Solana doesn't need a suit to convince. The network is advancing quickly, sometimes against the habits of cryptocurrencies. Pantera Capital says this plainly: we are approaching a tipping point. The market, in turn, may not have adjusted its glasses yet.
Stylized course between Solana, Bitcoin, and Ethereum in a retro comic style, dynamic and technological orange ambiance.
Solana is still underallocated and without an ETF, but already supported by concrete uses (Stripe, PayPal).
Strong points to overcome: staking ~7 to 8%, high debit, volatility exploitable for treasuries.
Catalysts 2025: Helius initiative and possible ETF, despite the risks of volatility and governance.
Pantera, timing, and the new adoption cycle
Unlike Bitcoin, whose network is already in full swing, and Ethereum, now supported by a series of ETFs and included in the balance sheets of large companies, Solana remains largely underrepresented in institutional portfolios. Less than 1% of its supply is held by professional actors, compared to about 16% for BTC and 7% for ETH. In other words: the highway remains open.
For Pantera Capital, adoption is not just about logos in brochures. It is measured by uses. Stripe and PayPal are building on Solana. This is not an empty statement: it is a signal about the network's relevance for real-world flows.
Finally, the potential trigger. There is currently no ETF for Solana. This is a weakness... and perhaps the biggest free option at the moment. If approval comes, demand could overflow the current channels, and the difference in institutional allocation could close sharply. A natural transition to the topic that bothers and fascinates: the treasury in SOL.
SOL Treasuries: yield, debit, and snowball effect
Let's start with the yield. Staking SOL typically pays 7 to 8% gross. ETH is around 3 to 4%. BTC, zero. For a corporate treasury, the difference is not cosmetic: it creates a reinvestable flow, increases net value faster, and better amortizes the downturns of the cycle.
Let's talk about debit. Solana processes more user interactions and transactions than most of its peers. It is not just a technical feat. It is ease of use: low fees, fast finalization, larger area for experimentation. For a company that wants payments, coupons, points, utility NFTs... less friction means more adoption.
Let's add the market dynamics. SOL is historically more volatile: about 80% compared to 40% for BTC and 65% for ETH. Useful paradox: this volatility makes some financing tools cheaper and allows for faster accumulation of tokens when the strategy is well calibrated. Expected result: potentially superior risk-adjusted returns for well-managed treasury vehicles. Which leads us to the concrete example of the moment.
Case study and catalysts: Helius, ETF, and underallocation
Let's look at Helius Medical Technologies. The company, listed on Nasdaq, raised over 500 M $ through an oversubscribed PIPE. Share price: 6.88 $ (or 6.881 $ if we keep three decimal places). Warrants exercisable at 10.13 $ (or 10.134 $). The plan: to buy SOL as a primary reserve asset and structure a treasury vehicle backed by the network. Message sent: the 'SOL treasury' thesis is no longer theoretical.
Let's return to the macro. Five public companies hold SOL today. This is little. It is also proof that the curve of institutional adoption is just beginning. If an ETF for Solana is approved, the bridge to traditional mandates opens, and the underallocation becomes a mechanical recovery opportunity.
We conclude with the necessary caution. Nothing eliminates risk: volatility remains high, governance is evolving, and the ecosystem must continue to keep pace. But the combination is rare: competitive yield, massive debit, 'real-world' traction, and a pipeline of potential demand still not activated. In summary: if 2024 crowned the BTC-ETH duo on the institutional side, 2025 could very well be the year Solana scales up. And this time, the surprise may come from the asset that still did not have an ETF.
