The firm argues that Solana’s low penetration among institutions today leaves significant room for growth, particularly with the possibility of a spot ETF arriving later this year.

According to Pantera, institutions currently hold less than 1% of Solana’s circulating supply. By contrast, Bitcoin has roughly 16% of its supply in institutional hands, while Ethereum sits around 7%. Pantera says that gap suggests Solana is “next in line” for the type of adoption surge that BTC and ETH enjoyed once ETFs became available.

The firm points to precedent: dozens of Bitcoin and Ethereum ETFs are now trading, while more than 180 public companies have exposure to the two leading cryptocurrencies. Solana, meanwhile, has no ETF and only five publicly listed companies that hold its token.

Pantera also highlighted that major financial players are beginning to integrate with Solana’s network. Payments firms like PayPal and Stripe are building on the blockchain, adding credibility to its ecosystem.

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Despite Solana’s strong usage metrics, its market capitalization remains far below that of its larger rivals—just a quarter of Ethereum’s and about one-twentieth of Bitcoin’s.

Institutional interest is also being stoked by Pantera-backed ventures. Earlier this week, Helius Medical Technologies revealed plans to allocate more than $500 million into Solana as part of a digital asset treasury strategy, aiming to make SOL its primary reserve asset.

Pantera suggests that if a Solana ETF receives approval in the fourth quarter of 2025, the asset could see a transformative wave of adoption, reshaping its position in the crypto hierarchy.

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