Here is why Solana could surpass Bitcoin and Ethereum

Solana does not need a three-room costume to convince. The network is advancing, quickly, and sometimes against crypto habits. Pantera Capital says it without detours: we are approaching an inflection point. The market may not have adjusted its glasses yet.

Pantera, timing and new adoption cycle

Unlike Bitcoin, whose network is already running at full speed, and Ethereum, now carried by an ETF series and registered with the balance sheets of large companies, Solana remains largely underrepresented in institutional portfolios. Less than 1 % of its offer is held by professional players, compared to around 16 % for the BTC and 7 % for the ETH. In other words: the highway remains wide open.

For Pantera Capitaladoption is not limited to logos on leaflets. It is measured by uses. Stripe and Paypal build on Solana. It is not a hollow press release: it is a signal on the relevance of the network for real world flows.

Finally, the potential trigger. There is not yet ETF on Solana. It is a weakness … and maybe the biggest free option of the moment. If approval arrives, the request could overcome the current channels, and the institutional allocation difference closes, brutally. Natural transition to the angry and fascinated subject: treasury on the ground.

Sol cash: yield, flow and snowball effect

Let's start with the yield. Floor storage typically serves 7 to 8 % gross. The ETH runs more at 3 to 4 %. BTC, zero. For corporate cash, the difference is not cosmetic: it creates a reinvestable flow, increases the net asset value faster and better damages the cycle hollows.

Let's go to the flow. Solana treats more user and transactions interactions than most of her peers. It is not just a technical feat. It is comfort of use: low costs, rapid finality, wider experimental surface. For a company that wants payments, coupons, points, utility NFTs … less friction is adoption in addition.

Add the market dynamics. Sol is historically more volatile: around 80 % against 40 % for BTC and 65 % for ETH. Useful paradox: This volatility makes certain funding tools cheaper and allows faster accumulation of tokens when the strategy is calibrated. Expected result: yields adjusted to potentially higher risk for well -managed cash vehicles. Which brings us to the concrete example of the moment.

School case and catalysts: Helius, ETF and sub-letting

Let's look at Helius Medical Technologies. The company, listed in Nasdaq, has raised more than $ 500 million via a Shakeword. Station price: $ 6.88 (or $ 6.881 if you keep three decimals). Subscription vouchers exercised at $ 10.13 (or $ 10.134). The plan: buy soil as the main reserve asset and structure a cash vehicle backed by the network. Message sent: The thesis “Sol cash” is no longer theoretical.

Let's go back to the macro. Five public companies hold soil today. It's little. It is also proof that the institutional adoption curve only starts. If an ETF on Solana is validated, the bridge towards traditional mandates opens, and the sub-letting becomes a mechanical catch-up opportunity.

Let's finish with useful caution. Nothing erases the risk: volatility remains high, governance evolves, and the ecosystem must continue to hold the cadence. But the combination is rare: competitive yield, massive flow, “real world” traction and a potential demand pipeline still not activated. Clearly: if 2024 has devoted the BTC-Eth duo on the institutions, 2025 may well be the year when Solana changes scale. And this time, the surprise could come from the assets that did not yet have ETF.