Bitcoin Holds Steady as Solana and Altcoins Gain Momentum: Galaxy Digital CEO

Highlights:

• Mike Novogratz says Bitcoin is consolidating while altcoin treasury demand grows fast.
• Solana gains strength as ETFs, treasury strategies, and investor interest drive momentum.
• Novogratz backs the SEC’s onchain market shift, calling it key for crypto adoption.

Bitcoin has been trading in a sideways pattern as corporations increasingly focus on altcoin accumulation, with potential gains anticipated later this year, according to Mike Novogratz, CEO of Galaxy Digital. Speaking on CNBC’s Squawk Box Thursday, Novogratz said the consolidation partly reflects treasury firms directing their attention toward other cryptocurrencies.

Altcoin Treasuries Boost Solana Momentum

BitMine Immersion Technologies is a leading altcoin treasury firm, recently buying $200 million in Ether. Its total ETH holdings have grown to over $9 billion. Nasdaq-listed Forward Industries announced Monday it secured $1.65 billion in cash and stablecoins. The funds will be used to launch a crypto treasury strategy focused on Solana. Novogratz said the market is entering a “season of Solana,” due to supportive regulations and rising investor interest.

Novogratz noted that even with competition among crypto firms, no single company is likely to take full control, unlike in traditional finance. He said Ethereum has its own community and purpose and will compete with Solana and other blockchains, but no blockchain will dominate everything. He added that the most important point is that money will keep flowing into crypto as the industry moves from ideas to real progress.

Earlier this week, Bitwise CIO Matt Hougan said a “Solana season” is starting. He expects ETF approvals, new investments, and corporate treasury purchases to drive Solana’s growth. Hougan compared the potential runs to those seen with Bitcoin and Ether.

Yes I do.

ETF inflows (and potential approvals) + Treasury purchases + excitement around tokenization + a massive technical upgrade … a perfect recipe. https://t.co/urdgXYRTmb

— Matt Hougan (@Matt_Hougan) September 10, 2025

Bitcoin Market Trend and Future Outlook

Bitcoin has stayed between $110,055 and $116,083 in the past week, according to CoinMarketCap. Novogratz said Bitcoin could rise again as the U.S. Federal Reserve starts lowering rates and crypto news stays positive. He added that Bitcoin started as a store of value, while stablecoins help cross-border payments.

Novogratz also spoke about changing regulations. U.S. SEC Chair Paul Atkins said the agency is updating rules to let markets operate onchain. He called it a “radical departure” from past policy and a sign of faster institutional adoption. Atkins recently made several pro-crypto statements. He said entrepreneurs and investors should raise capital onchain without constant legal uncertainty. He added that most crypto tokens are not securities and fall outside the SEC’s control. Novogratz said these comments are moving regulations in the right direction.

He also said Nasdaq asked the SEC to allow tokenized stocks and ETFs. If approved, the change could allow blockchain-based settlements as early as the third quarter of 2026. Novogratz said blockchains are now fast, secure, and trusted, and with proper regulations, they are ready for Wall Street adoption. He highlighted Solana as especially well-suited for financial markets because of its speed and high transaction capacity. “Most importantly, money is going to move into the space as we now start moving from narrative to plumbing,” Novogratz said.