Pantera Capital’s CEO has revealed that the company has allocated a significant portion of its funds to Solana, outweighing other crypto assets in its portfolio. The firm currently possesses SOL valued at around $1.1 billion. What makes Solana stand out?
Summary
- Pantera Capital asserts that its ‘largest position’ in crypto assets is Solana, holding $1.1 billion in its balance sheet.
- Founder Dan Morehead considers SOL as the ‘next big thing’ in the crypto realm, having transitioned from Ethereum and Bitcoin.
In a CNBC interview, Pantera Capital founder Dan Morehead described Solana as the “fastest, cheapest, most efficient” blockchain, even against Bitcoin and Ethereum. Morehead regards Solana as the firm’s most significant investment, revealing an allocation of $1.1 billion into the token.
While he acknowledges the importance of other blockchains, which depend on the specific use cases of each, Morehead emphasizes that the firm will continuously adapt toward the next leading asset, which he currently identifies as Solana (SOL).
“Our largest position is Solana. We’ve held substantial positions in Ethereum in the past. We were once entirely invested in Bitcoin. Something could emerge at any moment,” Morehead stated during his CNBC interview.
While the precise quantity of crypto assets owned by Pantera Capital remains confidential, Morehead pointed out that the firm originally centered around Bitcoin (BTC) before transitioning to Ethereum (ETH). Recently, it has shifted its focus to Solana, with a reported $1.1 billion investment in SOL.
According to circulating reports, Pantera Capital has committed up to $5 billion of its corporate funds to crypto assets.
If Morehead’s assertion proves accurate, Pantera Capital would be the largest corporate holder of SOL. Based on current market trends, the company could potentially possess over 4.6 million SOL. As per CoinGecko data, the biggest recorded holder of SOL is Defi Development Corp, owning a total of 2 million SOL.
Why is Pantera Capital placing a large bet on Solana?
When queried about Solana’s uniqueness, Morehead pointed to its performance as a blockchain and its growth trajectory over recent years. He believes that any future shift for Pantera Capital will hinge on whether any protocol can surpass Solana.
“Solana could potentially handle 9 billion transactions daily, surpassing all capital markets combined. Therefore, it’s evident that it will remain the next significant advancement following Solana,” he remarked.
According to the Solana website, the platform is equipped to manage 3,275 transactions each second. It is recognized primarily as the foundational token for meme coins and NFTs within the crypto community.
As per DeFi Llama, Solana holds a total value of $12.75 billion in DeFi, with a 24-hour DEX volume recorded at $5.86 billion. Solana DEXs rank among the leaders alongside other decentralized projects like Raydium, Jupiter, and Jito.
At the time of writing, SOL is trading in the $235 range, inching closer to $236. The token has seen a decline of 2.78% in the last 24 hours, yet it has rallied by 9.6% over the past week.
