Bitwise’s Hougan Says Solana Has “Two Ways to Win” in Race Against Ethereum

Bitwise Chief Investment Officer Matt Hougan has doubled down on his bullish outlook for Solana (SOL), arguing that the blockchain has two major opportunities that could fuel its long-term success. 

In an X post on Thursday, Hougan said he loves “investments that give me two ways to win,” describing Solana as a bet both on the expanding stablecoin and tokenization markets — and on its ability to capture a growing share of that space.

“I think people dramatically underestimate how much and how quickly these technologies will remake markets,” Hougan wrote. “It’s easy for me to imagine this market growing by 10x or more.”

Hougan: Solana’s Growth Potential Is “Explosive”

While reaffirming his optimism for Ethereum and other major layer-1 blockchains, Hougan said Solana’s user-friendly, fast, and efficient design, combined with its strong developer community, gives it an edge. “I like Solana’s odds of winning a larger share of this market,” he added.

Hougan’s comments come as Bitwise expands its SOL-linked products, including the Bitwise Solana Staking ETF, which launched earlier this week.

Institutional interest in Solana appears to be growing rapidly. Hougan pointed to Western Union’s recent decision to adopt SOL chain for its stablecoin settlement system, calling it a key step toward mainstream use. “It’s a newer asset and is playing catch-up against its peers in winning institutional mandates, but it’s gaining ground,” he said.

Institutional Adoption and “Two Ways to Win”

According to data from DefiLlama, Ethereum remains the dominant force in decentralized finance, boasting over $163 billion in stablecoin market capitalization and $85 billion in total value locked (TVL). 

In comparison, Solana has $14.9 billion in stablecoin value and $11.3 billion TVL, though it’s showing strong growth. Hougan listed Tron, Solana, and BNB Smart Chain as the leading challengers to Ethereum’s dominance.

“If I’m right, the combination of a growing market and a growing market share will be explosive for Solana, just as with Bitcoin,” he said.

Hougan also drew parallels to Bitcoin, noting it, too, has “two ways to win,” as both a store of value and as a growing share of a rapidly expanding global wealth market. “A mistake many investors make is focusing too much on Bitcoin’s market share and too little on the market’s growth,” he explained.

With rising institutional adoption, regulatory clarity, and expanding ETF exposure, Hougan’s view suggests Solana’s next phase could mirror Bitcoin’s early breakout moment.