt Hougan recently stated that Solana (SOL) could become the next encryption asset to receive massive institutional funding returns after Bitcoin (BTC) and Ethereum (ETH) in 2025. He noted that SOL currently has all the conditions for an "epic year-end pump," including accelerated treasury accumulation, progress on spot ETF applications, and funding commitments from top investment institutions.

Institutional Demand and ETF Expectations Drive SOL Potential

Hougan's latest investment report pointed out that the price increase of Bitcoin and Ethereum over the past 18 months has mainly benefited from the inflow of funds from spot ETFs and treasury accumulation.

Bitcoin rose from $40,000 in January 2024 to $113,000 in 2025; Ethereum increased from $1,500 in April to $4,500. Hougan believes that SOL is replicating this growth path, especially against the backdrop of heightened expectations for the approval of a Spot Solana ETF in the United States.

The scale of treasury accumulation reaches a new high

Since April, the Solana treasury has accumulated nearly 9 million SOL, valued at close to 2 billion dollars, accounting for 1.55% of the total circulating supply.

In addition, Galaxy Digital, Jump Crypto, and Multicoin Capital have committed to investing $1.65 billion (in cash and stablecoins) to support Forward Industries in launching a Solana treasury, further strengthening the institutional holding base.

Kyle Samani may become the narrative driver for SOL

Hougan specifically mentioned that Kyle Samani, co-founder of Multicoin Capital, has taken on the role of chairman at Forward Industries, which may play a key role in driving institutional demand for SOL.

He compares Samani to Bitcoin's Michael Saylor and Ethereum's Tom Lee, believing that if Samani can actively convey the Solana story on mainstream media such as CNBC, Bloomberg, and Fox Business, it will help create a "flywheel effect" in investor demand.

ETF approval enters a critical period

The U.S. Securities and Exchange Commission (SEC) is about to decide before the deadline whether to approve the spot Solana ETF applications submitted by institutions such as Bitwise, Canary Capital, and 21Shares.

Bloomberg ETF analysts predict that the probability of SOL ETF approval exceeds 95%, making it one of the most likely encryption products to receive regulatory approval. Hougan also reminds that even though the accumulation of ETF and treasury cannot guarantee a pump, due to Solana's relatively small market capitalization, the impact of capital inflow on price may be more significant than that of BTC and ETH.

Conclusion

With the accumulation of funds, ETF expectations, and the commitment of institutional capital creating multiple favorable conditions, Solana is standing at a potential explosion point. If these factors ferment in the fourth quarter of 2025, SOL may welcome an "epic" institutional market following BTC and ETH. As of the time of writing, SOL is priced over $220, having risen nearly 4% in the past 24 hours.