Why Solana May Offer the Greatest Upside in Crypto

Prominent investment firm, Pantera Capital, said that Solana is approaching a major inflection point in its adoption across consumers, fintechs, and institutions.

Pantera Capital highlighted SOL’s under-allocation by institutions and predicted that ETF approval would ignite a significant wave of demand.

Pantera Bets on Solana

In a series of tweets on X, Pantera Capital explained that, unlike Bitcoin and Ethereum, whose institutional adoption has been cemented through dozens of exchange-traded funds (ETFs) and massive corporate holdings, Solana’s journey is only just beginning.

At present, there are no Solana ETFs, and only five public companies hold SOL, and institutions own less than 1% of the total supply, which is far below Bitcoin’s 16% and Ethereum’s 7%.

Despite this, Solana’s fundamentals are increasingly difficult to ignore, according to the venture capital giant. Major players like Stripe and PayPal are actively building on the network, which further boosts the asset’s position as a practical option for real-world applications.

Moreover, while its market capitalization is just a fraction of Bitcoin and Ethereum, Solana leads both in critical usage metrics such as transaction throughput and user activity. With a potential Solana ETF approval on the horizon as early as Q4 2025, Pantera argued that institutions will soon catch up to the under-allocation gap.

“We believe Solana’s adoption story is just beginning, offering greater asymmetric upside potential.”

The latest observation by Pantera comes just days after Nasdaq-listed Helius Medical Technologies raised more than $500 million through an oversubscribed PIPE to implement a Solana-backed treasury plan. In addition to Pantera Capital, Summer Capital will also be leading the offering. Shares were sold at $6.881, with stapled warrants exercisable at $10.134.

The company plans to deploy the funds to purchase SOL as its main reserve asset, and create a treasury vehicle while opening new capital opportunities to support Solana’s continued network expansion and adoption.

Solana Treasury Advantage

Several other analysts are projecting that SOL treasury companies could outperform Bitcoin and Ethereum in 2025, thanks to the former’s unique combination of yield, throughput, and growth potential. Galaxy’s Michael Marcantonio recently stated that SOL offers a gross staking yield of 7-8%, compared with ETH’s 3-4%, while BTC provides no yield at all.

This allows treasury firms to reinvest rewards, grow net asset value (NAV) faster, and create a steady income stream. Despite a smaller market cap, Solana handles more transactions and reaches more users than ETH, which gives treasuries greater upside from network adoption.

SOL’s historically higher volatility, around 80% compared to BTC’s 40% and ETH’s 65%, makes financing tools cheaper and token accumulation faster, which, in turn, enhances treasury mechanics. Marcantonio noted that these factors – higher yield, superior throughput, and more efficient accumulation – position Solana treasury companies to potentially outshine BTC and ETH reserves, and help in generating stronger returns and accelerating NAV growth through 2025.