Pantera Capital is doubling down on Solana, with founder Dan Morehead revealing the hedge fund has invested $1.1 billion into the blockchain’s token.
In an interview with CNBC, he said Solana has outperformed Bitcoin over the past four years. This strong performance, he added, has made it Pantera’s biggest conviction bet to date.
From Bitcoin-Only to Solana-Heavy
Morehead explained that Pantera’s investment strategy has always adapted to shifts in the crypto market. The fund began as a Bitcoin-only vehicle, later built significant exposure to Ethereum, and now holds Solana as its largest position.
“Our biggest position is Solana. We’ve had huge positions in Ethereum in the past. At one point, we were fully in Bitcoin. Something could come out tomorrow,” Morehead told CNBC.
The remark highlights Pantera’s rotational strategy. Instead of being tied to a single digital asset, the firm reallocates capital toward whichever blockchain shows the strongest growth potential. Today, that happens to be Solana. Tomorrow, it could be another emerging protocol.
With $1.1 billion in Solana holdings—approximately 4.6 million tokens—Pantera is the largest corporate holder of SOL. It surpasses DeFi Development Corp’s known holdings of just over 2 million. According to Coingecko, DeFi Development Corp holds just over 2 million SOL.
Why Solana?
Morehead pointed to Solana’s speed, efficiency, and market performance as key drivers. He claimed the network could theoretically handle up to nine billion transactions daily, far more than global financial markets combined.
On-chain data also supports Solana’s growing footprint. According to DeFi Llama, the blockchain currently holds $33.59 billion worth of total value locked (TVL). Meanwhile, Solana-based decentralized exchanges such as Raydium, Jupiter, and Jito collectively process nearly $6 billion in daily trades. Solana has also become a leading hub for NFTs and meme tokens.
At the time of reporting, SOL was trading at about $236.48, down 0.05% on the day but up nearly 10% over the past week.
Bitcoin Outlook Still Bright
Although Pantera is betting big on Solana, Morehead emphasized he remains bullish on Bitcoin. He pointed out that the world’s first cryptocurrency has “roughly doubled every year” across its 12-year history.
Looking forward, he predicted Bitcoin could reach $750,000 within four to five years, citing its small share of global wealth as a reason for continued growth.
“It’s still a very low single-digit percentage of global wealth,” Morehead noted, suggesting that institutional adoption and wider use cases could drive higher valuations.
While he does not expect Bitcoin to hit $1 million soon, he believes such a milestone could be possible within his lifetime.
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