Pantera Capital shared an interesting new thread about Solana, and it could be important reading for both current SOL holders and those thinking about getting in. The firm believes Solana is approaching a major inflection point in adoption, with big consumer and institutional players finally starting to build on the network.
Pantera highlighted that blue-chip companies like Stripe and PayPal are now building on Solana, a clear sign that mainstream financial technology firms are paying attention. They compared this to Bitcoin and Ethereum, whose growth stories are already well established. In their view, Solana’s story is only just beginning.
1/ We believe Solana is approaching a major inflection point in its adoption—by consumers, fintechs, & institutions.
— Pantera Capital (@PanteraCapital) September 18, 2025
Blue-chip companies like Stripe & PayPal are starting to build on it.
The stories for Bitcoin and Ethereum have largely been told. Solana's is just beginning 👇
The firm also broke down how far Solana still is from full institutional adoption. Today there are 43 Bitcoin ETFs and 21 Ethereum ETFs, with 165 public companies holding BTC and 16 holding ETH. By contrast, Solana has zero ETFs and only five public companies holding SOL. Institutions own less than 1% of Solana’s supply, compared to 16% of Bitcoin’s and 7% of Ethereum’s.
Pantera believes this gap will not last much longer. With Solana ETF approval expected as early as Q4 2025, they see the network as next in line for a big institutional moment. If that happens, new ETF inflows and corporate treasuries could dramatically increase demand.
Finally, Pantera noted that Solana’s market cap is still just a fraction of Bitcoin and Ethereum – about one-twentieth of BTC and one-fourth of ETH – even though Solana is already leading both in key usage metrics, from on-chain activity to active users and transaction volume.
For Pantera, that combination of small relative size and growing adoption creates what they call “asymmetric upside potential.” In other words, Solana doesn’t have to catch Bitcoin or Ethereum to deliver outsized returns – just closing part of that gap as institutions pile in could be enough to spark a powerful new rally.
Read also: Here’s the XRP Price if Bitcoin Reaches $1 Million
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