 is now the firm’s largest holding at $1.1 billion, surpassing Bitcoin and Ethereum in portfolio weight as institutional confidence in Solana grows.){kind=link}
Dan Morehead, founder of Pantera Capital, said Solana (SOL) is presently the fund’s biggest stake, accounting for a whopping $1.1 billion in funding.
Speaking in an interview for CNBC, Morehead stated that Solana has surpassed Bitcoin in performance over the last four years and is now the fund’s biggest bet within the crypto space.
Though he considers Bitcoin (BTC) and Ethereum (ETH) important long-term investments, only a few blockchains will prevail over the long haul, with Solana (SOL) positioned as one of the stronger ones.
Morehead expressed he is also bullish on Bitcoin’s future, and expects Bitcoin to reach $750,000 in 4-5 years, as it’s still underweight versus total global wealth.
From Bitcoin to Ethereum to Solana: Pantera’s Evolution
Pantera Capital, one of the early crypto investment funds, began as a Bitcoin-only fund. As the second-largest blockchain, Ethereum started gaining traction, and Pantera moved into Ethereum.
Now, Morehead explains that the portfolio is now pivoting again, this time towards Solana, for its incredible technological development and advantages.
“Our biggest position is Solana. We’ve had large positions in Ethereum in the past. We were 100% Bitcoin at one time. Something could come out tomorrow.” Morehead stated in his CNBC interview.
This reflects Pantera’s approach of continually evolving its portfolio as innovation in the blockchain space evolves.
Also Read: US Treasury To Reveal Crypto Holdings On April 5, Clarify Inclusion Of XRP, Solana & Cardano
Why Solana Stands Out?
Morehead called Solana the “fastest, cheapest, most performant” blockchain relative to both Bitcoin and Ethereum.
He pointed out that Solana can process up to 9 billion transactions per day, which is more than all of the traditional financial systems combined.
Solana is now the blockchain of choice for meme coins, NFTs, and DeFi applications, and DeFiLlama cites that it has $12.75 billion in total value locked in decentralized finance.
Its DEXs, like Raydium, Jupiter, and Jito, are among the largest in the space, with a total daily trading volume of $5.86 billion. These data points are convincing to Pantera as they support Solana being the blockchain that can usher in the next wave of crypto adoption.
Also Read: Solana Ventures Refutes Mercurity Fintech’s $200M Equity Line of Credit for $SOL Token Treasury
Market Position and Industry Comparisons
According to reports, Pantera has invested approximately $5 billion in total in crypto investments, which means that its Solana position of $1.1 billion could make it the largest holder of SOL by any corporation.
At current prices, Pantera would be holding more than 4.6 million SOL, which is significantly larger than the Defi Development Corp’s reported holdings of 2 million SOL.
At the time of writing, Solana is priced at $236.04 today and has an astounding 24-hour volume of over $9 billion.
Despite a slight dip of 0.31% in the last 24 hours, Solana is up 7.76% in the last week with a market cap of $128.2 billion and a circulating supply of 540 million tokens.
This keeps Solana as the third-largest blockchain by market cap after Bitcoin and Ethereum.
Also Read: VanEck Warns Small-Caps’ Multi-Million XRP And Solana Treasury Claims Could Be Scam
Broader Institutional Interest in Solana
Pantera Capital is not the only firm betting big on Solana. On September 8th, Nasdaq-listed Forward Industries raised $1.65 billion to build a Solana treasury, securing strategic partners in the process, according to UnoCrypto.
Days later, Forward Industries was reported to have completed a $1.65 billion private placement, led by Galaxy, Jump Crypto and Multicoin, in order to ramp its Solana treasury. This puts the company among the largest institutional holders of SOL.
These developments are a further indication of the growing institutional wall of confidence in Solana as one of the hottest blockchain projects in the space.