Pantera makes billion-dollar bet on Solana, Bitcoin to win long-term

Pantera Capital is going long on Solana as the altcoin season heats ￰0￱ founder, Dan Morehead, revealed the firm holds about $1.1 billion in ￰1￱ makes it the hedge fund’s single biggest position. That’s no small call for a hodler that once held only Bitcoin and later rotated heavily into ￰2￱ turned out to be the biggest gainer among the top 10 cryptos over the last 30 ￰3￱ has outperformed Ethereum, its rival, with a surge of more than 22%. Ether, which stole the limelight from Bitcoin, lost its momentum as Wall Street players began exploring other altcoin ￰4￱ picks Solana In an interview, Morehead described Solana as “the fastest, cheapest, most performing” blockchain out there right ￰5￱ suggested that it has been the best performer of the bunch, outpacing Bitcoin over the past four years “Our biggest position is Solana,” he said .

“We’ve had huge positions in Ethereum in the ￰6￱ used to be 100% ￰7￱ could come out tomorrow.” Solana has come a long ￰8￱ chain, which was on the brink after falling below the $10 mark in 2022, has come a long way to hit its all-time high of over $294 in ￰9￱ is trading at an average price of $235 at press time. However, Morehead doesn’t see the industry splintering into thousands of winners and expects only a handful of blockchains to stick around long term. Bitcoin, Ethereum, and Solana are at the top of that list. Ethereum, too, made a major comeback after dipping below the $1,500 levels in April ￰10￱ is trading at an average price of $4,509 at the press ￰11￱ view on Bitcoin remains bold with the recent surge, expecting BTC to hit $750,000 within five ￰12￱ his words, the world’s largest cryptocurrency is still only scratching the surface, representing “a single-digit share of global wealth.” Solana ETF hopes rise The billion-dollar Solana bet echoes a playbook popularized by MicroStrategy’s ( Strategy ) Michael ￰13￱ in 2020, Saylor started buying Bitcoin for his company’s balance sheet and turned it into a proxy stock for the ￰14￱ move has already inspired others and attracted them to the ￰15￱ timing is interesting, too, as US regulators are inching closer to decisions on altcoin ￰16￱ reported that the DTCC quietly added products tied to Solana, XRP, and Hedera to its clearing roster last week.

Meanwhile, this move is seen as a procedural step, not approval. Still, Bloomberg’s Eric Balchunas noted that most tickers that make it into the system eventually ￰17￱ SEC, however, keeps kicking the can while delaying decisions on Canary’s XRP and Hedera filings and pushing Fidelity’s Solana ETF review into ￰18￱ up to Bybit and start trading with $30,050 in welcome gifts