In a bold assertion that could shake up the crypto markets, Bonk core contributor Nom has suggested that Solana’s Digital Asset Treasury (DAT) vehicles might propel its price ten times faster than Ethereum. The claim, made on August 27, 2025, comes amid a surge of interest in Solana, driven by its relatively smaller market cap and the strategic acquisitions of discounted or locked tokens through these new treasury vehicles.
The Underlying Mechanics
Nom’s argument hinges on the efficiency of Solana DATs in accumulating what he terms “trading supply,” which differs from the broader “circulating supply” that includes staked assets. “SOL DATs will be more efficient at buying up available supply compared to ETH or BTC DATs,” he wrote. The recent announcements of $2.5 billion in SOL DATs are akin to a massive $30 billion raise for Ethereum or a staggering $91 billion for Bitcoin, given Solana’s unique market dynamics.
The crux of Nom’s analysis is the flow versus float conundrum. He points out that issuance and unlocks exert continuous sell pressure unless balanced by dedicated buyers. “In order to offset 37.5 million SOL a year at $200 SOL, you need around $7.5 billion in annual inflows,” he calculated, raising the stakes for market participants.
Solana vs. Ethereum: A Comparative Snapshot
Nom’s insights draw a stark contrast between Solana and Ethereum, especially in terms of how their respective DATs might influence market dynamics. Solana, with a significant portion of its supply staked—63.1% to be precise—presents a leaner immediate float. This, according to Nom, means each dollar invested has a more pronounced impact than on chains with lower staking penetration. “Solana is at a much lower valuation than ETH or BTC,” he noted, suggesting that a dollar spent on SOL DATs could equate to $5 on ETH DATs or $22 on BTC DATs when adjusting for staking and circulating supply.
Nom also highlights the potential of ETFs and corporate vehicles in amplifying market movements. “SSK is doing some of the work at roughly $2 million per day in inflows since launch,” he remarked, but cautioned that the current pace needs to accelerate to meet inflation schedules. The interplay between DATs and ETFs could create a flywheel effect, absorbing supply and driving price upward. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
A Wave of Institutional Interest
The timing of Nom’s analysis coincides with a flurry of institutional maneuvers. Over the weekend, heavyweights like Galaxy Digital and Multicoin Capital have been negotiating to raise approximately $1 billion for a publicly traded Solana treasury firm, with Cantor Fitzgerald at the helm. This aligns with recent reports that Crypto Giants Galaxy, Jump and Multicoin Seek $1B to Raise Largest Solana Treasury. Concurrently, Pantera Capital is contemplating a $1.25 billion investment to transform a Nasdaq-listed entity into a dedicated Solana treasury vehicle.
Adding to the momentum, Nasdaq-listed Sharps Technology recently announced a $400 million private placement to establish what it hails as the largest corporate Solana treasury to date. Collectively, these initiatives could channel between $2.5 to $3.0 billion of new institutional demand directly at Solana, underscoring its growing appeal.
A Nuanced Outlook
Despite the optimism, Nom doesn’t shy away from acknowledging potential pitfalls. The overhang from the FTX bankruptcy estate, while diminishing, still casts a shadow. As of now, the estate holds around 5 million SOL tokens, worth about $1 billion—notional. Yet, Nom remains steadfast: “Current ETF inflows are not sufficient, but larger vehicles should be approved by start of Q4.”
As Solana flirts with the $204 mark, the questions loom larger: Will this treasury boom sustain the momentum? And can Solana indeed outpace Ethereum’s entrenched position? With institutional interest swelling and strategic treasury moves in play, the coming months promise to be anything but predictable.
Source
This article is based on: Solana DATs Could Move Price 10x Faster Than Ethereum, Expert Warns
Further Reading
Deepen your understanding with these related articles:
- Public Keys: Ethereum Treasuries Soar, Bitcoin ETFs’ $1 Billion Bleed, Crypto IPO Chatter
- Ethereum’s Tech Edge Could Outshine Bitcoin — Here’s How
- Crypto Founder Predicts Ethereum Price To Touch $20,000 As Fed’s Powell Turns Dovish
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
