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Pantera: Bitcoin and Ethereum Narratives Have Solidified, Solana Has Greater Upside Potential

2025.09.19 10:40:24

September 19th, Pantera Capital officially announced on X that Solana is witnessing a significant inflection point in terms of its adoption by consumers, fintech companies, and institutions. Blue-chip companies like Stripe and PayPal have begun to build applications on it. While the narratives of Bitcoin and Ethereum are mostly established, the narrative of Solana is just unfolding. Solana is still in its early stage. There is currently no SOL ETF. Only 5 publicly traded companies hold SOL. The institutional allocation to SOL is significantly lower compared to BTC and ETH, holding less than 1% of the total supply (BTC is 16% and ETH is 7%). In terms of market capitalization, Solana is only 1/20th of Bitcoin and 1/4th of Ethereum - yet it is leading in key adoption metrics. The adoption narrative of Solana is just starting, with greater asymmetric upside potential.
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