decrypt.co
It’s been some time since Solana was billed as the “Ethereum killer,” but Anthony Scaramucci is leaning into the narrative.
The SkyBridge Capital founder told an audience at the DigiAssets 2025 conference that, “I think SOL will flip ETH,” while conceding that “I don’t really have an opinion on ETH.”
“I got into crypto late—my first crypto investment was 2020,” he said, explaining that he “didn’t really get on board” with Ethereum. “Not that I have a negative opinion,” he added, “I just understand the Solana story a little bit better.”
SkyBridge has “nine figures on the corporate balance sheet in Bitcoin and Solana,” Scaramucci said, adding that, “We have probably 40% of our clients’ money across digital assets,” including Multicoin Capital and Brevan Howard Digital. As well as a fund of funds, with “some digital funds in there,” he said, “We have about $300 million in what we call a coin fund, and that’s probably things like Solana, Avalanche is in there, Polkadot, lots of Bitcoin.”
Solana vs Ethereum
Scaramucci’s thesis appears to be borne out—to a degree. After hitting a record high of $293.31 in January 2025, Solana has slipped to around $145, trading down 23.2% year to date. Ethereum, meanwhile, has dropped by 24.75% since the start of the year. Solana currently has a market cap of just above $76 billion while Ethereum stands at $304 billion, second in the rankings behind only Bitcoin.
The SkyBridge Capital founder didn’t provide a timeframe in which Solana’s market capitalization might flip that of Ethereum—and his view appears to be at odds with that of banking group Standard Chartered.
Last month, a research note published by the bank argued that Solana will underperform against Ethereum over the next “two to three years.”
Standard Chartered analysts predicted that Solana would hit $275 by year’s end and $500 by the end of 2029, while Ethereum would hit $4,000 in 2025 and top $7,500 in 2029. They argued that the Solana blockchain has seen “declining usage” following a waning of the meme coin frenzy that propelled it to new heights, with scaling issues preventing it from achieving wider utility.
Analysts at Cantor Fitzgerald, however, share Scaramucci's opposing view. Cantor is particularly bullish on Solana treasury companies—publicly listed firms that are stacking SOL on their balance sheets—and believes SOL has a bigger upside compared to ETH.
In a report earlier this week, analysts for the investment bank wrote: “If we are comparing Layer-1s, Solana’s technology is meaningfully better than Ethereum across every metric."